Following a turbulent end to 2025, marked by high volatility and the significant crypto crash on October 10, Hyperliquid (HYPE)—one of the largest decentralized exchanges (DEXs)—faced considerable challenges heading into 2026. With less than two weeks left in January, the market research firm GLC released a report assessing Hyperliquid’s current position and recovery metrics.
Post-October 10 Downturn
The report notes that Hyperliquid’s trading volume and open interest saw a major drop after the liquidation event on October 10, starting a downtrend for the platform. Since then, trading volume has fallen 44.3%, from $10.17 billion to $5.66 billion. Open interest also declined 35.7%, from $14.75 billion to $9.48 billion.
However, there are signs of a turnaround. Since December 1, 2025, trading volume has dipped slightly by 3.2%, while open interest has jumped 45.6%.
Year-to-date figures paint a more optimistic picture: trading volume is up 59.2%, from $3.56 billion to $5.66 billion, and open interest has grown 24.7%, from $7.60 billion to $9.48 billion.
While open interest has begun to recover since October, trading volume hasn’t rebounded at the same pace. This gap has lowered the volume-to-open interest (OI) ratio from 0.90 on December 1 to 0.60 by mid-January, likely due to reduced market volatility cooling trading activity.
Despite these hurdles, a positive trend is emerging as traders start opening larger positions on Hyperliquid, and the year-to-date volume recovery is encouraging. The report suggests open interest is a stronger gauge of trader confidence and long-term positioning, while trading volume is more swayed by broader market conditions. Although current metrics are still below pre-October 10 levels, the trend shows recovery is in motion.
Will 2026 Bring a Surprising Resurgence for Hyperliquid?
Recent volume and open interest data appear bullish. The 7-day average volume has surged over 130% year-to-date, largely driven by one active deployer, XYZ, which accounts for about 80% of that volume. The 7-day average open interest has also risen more than 60%.
Moreover, Hyperliquid is reclaiming market share from centralized exchanges (CEXs). As shown in the chart below, its open interest now represents roughly 14.6% of Binance’s, gaining ground against platforms like Bybit and OKX.
Another key factor that could boost the platform’s recovery this year is the rollout of portfolio margin. Currently live on testnet, this feature will let traders borrow and lend against their collateral, unlocking many new use cases. Historical examples from other exchanges, such as Bybit, indicate that introducing portfolio margin can be a major growth driver, potentially leading to a significant rise in trading volume for Hyperliquid.
Overall, core metrics are slowly improving, with several catalysts on the horizon, including growing adoption of equity perpetuals and the introduction of portfolio margin. GLC’s report states:
…If improving market conditions combine with the catalysts outlined above, and potentially another S3 season bringing in new traders, Hyperliquid will surprise the market once again.
At the time of writing, Hyperliquid’s HYPE token is trading around $21.84. This reflects a notable 9% drop in the past 24 hours alone, putting the altcoin 63% below its all-time high of $59.30.
Frequently Asked Questions
FAQs Hyperliquids Status Key Metrics After 2025
Beginner General Questions
Q What is Hyperliquid
A Hyperliquid is a decentralized exchange built for highspeed lowcost perpetual futures trading Its known for its own custom blockchain designed specifically for trading performance
Q What does status after 2025 mean Why is that year significant
A Looking after 2025 is a forwardthinking way to assess the projects longterm health and trajectory Its not that 2025 is a magic date but it allows us to evaluate if key growth and adoption metrics are on a sustainable path beyond shortterm hype
Q What are the main benefits of using Hyperliquid
A The main benefits are extremely low trading fees fast transaction execution deep liquidity for popular assets and a user experience that rivals top centralized exchanges all while you maintain custody of your funds
Q Is my money safe on Hyperliquid
A As a noncustodial DEX you control your assets via your private key which is generally safer than leaving funds on a centralized exchange However all DeFi involves risks like smart contract bugs so its crucial to do your own research
Advanced Questions on Metrics Growth
Q What are the most important metrics to watch for Hyperliquids longterm health after 2025
A Key metrics include
Total Value Locked Indicates user trust and capital committed to the ecosystem
DailyWeekly Trading Volume Shows real usage and liquidity depth
Unique Active Wallets Measures user adoption and retention
Protocol Revenue Fee Generation Proves sustainable economic activity
Market Share vs Competitors Tracks its position against other perps DEXs like dYdX ApeX and GMX
Q How does Hyperliquids infrastructure give it a longterm advantage
A Its purposebuilt blockchain allows for faster cheaper transactions tailored for trading After 2025 this architectural advantage could be critical for handling mass adoption new product types and maintaining low costs as activity scales