$HYPE HOLDERS: THE $12 BILLION HYPERLIQUID VOLUME HEADLINE NEEDS CONTEXT.
On October 29, Hyperliquid recorded $12.03B in 24-hour trading volume.
But $11.69B came from perpetuals.
Spot volume was just $339M.
That's roughly 97% of activity coming from derivatives, with $7.86B in open interest.
My read: this shows serious trading activity, but it doesn't mean $12B of spot demand for HYPE.
Would you call this adoption — or mostly leveraged trading?
On October 29, Hyperliquid recorded $12.03B in 24-hour trading volume.
But $11.69B came from perpetuals.
Spot volume was just $339M.
That's roughly 97% of activity coming from derivatives, with $7.86B in open interest.
My read: this shows serious trading activity, but it doesn't mean $12B of spot demand for HYPE.
Would you call this adoption — or mostly leveraged trading?