In a comprehensive assessment of the decentralized derivatives exchange Hyperliquid and its native token HYPE, cryptocurrency analytics company Alphractal stated that the platform’s technical architecture and growth data indicate a significant breakthrough in the sector.
According to the report, Hyperliquid differentiates itself from classic AMM-based DEX models by offering performance close to centralized exchanges with its fully on-chain deterministic order book, while allowing users to maintain control over their assets.
Initially developed for perpetual trading, Hyperliquid has evolved over time to encompass a broad product ecosystem including spot trading, automated vault systems, a professional API infrastructure, and synthetic/tokenized assets. The platform’s most notable feature is that orders are created and canceled on-chain, and the matching process takes place directly within the blockchain. The absence of AMMs (Automated Mechanisms) and dependence on external sequencers or rollup systems sets Hyperliquid apart from many other DEXs from a technical standpoint.
According to Alphractal, the system achieves a balance between security and performance through a hybrid structure. Transaction queuing and final consensus are entirely performed on-chain, while some performance-critical components are supported by optimized off-chain processes. The blockchain operates as a deterministic “replicated state machine”; that is, all validators execute the same transaction logic, and a single global transaction queue is maintained across the network thanks to the consensus mechanism. The consensus algorithm, called HyperBFT, provides both fast finality and guarantees the consistent operation of the network despite malicious or malfunctioning nodes.
The report also analyzed Hyperliquid’s growth using TVL data. While noting that the parallel appearance of the dollar-based TVL and HYPE price could create a speculative illusion, the token-based analysis provided a clearer picture. The locked HYPE amount showed a strong increase until July 2025, after which it stabilized at approximately 50 million HYPE. This indicates that infrastructure and EVM-based expansion grew aggressively until mid-2025, followed by a more mature phase.
There is also remarkable momentum in user growth. The platform has now reached approximately 60,000 daily active users. It is stated that the rate of new user acquisition increased exponentially from mid-2023 to early 2026, with the HYPE airdrop on November 29, 2024, significantly accelerating growth. While the average daily number of new users was initially in the hundreds, it has recently reached the thousands.
Volume comparisons also reveal Hyperliquid’s competitiveness. Generating a daily volume of $2.71 billion in futures trading, the platform surpasses mid-sized centralized exchanges like Kraken, Deribit, and Crypto.com. However, it still remains significantly ahead of industry giants such as Binance, OKX, and Bybit. While a spot market volume of $58.6 million is noteworthy for a DEX, it still falls short of major players like Coinbase.
From a tokenomics perspective, the Support Fund data is noteworthy. The fund, which repurchases an average of 70,000 HYPE daily, saw its balance increase from 15 million HYPE to 40 million HYPE in 2025. According to Alphractal, this mechanism creates sustainable deflationary pressure on HYPE by systematically channeling transaction revenues into repurchases.
The report also noted that while Hyperliquid offers a technically robust infrastructure, the risks haven’t been completely eliminated. Price manipulation incidents at the end of 2025 demonstrated the persistence of systemic risks in emerging blockchain ecosystems. However, Alphractal states that the long-term outlook remains strong thanks to the largely complete infrastructure and the ability for third-party applications to expand through the EVM. While 2026 is predicted to be a year dominated by speculation, both the HYPE token and the Hyperliquid ecosystem are positioned as significant alternatives in the maturing process of decentralized finance.
*This is not investment advice.
