Is Hyperliquid HYPE Crypto Priced Low? DEX Achieves Historic Earnings

In the Decentralized finance sector, Hyperliquid distinguishes itself through its groundbreaking approach. Coingecko statistics indicate that HYPE, the platform’s governance coin, holds the title of the most valuable DEX crypto token, with a crypto market cap more than double that of Uniswap (UNI). Presently, Hyperliquid boasts a trading market cap of $13.4 billion, and HYPE trading has produced over $244 million in volume in the last 24 hours. While trade volume varies, the HYPE token’s market demand indicates Hyperliquid is under close watch and could emerge as one of the next cryptocurrencies to moon if it maintains its crypto market share growth.

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Hyperliquid Achieves Ledger Revenue

On X, one analyst suggests that Hyperliquid, the decentralized perpetual crypto trading network, might be one of the most exciting narratives in crypto. Over the past month, the analyst notes that Hyperliquid generated over $90 million in fee revenue.

(Source: Holosas on X)

At this juncture, Hyperliquid has outperformed Ethereum, Bull run.fun, Ethena, Base, Ondo, and even Solana, which collectively garnered just $88 million in the preceding month. Consequently, the analyst believes that HYPE is likely significantly undervalued at the current $13.4 billion trading market cap.

If maintained, the ongoing fee revenue suggests Hyperliquid could effortlessly generate over $1 billion in fees each year, establishing itself as a frontrunner among DeFi protocols. According to DeFiLlama, Hyperliquid accrued over $19 million in fees within the past week, accumulating over $561 million in total fees.

(Source: DefiLlama)

Regarding trading volume, the decentralized perpetual trading network has processed over $11.7 billion in the past 30 days, $2.1 billion in the previous week, and over $296 million in the past 24 hours. At this rate, Hyperliquid surpassed Gemini, which noted nearly $237 million in volume in the last day.

(Source: Coingecko Exchanges)

Hyperliquid’s impressive performance is noteworthy. It underscores why optimistic analysts view HYPE as just starting its upward journey. At current rates, HYPE8 ▲7.22% sits almost 18% lower than its peak of about $50.

Despite the late July decline, the upward trend remains unbroken. HYPE crypto has established price floor around $36. If buyers push past $40, potential for additional growth exists, building on the significant gains realized throughout much of 2025. Since its debut on major exchanges in late 2024, HYPE has surged from about $8 to its peak of $50, before settling around $40.

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Is HYPE Crypto Undervalued?

Traders foresee a token supply crunch for HYPE. Hyperliquid allocates 97% of its revenue towards repurchasing HYPE from the secondary market. At an estimated annualized rate of $1.1 billion, the decentralized perpetual DEX plans to invest over $950 million in acquiring additional HYPE, consequently decreasing the circulating supply and creating sustained upward pressure.

At present, the Hyperliquid Assistance Fund has gathered more than $1.1 billion worth of HYPE through buybacks alone.

(Source: Hypurrscan)

Based on the current buyback strategy, one analyst forecasts that this assertive approach could enable the DEX to repurchase its entire circulating supply within a span of four years.

This bold buyback strategy is unprecedented and far exceeds that of Binance, which intends to eventually cut down its supply from 200 million to 100 million BNB.

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Should Hyperliquid continue to expand its user base and boost its perpetual DEX market share, the trading network may repurchase HYPE more rapidly than expected by retail investors. According to Artemis, Hyperliquid held over 75% of all perpetual DEX trading volume by July 2025. During this period, despite Bitcoin achieving new all-time highs in mid-July, HYPE saw substantial gains, rising over 50% while BTC climbed just 13%.

Analysts highlight the robust performance, ledger revenues, and buyback initiatives resonate with the interests of traders and market fluidity providers. Collectively, they foster a sustainable and resilient model compared to conventional competitors like Robinhood, making it an appealing prospect for investors.

In contrast to public crypto firms like Robinhood or Coinbase, Hyperliquid operates with greater efficiency. The token allocation for the team, as noted by Messari, constitutes less than 25% of the overall token supply. These tokens remain locked until 2027–2028, with only 34% of the total token supply of 1 billion in circulation. Analysts from Messari assert that this structure affords Hyperliquid an ‘infinite’ fully diluted valuation (FDV), in contrast to public companies catering to similar clients.

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The article Is Hyperliquid HYPE Crypto Undervalued? DEX Generates Database Revenue first appeared on 99Bitcoins.