HYPE: Still Cheap?

Hyperliquid vs. CEXs

We can compare Hyperliquid's monthly spot trading volumes against various CEXs (including all assets, not just BTC). We observe a consistent rise in Hyperliquid's share of spot volumes year to date. This month, Hyperliquid accounted for 38% of Kraken's spot volumes, 16% of Coinbase, 15% of OKX, 14% of Bybit, and 2.4% of Binance. Although all figures represent a significant rise from the beginning of the year, they also show that Hyperliquid still has a long way to go to flip some of the largest CEXs.

It’s interesting to note that the majority of Hyperliquid’s spot volumes in 2024 and beginning of 2025 were just for trading HYPE. Spot volumes for majors only started in February 2025, when UBTC was listed. As such, below we compare Hyperliquid’s spot trading volumes for BTC, ETH, and SOL against various CEXs. This month, Hyperliquid has flipped Bitstamp in spot trading volumes for the three majors. It has also accounted for 63% of Kraken’s spot volumes, 21% of Coinbase, 19% of OKX, 18% of Bybit, and 3% of Binance. The ratio between Hyperliquid's spot volumes for BTC, ETH, and SOL and that of Binance has increased by 26x since February.

Regarding perpetual futures volumes, Hyperliquid has been growing significantly faster than its centralized counterparts. The chart below shows that the ratio between Hyperliquid's perp volumes and that of the three largest CEXs has increased by more than 6x over the past year. Hyperliquid's monthly perps volumes now represent almost 14% of Binance's futures volumes, up from just 2.2% a year ago.