It’s been a huge day for Hyperliquid. According to DeFiLlama data shared by analyst Miles Deutscher, the platform has just posted its highest daily revenue ever. Miles believes this number could climb even higher as market euphoria builds, calling $HYPE “one of the most obvious bets of this cycle” thanks to how closely it reacts to market sentiment and volatility.
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Revenue Explosion Shows Strong Demand
The numbers back that up. Hyperliquid’s annualized revenue now sits at roughly $1.18 billion, with over $97 million generated in the last 30 days alone. Yesterday’s $5.17 million haul set a new record, signaling a strong wave of trading activity. Fees are also soaring, with an annualized rate of $1.27 billion – a sign that traders are piling in at an aggressive pace.
What makes this important is that Hyperliquid’s model is reflexive: as trading activity increases, revenue spikes, which can boost sentiment further, attracting even more traders. In a bullish environment, that cycle can feed on itself.
Price Action: $HYPE Pulls Back After Big Run
On the 4-hour Binance chart, $HYPE has had an impressive rally over the past two weeks, climbing from lows around $35.50 to a recent peak of $48.88. But after reaching that high, the momentum slowed, and the price has slipped back into the $44–$45 range.
Trading volume jumped during the rally, which shows that the move was driven by real buying interest. Since then, open interest has dropped a bit from its peak, pointing to some profit-taking from leveraged traders. Net long positions are still low, while net shorts have slightly increased, meaning some traders are betting on a short-term pullback.
Read also: Why Chainlink (LINK) Might Outshine Every Other Altcoin This Cycle
Short-Term Outlook for $HYPE
If $HYPE can stay above the $43.50–$44 support level, buyers might try for another push toward $48–$50 in the days ahead. A clean break above $50 could pave the way for new highs. But if the price falls below $43, it might slide further toward the $40 area.
With revenue and fees already at all-time highs, Hyperliquid is clearly thriving in the current volatile market. The big question is whether traders will keep the momentum going or take a breather before the next move.
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