🎭 Hyperliquid’s Grand Ballet: $40.7B Pirouette Leaves Rivals in the Dust! 💃

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Ah, mes chers lecteurs, gather ’round and witness the grand spectacle of the crypto arena! Behold, the Decentralized Exchange (DEX) known as Hyperliquid, a veritable star of the stage, has once again stolen the limelight with a staggering $40.7 billion in trading volumes last week. 🌟 Oh, how it twirls past its rivals, Aster and Lighter, leaving them in a cloud of dust and despair! All this, while the crypto world remains enraptured by the siren song of leverage and decentralization. 🎶

Hyperliquid’s Triumphant Waltz: A Trading Volume Extravaganza!

In the span of seven days, our dear Hyperliquid executed a flawless pas de deux, processing roughly $40.7 billion in perpetual futures trading volume, as the wise sages at CryptoRank have proclaimed. Meanwhile, poor Aster could only muster $31.7 billion, and Lighter, a mere $25.3 billion. Oh, the humiliation! 😂

Hyperliquid’s DEX performance | Source: CryptoRank

And lo, the image above reveals a truth as plain as the nose on your face: Hyperliquid’s lead in open interest is as wide as the River Seine! With $9.57 billion in open interest, it dwarfs the combined efforts of Aster, Lighter, Variational, edgeX, and Paradex, who together scrape up a paltry $7.34 billion. Truly, Hyperliquid is the belle of the ball! 💃

This, my friends, is the mark of a true trading venue, where traders flock like moths to a flame. And as the incentive-driven volumes on rival platforms fade like a forgotten melody, Hyperliquid stands tall. Take Lighter, for instance, whose trading surged like a lover’s passion before its airdrop in December, only to wilt like a neglected flower once the distribution began. Its weekly volume has plummeted nearly threefold from its December peak-a tragic tale indeed! 😢

As the wise BitMEX CEO Stephan Lutz once quipped during Token2049, these perp DEXs are but fair-weather friends, relying on incentive-based models that crumble like a house of cards once the rewards normalize. Lighter’s post-airdrop slowdown is but another act in this comedy of errors, leaving Hyperliquid to reclaim its throne as incentives elsewhere fade faster than a summer breeze. 🍃

Why, Pray Tell, Doth HYPE‘s Price Tumble?

Ah, but here lies the rub! Despite Hyperliquid’s operational prowess, its token HYPE (HYPE $24.09, 24h volatility: 7.1%, Market cap: $5.74 B, Vol. 24h: $220.37 M) has found itself in a most precarious position. Though the demand for Hyperliquid’s DEX remains as steadfast as a loyal courtier, the tokenomics and an impending unstaking event paint a different picture-one of drama and intrigue! 🎭

At the time of this grand proclamation, HYPE’s price has fallen 8% to $24.15, amidst a broader crypto market correction. But fear not, for there is more to this tale! A great unstaking of HYPE tokens looms on the horizon, casting a shadow over its price. 🌚

On-chain whispers reveal that a wallet, originally funded via the mysterious Tornado Cash, is set to unstake roughly 1.5 million HYPE. And lo, Continue Capital shall also unstake nearly 1.2 million HYPE, with the full amount expected to grace their coffers on January 21. Mark thy calendars, for next week promises to be a spectacle of the highest order!

Next week shall be most diverting for $HYPE.

Two entities of great stature are unstaking vast quantities of $HYPE.

🔹The noble entity funded from Tornado Cash shall complete the unstaking of 1.5M $HYPE tokens and shall begin receiving them on the morrow:

🔹…

– DC (@Pedr0_DC) January 18, 2026

In total, over 3.2 million HYPE, valued at more than $80 million, is set to be unstaked in the coming five days. The market, ever fickle, believes that at least the Tornado Cash-linked tranche may be sold, adding to the selling pressure on its price. Oh, the drama! The intrigue! Will HYPE survive this tempest, or shall it be swept away like a leaf in the wind? Only time will tell. 🍂

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2026-01-19 15:11