In brief Hyperliquid is not a crypto app.
It’s not targeting the $3 trillion crypto economy. It’s targeting the $600 trillion global asset market. Investors are valuing it as one thing.
It’s the other. https:// — Matt Hougan (@Matt_Hougan) May 19, 2026 Key Hyperliquid drivers Wild: Hyperliquid has pulled in $255M of revenue YTD more than the next two apps combined, and roughly a third of all revenue across the top 10. Nearly all of it is perp trading fees, and roughly 97% accrue back to hyperliquid:native holders through automated open-market… pic. — Cam Khosravi (@CamKhosravi) May 18, 2026 Hyperliquid dominates the current fee market with a 43% share ($11M/week) fueled by high-margin perpetuals, significantly outperforming Ethereum’s 13% ($3M) and Solana’s 10% ($2M) despite the latter’s high transaction volume pic. — unfolded. (@cryptounfolded) May 20, 2026