Comprehensive evaluation of decentralized derivatives exchange Hyperliquid and its native token $HYPEcrypto analytics firm Alfaractal said that the platform’s technical architecture and growth data indicate significant progress in this space.
According to the report, Hyperliquid differentiates itself from traditional AMM-based DEX models by offering near-centralized exchange performance with a fully on-chain, deterministic order book while allowing users to maintain control of their assets.
Originally developed for perpetual trading, Hyperliquid has evolved over time to encompass a broad product ecosystem including spot trading, automated vault systems, professional API infrastructure, and synthetic/tokenized assets. The most notable feature of this platform is that order creation and cancellation occur on-chain, and the matching process occurs directly within the blockchain. Hyperliquid is different from many other DEXs from a technical perspective, as there is no AMM (automatic mechanism) and it relies on external sequencers and rollup systems.
According to Alfaractal, the system uses a hybrid architecture to achieve a balance between security and performance. Transaction queuing and final consensus are performed entirely on-chain, but some performance-critical components are supported by optimized off-chain processes. Blockchain operates as a deterministic “replicated state machine”. This means that all validators execute the same transaction logic and a consensus mechanism maintains a single global transaction queue across the network. A consensus algorithm called HyperBFT provides fast finality and ensures consistent behavior of the network despite malicious or malfunctioning nodes.
The report also analyzed Hyperliquid’s growth using TVL data. dollar-based TVL and $HYPE While prices can create speculative illusions, token-based analysis provides a clearer picture. locked $HYPE It showed a significant increase until July 2025, and then stabilized at about 50 million. $HYPE. This indicates that infrastructure and EVM-based expansion grew aggressively until mid-2025, followed by a more mature phase.
The rate of increase in the number of users is also noticeable. Currently, the platform has around 60,000 daily active users. The rate of new user acquisition is said to have increased exponentially from mid-2023 to early 2026. $HYPE It was airdropped on November 29, 2024, and its growth accelerated significantly. The average number of new users per day started out in the hundreds, but now it’s in the thousands.
Volume comparisons also reveal Hyperliquid’s competitiveness. Generating $2.71 billion in daily trading volume in futures trading, the platform outperforms mid-sized centralized exchanges such as Kraken, Deribit, and Crypto.com. However, it still significantly outperforms industry giants such as Binance, OKX, and Bybit. While its spot market volume of $58.6 million is notable for a DEX, it still falls short of larger players like Coinbase.
From a tokenomics perspective, the support fund data is noteworthy. Funds that repurchase an average of 70,000 shares $HYPE Daily balance increased from 15 million $HYPE up to 40 million $HYPE According to Al-Raktar, this mechanism creates sustainable deflationary pressures. $HYPE By systematically channeling trading proceeds into buybacks.
The report also notes that while Hyperliquid offers a technically robust infrastructure, it is not completely free from risks. The price manipulation incident at the end of 2025 demonstrated the persistence of systemic risk in the emerging blockchain ecosystem. However, Alphactal says the long-term outlook remains strong as the infrastructure is nearly complete and third-party applications can be extended through EVM. 2026 is predicted to be a year dominated by speculation; $HYPE Tokens and the hyperliquid ecosystem are positioned as important alternatives in the maturation process of decentralized finance.
*This is not investment advice.
