Arthur Hayes said the HYPE token tied to decentralized derivatives platform Hyperliquid is gaining investor attention due to the protocol’s strong trading activity and revenue generation. Speaking in a recent interview, the BitMEX co-founder said Hyperliquid has distinguished itself from many decentralized exchanges by generating trading volume driven by real user activity rather than incentive programs. He noted that recent fee data suggests the platform is producing close to $1 billion in annualized revenue.
Hayes previously sold his firm’s HYPE position around the $50 to $55 range due to expected token unlock pressure. However, he said his outlook improved after the project team chose not to sell most of its scheduled token allocations, helping reduce potential supply pressure.
The platform has also expanded trading beyond cryptocurrencies through its permissionless listing system, allowing users to access markets such as commodities or equity index proxies. Hayes said these features, combined with continuous trading and higher leverage availability, have contributed to sustained trader demand.
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