Hyperliquid Hits Record $22B in 24-Hour Trading Volume

Hyperliquid, a decentralized exchange operating on a custom Layer 1 blockchain, reported record-breaking trade volumes early Tuesday. The platform, which boasts lower transaction fees, faster performance, and a centralized exchange-like interface, has attracted significant interest within the decentralized finance (DeFi) community.

In a post on X, Hyperliquid revealed a 24-hour trade volume exceeding $22 billion, surpassing its previous high of $21 billion recorded the day before. The exchange also reported $4.7 billion in open interest and $9.5 million in protocol revenue.

All-time highs two days in a row:
Hyperliquid reached >$22B in 24h volume pic.twitter.com/KSV0dvKmZm

— Hyperliquid (@HyperliquidX) January 21, 2025

Hyperliquid’s Market Performance

Last month, on-chain metrics indicated that Hyperliquid processed $235 billion in perpetual trade volume, representing a sizable share of the $369 billion total perpetual protocol trade volume. Meanwhile, DefiLlama’s data ranks Hyperliquid as the fifth-largest decentralized derivatives platform by estimated total value locked (TVL), trailing Jupiter Perpetual Exchange, Drift Trade, GMX, and dYdX.

Additionally, on January 18, the platform achieved its highest single-day perpetual trading volume, nearly $19 billion. By comparison, Monday’s perpetual trade volume reached $13.4 billion, following Sunday’s $15.6 billion.

Memecoin Listings Drive Trading Activity

The spike in Hyperliquid’s trading activity aligns with its recent addition of two memecoins, Official Trump (TRUMP) and Melania Meme (MELANIA). These tokens, associated with U.S. President Donald Trump and First Lady Melania Trump, respectively, can be traded with up to 3x leverage for long and short positions on the platform.

Notably, holders of TRUMP and MELANIA have reportedly seen substantial earnings. Data from the blockchain analytics platform Lookonchain highlighted one user who, within an hour, had an unrealized profit exceeding $20 million. Another wallet transformed an initial investment of $560,000 (2,100 SOL) into $11.5 million (46,453 SOL) by trading 1.52 million MELANIA tokens, netting a profit of $11 million.

However, both memecoins experienced high volatility, especially leading up to Trump’s inauguration on Monday. Their prices sharply declined after the event, as no cryptocurrency-related announcements were made during Trump’s first day in office.

According to CoinGecko, TRUMP dropped 28.3% to $41.37 within 24 hours, while MELANIA saw a 53% decline over the same period.