A full analysis of the decentralized derivatives exchange Hyperliquid and its native token $HYPE, based on cryptocurrency analytics company Alphractal, said “The platform’s technical architecture and growth data are an important step in the sector,” according to industry analyst Alphraser.
The report says Hyperliquid is a distinct feature of the classic AMM-based DEX models, which provides performance close to centralized exchanges with its fully on-chain deterministic order book and allows users to maintain control over their assets.
Since its inception as a perpetual trading model, Hyperliquid has since expanded to include an extensive product ecosystem of spot trade, automated vault systems and professional API infrastructure (and artificial/tokenized assets) that is widely supported by the term Hyper liquid. The most notable feature of the platform is that orders are made and canceled on-chain, and matching process directly within the blockchain itself. Technically, Hyperliquid is different from many other DEXs because there are no AMMs (Automated Mechanisms) and depend on external sequencers or rollup systems.
Alphractal says that the system “balances security and performance” by a hybrid structure, which is used to achieve an equilibrium between security (and performance) of . On-chain transaction queuing and final consensus are all performed on- chain, while some performance-critical components are supported by optimized off- Chain processes. A consensus mechanism allows the blockchain to be a deterministic “replicated state machine”; that is, all validators execute the same transaction logic and maintains one global transaction queue across network. A consensus algorithm called HyperBFT, which provides both speed and accuracy for the network’s operation despite malicious or malfunctioning nodes being operational (e.g.
In addition to studying hyperliquid’s development, the report also examined Hyperliquid’s growth through TVL data. The token-based analysis provided a more accurate picture of the dollar-derived TVL and $HYPE price, while noting that its parallel appearance could create’speculative illusion’. The $HYPE amount was firmly increased until July 2025, when it stabilized at around 50 million $HIPE after being locked. In this way, it suggests that infrastructure and EVM-based expansion grew in aggressive ways until mid-2025 (and then an even more mature phase), followed by the more developed stage of growth.
There is also a strong momentum in user growth, as does . Now the site has a total of about 60,000 daily active users, according to . According to it, the rate of new user acquisition was exponential from mid-2023 to early 2026 (the $HYPE airdrop on November 29, 2024), significantly accelerating growth is said to have been an acceleration for this period. The average daily number of new users was in the hundreds, but has just reached the thousands since it is now a .
Hyperliquid’s competitiveness is also shown in volume comparisons as well. generating a daily volume of $2 per . It has overtaken the mid-sized centralized exchanges such as Kraken, Deribit and Crypto 71 billion in futures trading. Paraphrasing com. Nevertheless, it remains much ahead of industry giants like Binance, OKX and Bybit. with an $58 a.p. spot market volume of while. The most important for a DEX, is 6 million (not much more than the big players like Coinbase) but still short of major players.
Support Fund data, from a tokenomics perspective, is noteworthy. The fund, which buys an average of 70,000 $HYPE per day, saw its balance increase from 15 million $HIPE to 40 million$HYP in 2025. Alphractal said this mechanism exerts “sustainable deflationary pressure on $HYPE by systematically channeling transaction revenues into repurchases”.
It also noted that while Hyperliquid has a technically strong infrastructure, the risks have not been completely eliminated. At the end of 2025, a series of price manipulation incidents demonstrated that systemic risks in emerging blockchain ecosystems were still present. But for the long-term outlook, Alphractal says, “the largely complete infrastructure of this country and ability to expand through the EVM (third party applications) is still in strong hands,” Alphraser states. The $HYPE token and the Hyperliquid ecosystem are considered important alternatives to decentralized finance, while 2026 is a year of speculation that will be one of the most prominent approaches.
*This is not investment advice.
Thanks for reading Hyperliquid (HYPE) Detailed Review: Analysis Company Conducted an In-Depth Evaluation
