Hyperliquid reports record-high $22 billion in 24-hour volume

Hyperliquid said on social media platform X that its trade volume was over $22 billion in the 24 hours leading up to 11:41 p.m. ET on Monday. The platform’s $22 billion trade volume overwrote the previous record high of $21 billion reported a day prior. It also reported $4.7 billion in open interest and $9.5 million in protocol revenue.

Meanwhile, DefiLlama's data shows that the highest single-day perpetual trading volume on Hyperliquid occurred on Jan. 18, reaching nearly $19 billion. Monday’s perpetual trade volume stood at $13.4 billion, while Sunday reported a single-day volume of $15.6 billion.

Hyperliquid’s surge in trade volume follows its recent listing of Official Trump (TRUMP) and Melania Meme (MELANIA), the memecoins officially associated with U.S. President Donald Trump and First Lady Melania Trump, respectively. The perp exchange said it enabled users to trade the two meme tokens with up to 3x leverage for both long and short positions.

The two memecoins experienced heavy volatility in the days leading up to Trump’s inauguration on Monday and plunged in price in the past day as Trump’s first day back in office spawned zero mention of cryptocurrencies — against expectations. 

According to CoinGecko, the Official Trump cryptocurrency fell 28.3% to $41.37 in the past 24 hours, while the Melania Meme token dropped 53% in the same period.

Hyperliquid, built on its custom Layer 1 blockchain, gained popularity among DeFi users for lower fees, higher speed and a user interface that resembles that of centralized exchanges. The Block’s data dashboard shows that Hyperliquid processed over $235 billion in perpetual trade volume last month out of a total perpetual protocol trade volume of $369 billion.

DefiLlama data shows that Hyperliquid is the fifth-largest decentralized derivatives exchange by estimated total value locked, behind Jupiter Perpetual Exchange, Drift Trade, GMX and dYdX.