We wanted to share a brief update on Hyperliquid, a standout performer in the current cycle and a project we continue to trade.
Hyperliquid was the first altcoin this season to reclaim its all-time highs. Current technical resistance sits in the $40–$42 range.
Key highlights:
Market Share Leadership:
Hyperliquid has sustained its dominance in decentralized perpetuals, now holding ~80% of the market. It also continues to grow against centralized exchanges (CEXs), with a rising share of the overall perps trading volume ~18%.
Ecosystem Expansion:
We're closely tracking the development of hyperEVM and the influx of new applications being built on top. Broader activity beyond perps will be a key indicator of long-term ecosystem viability.
Product Growth:
The team's ability to expand beyond perpetuals—such as adding spot markets—could further solidify Hyperliquid's position as a comprehensive trading platform.
From a broader strategic lens:
Betting on L1 or L2 tokens often implies that we've already found the final form of blockchain infrastructure. We believe this assumption underestimates the ongoing evolution of user experience and value capture.
Users care about product experience and fees, not which chain underpins it—just as Robinhood or Schwab users aren't concerned whether their trades route to NYSE or Nasdaq.
Hyperliquid is aligned with a thesis that CLOBs (central limit order books) offer a more optimal foundation for on-chain finance. That makes this a fundamentally different bet than owning L1 tokens—many of which are, in our view, uninvestable over a 5+ year horizon.
That being said, we remain very optimistic about Hyperliquid and expect it to be a primary driver of performance for us in Q3.