Hyperliquid Sets Weekly Perp Volume Record as HYPE Staking Tops 400M Tokens

Hyperliquid extended its lead among decentralized perpetuals venues this week, with rolling seven-day volume crossing $48 billion for the first time as BTC and ETH basis trades picked up ahead of macro data.

The chain-native order book model — sub-second finality on Hyperliquid L1, no external sequencer — continued to attract flow from systems shops that had previously routed size through centralized futures books. Open interest on BTC-USD perps rose 14% week-on-week.

On the token side, more than 400M HYPE is now staked to validators, locking roughly 38% of circulating supply. Delegation rewards and trading-fee buybacks remain the primary demand sinks cited by holders.

• HIP-3 permissionless spot listings added three new pairs
• Builder codes drove 22% of retail referral volume
• API latency benchmarks held under 200ms p99 during the volume spike

"Hyperliquid is where perp arb lives now," said a market maker who runs colocated nodes. "CEX basis is still there, but the depth on HL is real."

HYPE traded near $38.20 at press time, up 6% on the week, while total value locked across the HyperEVM ecosystem crossed $1.2B.