I just realized something quite interesting about the coin market—its 24/7 infrastructure is creating a very large structural advantage over traditional financial markets. While the NYSE or NASDAQ only operates about 32,5 hours per week, the crypto market runs continuously for 168 hours without interruption. This becomes extremely important when geopolitical or macroeconomic shocks occur outside normal working hours—such as the recent situation in the Middle East, where volatility appeared right at the end of the week when traditional markets were closed.

What truly drives the coin market today is derivatives. In 2025, the trading volume of Perpetual Futures surpassed 92 trillion USD—4,6 times higher than spot trading. Add to that the OTC volume of financial institutions increasing by 109% compared to the previous year, and it is clear to see the increasingly important role of the coin market in continuously pricing global risk.

And this is where Hyperliquid starts to stand out. This platform is built on an independent Layer-1 architecture, specifically designed for high-speed derivatives trading. Its HyperBFT consensus technology processes blocks in an average of 0,2 seconds, with 99% of transactions completed in under 0,9 seconds. A fully on-chain order book enables direct price discovery and precise order matching, while its cross-margin model helps traders optimize capital by linking positions across multiple markets.

Numbers speak for themselves. Currently, the daily trading volume of Perpetual Futures on Hyperliquid is about 7,3 billion USD, and Open Interest is close to 5,8 billion USD. Even the tokenized HIP-3 markets generate 2,2 billion USD in daily volume by leveraging off-hours volatility. WTI contracts have increased by 140% to 242 million USD. I find these to be quite significant figures.

But the real question is whether Hyperliquid can become the main liquidity hub for the entire derivatives coin market. In the past two years, global derivatives activity has increased by 75%, DEX market share has reached 10,2%, and Hyperliquid has emerged as one of the leading centralized liquidity platforms. Its order book depth maintains around 3 million USD in BTC liquidity near the average price—higher than the 2,1 million USD of other major exchanges—helping to significantly reduce slippage for large-scale trades.

Market makers and financial institutions are closely watching the liquidity conditions here. If liquidity continues to concentrate around common collateral models and highly integrated derivatives products, Hyperliquid has the potential to become a global risk transfer layer that operates continuously 24/7 for the coin market. However, prolonged market fragmentation remains a major challenge that could weaken the structural advantage this platform holds. I will continue to follow how this develops.