Decentralized perpetuals exchange Hyperliquid\u2019s rise to prominence continues, with the HYPE token crossing the $50 mark last night to reach a new all-time high.<\/p>\n
HYPE<\/a> is up 19% over the last week, and 5% over the last 24 hours. The token rallied 20% from $42.50 to $51 over the last two days, while BTC is flat<\/a> over the same timeframe.<\/p>\n The ecosystem has been the standout performer of 2025, but is receiving even more attention after a massive weekend<\/a> where Hyperliquid commanded more BTC spot volume than both Coinbase and Bybit as a Bitcoin whale converted more than $2 billion worth of BTC into ETH via Hyperliquid, demonstrating the decentralized exchange\u2019s ability to handle such large transactions efficiently.<\/p>\n Hyperliquid is on track for another record-breaking month<\/a> in terms of revenue, having earned $97 million so far in August after raking in $86.5 million in July. July marked a landmark month for the ecosystem as Hyperliquid accounted for 35% of all blockchain revenue, according to VanEck<\/a>.<\/p>\n Hyperliquid\u2019s Layer 1 blockchain, the HyperEVM, is scaling in tandem with the exchange and the token, with its total value locked (TVL) reaching new all-time highs almost every week. At $2.65 billion in TVL, HyperEVM is the eighth-largest<\/a> chain by DeFi TVL, and the sixth-largest Layer 1.<\/p>\n While the ecosystem\u2019s revenue is driven by its increased market share in both perpetual derivative and spot trading, digital asset funds are becoming increasingly involved in the chain\u2019s development. <\/p>\n![\"July](\"https:\/\/thedefiant.io\/_next\/image?url=https%3A%2F%2Fcdn.thedefiant.io%2Fad_4nxfno124y9baqg-4m4xzk7ogfetlvx6nxxavydflnvwhj9n-xvzmeshh-3a907755-fd36-4c83-a46c-96de18583804.png&w=3840&q=100\"\/)