In 2025, Hyperliquid emerged as a major force in crypto markets, particularly in perpetual futures trading. Its trading volume reached about $653 billion in Q2, capturing a 73% share of decentralised perpetual platforms, according to Coingecko. The platform has even surpassed well-established players like Robinhood in trading volume, reflecting its rapid growth and rising dominance in the sector according to Mitrade.
The long-standing divide between decentralised and centralised exchanges has been defined by trade-offs: CEXs provide liquidity and speed but require custodial trust, while DEXs ensure transparency but often suffer from inefficiency. Hyperliquid challenges this dichotomy by delivering both decentralisation and capital efficiency. With an on-chain order book, low fees, and fast settlement, it mirrors the usability of CEXs while preserving user control of assets, signalling a shift in what traders expect from DeFi platforms.
Several factors distinguish Hyperliquid as one of the most popular trading platforms this year. Its Layer-1 blockchain design, powered by HyperBFT consensus, allows for high-throughput and sub-second execution. Its community-focused model, highlighted by a fair HYPE token airdrop and no venture capital backing, has boosted adoption among retail and professional traders. As noted by CCN and GetBlock, its blend of on-chain transparency, advanced features, and accessibility has cemented Hyperliquid’s position as a leading platform in 2025, representing a new hybrid standard for crypto trading.
What is the HYPE Token?
The HYPE token serves as the foundational utility token of the Hyperliquid blockchain, fulfilling critical functions that enable platform operations and community participation. Holders of HYPE can engage in governance by proposing and voting on protocol upgrades and changes, empowering a community-driven development model. Additionally, HYPE is used for staking to help secure the network while earning rewards, and it is utilised for transaction fees, including gas on HyperEVM and trading fees on the exchange, often accompanied by discounts.
To encourage active user participation, Hyperliquid implements staking rewards and tiered fee discounts: more HYPE staked translates to higher discounts, such as 5% for staking over 10 HYPE and up to 20% for staking above 10,000 HYPE. The platform also incorporates a deflationary mechanism through buyback-and-burn programs funded by a portion of protocol fee revenues. This model helps reduce circulating supply over time, potentially supporting token value through sustained demand.
HYPE was launched via a substantial community-focused airdrop in late 2024, with 31% of the total 1 billion supply distributed to early users, making it one of the largest DeFi airdrops to date. The remaining supply is allocated across future emissions (38.888%), core contributors (23.8%), Hyper Foundation (6%), and community grants (0.3%). As of March 2025, HYPE had achieved a market capitalization exceeding $4.4 billion, with roughly 333 million tokens in circulation.
HYPE Tokenomics
How to buy HYPE with crypto
1. Log in to your Bitfinex account or sign up to create one.
2. Go to the Deposit page.
3. In the Cryptocurrencies section, choose the crypto you plan to buy HYPE with and generate a deposit address on the Exchange wallet.
4. Send the crypto to the generated deposit address.
5. Once the funds arrive in your wallet, you can trade them for HYPE. Learn how to trade on Bitfinex here.
How to buy HYPE with fiat
1. Log in to your Bitfinex account or sign up to create one.
2. You need to get full verification to be able to deposit fiat to your Bitfinex account. Learn about different verification levels here.
3. On the Deposit page, under the Bank Wire menu, choose the fiat currency of your deposit. There’s a minimum amount for fiat deposits on Bitfinex; learn more here.
4. Check your Bitfinex registered email for the wire details.
5. Send the funds.
6. Once the funds arrive in your wallet, you can use them to buy HYPE.
Also, we have Bitfinex on mobile, so you can easily buy HYPE currency while on-the-go.
[ AppStore] [ Google Play]
HYPE Community Channels
Website | X (Twitter) | Discord | Telegram | Github
The post appeared first on Bitfinex blog.
