Hyperliquid just rewrote the liquidity hierarchy.
By Maxime Laurent · 2026-01-28 11:31
Hyperliquid just rewrote the liquidity hierarchy.
A DeFi platform beating centralized giants on $BTC perps depth — that wasn’t on my 2025 bingo card.
According to its founder Jeff Yan, Hyperliquid is now the most liquid crypto-derivatives venue in the world, even outperforming CEXs on Bitcoin perpetuals. That’s not a marketing line — that’s about real depth, real fills, real traders.
The catalyst was the HIP-3 upgrade. Open interest on user-created markets exploded from $260M to a record $790M in just a month. Liquidity didn’t drip in — it rushed.
What surprised me most is where it came from. Commodity markets. Gold and silver volatility dragged serious traders on-chain, pushing volumes to all-time highs. Macro meets DeFi, no middlemen, no excuses.
I’ve always said liquidity follows opportunity, not ideology. When traders smell volatility and tight spreads, they don’t care if it’s centralized or decentralized — they care if it works. And right now, Hyperliquid works. Grave.
This feels like one of those quiet moments we’ll reference later: “yeah, that’s when DeFi stopped asking for permission.”
#Hyperliquid #DeFi #derivatives #BTC #liquidity #crypto #CryptoFriture
A DeFi platform beating centralized giants on $BTC perps depth — that wasn’t on my 2025 bingo card.
According to its founder Jeff Yan, Hyperliquid is now the most liquid crypto-derivatives venue in the world, even outperforming CEXs on Bitcoin perpetuals. That’s not a marketing line — that’s about real depth, real fills, real traders.
The catalyst was the HIP-3 upgrade. Open interest on user-created markets exploded from $260M to a record $790M in just a month. Liquidity didn’t drip in — it rushed.
What surprised me most is where it came from. Commodity markets. Gold and silver volatility dragged serious traders on-chain, pushing volumes to all-time highs. Macro meets DeFi, no middlemen, no excuses.
I’ve always said liquidity follows opportunity, not ideology. When traders smell volatility and tight spreads, they don’t care if it’s centralized or decentralized — they care if it works. And right now, Hyperliquid works. Grave.
This feels like one of those quiet moments we’ll reference later: “yeah, that’s when DeFi stopped asking for permission.”
#Hyperliquid #DeFi #derivatives #BTC #liquidity #crypto #CryptoFriture
Disclaimer: This content is for informational purposes only and not financial advice.