In a comprehensive review of decentralized derivatives exchange Hyperliquid and its native token $HYPEcryptocurrency analytics firm Alphractal said the platform’s technical architecture and growth data indicate a significant breakthrough in the industry.
According to the report, Hyperliquid differentiates itself from traditional AMM-based DEX models by offering performance close to centralized exchanges with its fully on-chain deterministic order book, while allowing users to maintain control of their assets.
Originally developed for perpetual trading, Hyperliquid has evolved over time to encompass a broad ecosystem of products including spot trading, automated vault systems, professional API infrastructure and synthetic/tokenized assets. The most notable feature of the platform is that orders are created and canceled on-chain, and the matching process takes place directly within the blockchain. The lack of AMMs (automated mechanisms) and reliance on external sequencers or stacking systems sets Hyperliquid apart from many other DEXs from a technical perspective.
According to Alphractal, the system achieves a balance between security and performance through a hybrid structure. Transaction queuing and final consensus are performed entirely on-chain, while some performance-critical components are supported by optimized off-chain processes. Blockchain functions as a deterministic “replicated state machine”; That is, all validators execute the same transaction logic and a single global transaction queue is maintained across the entire network through the consensus mechanism. The consensus algorithm, called HyperBFT, provides both fast finality and ensures the network operates consistently despite malicious or faulty nodes.
The report also analyzed the growth of Hyperliquid using TVL data. While noting that the parallel appearance of dollar-based TVL and TVL $HYPE The price could create a speculative illusion, token-based analysis provided a clearer picture. The locked $HYPE the amount saw a sharp increase until July 2025, after which it stabilized at around 50 million $HYPE. This indicates that infrastructure and EVM expansion saw aggressive growth until mid-2025, followed by a more mature phase.
There is also remarkable momentum in the growth of the number of users. The platform now has around 60,000 daily active users. It is stated that the rate of new user acquisition increased exponentially between mid-2023 and early 2026, with the $HYPE Airdrop on November 29, 2024, significantly accelerating growth. While the average daily number of new users was initially in the hundreds, it has recently reached thousands.
Volume comparisons also reveal Hyperliquide’s competitiveness. Generating $2.71 billion in daily futures trading volume, the platform outperforms mid-sized centralized exchanges like Kraken, Deribit, and Crypto.com. However, it remains significantly ahead of industry giants such as Binance, OKX and Bybit. Although a spot market volume of $58.6 million is remarkable for a DEX, it still falls short of major players like Coinbase.
From a tokenomics perspective, the Support Fund data is remarkable. The fund, which buys back on average 70,000 $HYPE Daily, I saw his balance go from 15 million $HYPE at 40 million $HYPE in 2025. According to Alphractal, this mechanism creates lasting deflationary pressure on $HYPE By systematically channeling trading revenue into buybacks.
The report also notes that while Hyperliquid offers a technically robust infrastructure, risks have not been completely eliminated. The price manipulation incidents occurring in late 2025 demonstrated the emergence of systemic risks in emerging blockchain ecosystems. However, Alphractal says the long-term outlook remains strong thanks to the largely comprehensive infrastructure and the ability for third-party applications to expand through the EVM. While 2026 is expected to be a year dominated by speculation, both $HYPE The token and the Hyperliquid ecosystem are positioned as significant alternatives in the maturation process of decentralized finance.
*This does not constitute investment advice.
