Hyperliquid Becomes Top Liquid Venue for Traders

Key Notes

• HYPE jumps over 21% in 24 hours as Hyperliquid’s liquidity claims go public.
• Hyperliquid says BTC and TradFi perps now rival major CEXs in depth and open interest.
• Critics argue visible order book depth on Hyperliquid overstates real executable liquidity.

HYPE

HYPE
$27.90



24h volatility:
24.2%


Market cap:
$6.65 B



Vol. 24h:
$483.11 M

jumped more than 21% in the last 24 hours, trading near $26.8 at the time of writing.

Trading volume doubled over the same period. The move followed public comments from Hyperliquid founder Jeff, who said the platform has now become the most liquid venue for global crypto price discovery.

Jeff shared internal comparisons that showed deeper BTC perpetual order book depth on Hyperliquid versus Binance.

He also pointed to strong growth in non-crypto perpetual markets, saying TradFi-linked contracts now trade with similar depth.

This was his first public statement since Jan. 1.

Liquidity Debate Emerges

The liquidity claim did not go unchallenged as analyst CryptoNoddy argued that direct order book comparisons between Hyperliquid and centralized exchanges miss key design differences.

Hyperliquid uses a speedbump model where order cancellations have priority over taker orders. This allows market makers to show size without the same fill risk seen on Binance.

During a recent ETH perpetual move at 9:41 PM UTC, Hyperliquid showed around $20 million in visible depth within a ±0.7% range near $2,914.

As the price shifted, most of that liquidity was pulled, leaving only around $2.5 million in actual trading volume.

Other major exchanges saw more volume filled during the same window, despite thinner-looking books, the analyst noted, adding that visible depth on Hyperliquid does not equal executable liquidity under fast conditions.

HIP-3 Open Interest Hits Record Levels

Alongside the debate, Hyperliquid revealed that open interest tied to HIP-3 reached a new all-time high of $790 million.

Just one month ago, HIP-3 open interest was around $260 million. The increase was largely driven by growth in commodities-linked perpetuals.

This rise in open interest shows that real capital continues to deploy on the platform, regardless of how liquidity is measured.

Large positions near the $1 billion mark have already appeared on Hyperliquid.

HYPE Daily Chart Analysis and Key Levels to Watch

On the daily chart, HYPE broke out of a falling wedge structure after reclaiming the $26 zone.

Price now trades above short-term resistance that capped the pullback through November and December.

The next technical trigger sits at the 9-day and 21-day EMA on the daily timeframe. A bullish cross is projected in roughly 2.2 days if price holds above $24.12.

This level now acts as key short-term support. A clean hold keeps upside pressure active.

As per analyst “that1618guy” on X, HYPE demand zone sits between roughly $20.10 and $24.10.

This area previously absorbed sell pressure and marked accumulation during the prior correction.

Maxi Doge Presale Hits $4.53 Million, Gains Early Traction

As HYPE continues to climb, Maxi Doge (MAXI) is drawing attention ahead of 2026. This fitness-themed meme coin mixes gym vibes with fast-paced crypto action and has already pulled in $4.53 million during its presale.

Maxi Doge positions itself as a high-energy alternative to the older meme coins. The project promises a raw, community-driven vibe while building a solid structure behind the hype.

Tokenomics of Maxi Doge

• Funds Raised So Far: $4.5M

• Current Price: $0.0002801

MAXI holders take part in an active online community that includes trading chats, weekly events, and themed challenges. The project also runs the Maxi Fund, which is used to support liquidity and partnerships.

Early buyers are offered a 69% annual staking return to support long term holding. The token is currently priced at $0.0002801, with a price increase expected soon. Check out our guide on how to buy Maxi Doge if you want to join the presale.

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