Hyperliquid reached a record Open Interest of $5.25 billion, surpassing Bybit ($5.07 billion) and solidifying its position as a leader in the perpetual derivatives market. The protocol processed $13 billion in perp volume over 24 hours and $196 billion over the month, signaling sustained trader participation. During the same period, Hyperliquid generated $513,800 in protocol revenue and burned $643,140 worth of HYPE tokens, while cumulative burns reached 46.18 million tokens ($2.43 billion), representing 4.62% of the maximum supply. Priority fees have emerged as an additional revenue stream totaling $5.07 million since April. The sustainability of the rally will hinge on continued elevated trading activity and Hyperliquid’s ability to maintain deep liquidity and its competitive edge against rivals.
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