Hyperliquid is beating ethereum in trading volume on some days as big money rotates, says FalconX
Hyperliquid has become a highly liquid crypto trading venue, drawing rising interest from hedge funds and institutions as capital shifts away from bitcoin and ether. FalconX says HYPE is now a major source of client activity, with strong liquidity making it easy to trade and, on some days, even more active than Ethereum. The broader market backdrop is weak for bitcoin and ether, with macro uncertainty, ETF outflows, and low implied volatility keeping them range-bound. Traders are instead rotating into more speculative altcoins tied to AI and decentralized trading themes, including HYPE, Zcash, and Venice. Interest in Hyperliquid also comes from its derivatives products, which give hedge funds access to hard-to-trade markets such as pre-IPO perpetual contracts on companies like SpaceX. The platform has expanded from crypto futures into tokenized stocks, commodities, and prediction markets, reinforcing its case as a potential 24/7 trading venue beyond crypto.
