Hyperliquid Is Now Crypto’s Most Liquid Platform, CEO Claims — How True Is It?

Key Takeaways

• Hyperliquid present controls much than 70% of decentralized perpetuals liquidity and shows tighter BTC spreads than Binance on-chain.

• CEO Jeff Yan’s “most liquid” assertion holds up for on-chain perps and hybrid TradFi markets, but not for centralized speech standard overall.

• After explosive 2025 growth, Hyperliquid present commands implicit $8 cardinal successful unfastened involvement and has go the ascendant perp DEX.

For years, centralized exchanges defined crypto terms discovery. That equilibrium is starting to shift.

Hyperliquid, a self-funded on-chain perpetuals exchange, has grown accelerated capable to situation 1 of the industry’s longest-held assumptions: that existent liquidity tin lone unrecorded connected centralized platforms similar Binance.

When Hyperliquid laminitis Jeff Yan claimed the protocol is present the “most liquid venue for crypto terms discovery,” the connection raised eyebrows crossed the market.

The question isn’t whether Hyperliquid has grown. It’s whether the assertion really holds up.

Yan’s statement centers connected Bitcoin perpetual futures, wherever choky spreads and heavy bid books substance much than earthy volume.

On those metrics, Hyperliquid is starting to look competitive—even against Binance.

Data shared by Yan shows Bitcoin perpetual spreads connected Hyperliquid hovering astir $1, compared with astir $5.50 connected Binance.

Order publication extent besides appears stronger on-chain, with astir 140 BTC successful cumulative inquire liquidity versus Binance’s estimated 80 BTC astatine comparable levels.

That operation suggests little slippage and much resilient execution for traders operating connected Hyperliquid’s BTC perp market.

Crucially, each of this liquidity is afloat disposable and verifiable on-chain.

Unlike centralized exchanges, Hyperliquid’s bid publication and execution information tin beryllium independently audited successful existent time.

Yan besides pointed to Hyperliquid’s enlargement beyond crypto-native assets.

Through its HIP-3 framework, the level present supports permissionless perpetual markets tied to accepted assets similar commodities.

Those markets person grown quickly, with unfastened involvement precocious approaching $790 million, driven mostly by rising golden and metallic trading.

Taken together, Hyperliquid has intelligibly go the astir liquid venue wrong decentralized perpetuals—and progressively applicable for hybrid crypto–TradFi terms discovery.

Hyperliquid’s emergence has been unusually rapid, particularly for a decentralized exchange.

Launched successful 2023 and built without task superior funding, the protocol operates its ain Layer-1 blockchain optimized for perpetual futures.