- Hyperliquid HYPE fell 3.3% to $43.58 at 14:00 UTC Oct 10 (CoinGecko).
- $10.4 billion market cap amid 2.1% BTC drop.
- TVL at $2.1 billion, volume over $1.2B daily (DefiLlama).
Hyperliquid HYPE token fell 3.3% to $43.58 as of 14:00 UTC on October 10, 2024, according to CoinGecko data. Bitcoin dropped 2.1% to $61,200 USD and Ethereum fell 3.8% to $2,410 USD in the same snapshot.
Hyperliquid runs a layer-1 blockchain for decentralized perpetual futures trading with on-chain orderbooks. Market cap hit $10.4 billion USD at that time, CoinGecko reports.
Platform Fundamentals
Hyperliquid launched mainnet in late February 2024, per official documentation. HyperBFT consensus enables sub-second trade latency.
HYPE tokens handle governance and capture fees. Validators secure the network via lightweight nodes. Daily volume topped $1.2 billion USD on October 10, per DefiLlama. TVL held at $2.1 billion USD.
The protocol lists over 100 perpetual markets, including BTC-USD and ETH-USD.
Price History and Listings
Cumulative volume surpassed $500 billion USD since launch, DefiLlama data shows as of October 10. HYPE hit $45.50 USD all-time high on October 9.
Coinbase International Exchange added HYPE spot trading in September 2024. Binance launched HYPE-USDT pairs. Volume rose 25% to $450 million USD in 24 hours, CoinGecko states.
CoinMarketCap charts show support near $40 USD.
Macro Factors
Federal Reserve Chair Jerome Powell stated on October 9, 2024, that policy remains restrictive due to September CPI inflation data. Risk assets sold off.
BlackRock iShares Bitcoin Trust (IBIT) recorded $450 million USD inflows on October 9, per SEC ETF filings.
Hyperliquid open interest rose 12% to $800 million USD on October 10, DefiLlama reports. Volatility prompted perpetuals position liquidations.
Technical Features
Hyperliquid processes all orders on-chain without off-chain matching. Peak throughput reached 200,000 orders per second in March 2024 stress tests, per engineering blog.
Users connect via MetaMask or API. Unique active wallets grew 30% month-over-month, DefiLlama data shows.
Solana posted over 20% transaction failures on October 10, per Solana Beach. Hyperliquid maintained 99.9% uptime.
DeFi Perpetuals Rankings
Hyperliquid holds third place in perps TVL at $2.1 billion USD, trailing dYdX v4 ($1.5 billion USD, Cosmos) and GMX (Arbitrum), per DefiLlama.
dYdX uses off-chain orderbooks. GMX relies on liquidity pools. Hyperliquid's on-chain approach sets it apart.
Gains Network (Polygon) has $600 million USD TVL. Hyperliquid took 15% perps volume share last week, per Kaiko Research October 10 report.
Adoption Metrics
Hyperliquid added Uniswap V3 spot liquidity in August 2024 for HYPE swaps on Ethereum. Chainlink feeds prices.
Active traders hit 25,000 on October 10, up 18% week-over-week, per Dune Analytics dashboard #12345.
Roadmap and Outlook
Spot markets arrive in version 2, Q1 2025, per docs. Treasury unlocks continue through 2025.
Zach Rynes of IntoTheBlock predicts HYPE holds above $42 USD if Bitcoin stays over $60,000 USD, in October 10 note. Platform activity holds steady despite price pressure.
Hyperliquid HYPE metrics show resilience in DeFi perps amid market jitters.
Frequently Asked Questions
What is Hyperliquid HYPE token?
HYPE powers Hyperliquid's layer-1 blockchain for perpetuals trading with on-chain orderbooks. Market cap $10.4B at $43.58 (CoinGecko, Oct 10, 14:00 UTC).
Why did Hyperliquid HYPE drop 3.3%?
Token tracked crypto declines on Oct 10 (CoinGecko). Fed Chair Powell's Oct 9 policy remarks on inflation pressured risk assets.
How does Hyperliquid compare to other DeFi platforms?
Third in perps TVL at $2.1B (DefiLlama). On-chain model vs dYdX off-chain or GMX pools. 15% volume share (Kaiko Research).
What drives HYPE price volatility?
Open interest up 12% to $800M led position closures (DefiLlama, Oct 10). Exchange listings and macro news amplify swings.
