Research $HYPE Series, Episode 1.

HYPE’s market cap is about to explode. The key is: Hyperliquid must keep eating into the derivatives market share of centralized exchanges.

Let’s first look at what market share $HYPE has today.

In the global perpetual contracts market, it can be broken down into CEX perpetual share and DEX perpetual share.

Before 2025, CEX perpetual share accounted for roughly 95% of the contract market, while DEX share was under 5%.

Ever since HYPE made a strong debut in 2025, the DEX contracts market’s perpetual share has risen to 10%+; and the on-chain perpetual contract trading experience has been improving more and more.

So you can see why HYPE’s price performance over the past year has been so fierce—it’s like a savior that revived the entire sluggish DEX perpetual contracts market.

By Q1 2026, Hyperliquid has processed over $633 billion in trading volume, roughly 32% of the on-chain perpetual contracts market, and at the same time more than 6% of the global perpetual contracts market.

We envision that in the next bull cycle, more and more people will trade derivatives, global trading volume will keep increasing, and as the on-chain derivatives experience keeps getting better, DEX’s share of the market will keep growing—while $HYPE continues to attract and lead the entire DEX perpetual contracts market.

Even if HYPE maintains a 6% share of the global market, that would still be excellent and could continue to set new highs. But if its market share rises to 10%, that would be extremely terrifying.

This shows that while global trading volume is growing, HYPE is still managing to capture market share—its performance is very formidable.

And this can be easily seen from the chain: “trading volume → fees → buybacks → HYPE demand.”

HYPE’s price will keep being pushed up.

As HYPE’s trading volume keeps increasing, we can infer that this possibility just might actually come true.

Do you think in the next bull market HYPE can capture 10%+ of the global derivatives trading share?