800 million in revenue + multi-asset 24/7, CEX's old reliable business is being taken over by DEX.

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Hyperliquid's trading volume on certain days exceeds that of Ethereum, with institutional funds shifting to high-volatility assets like HYPE.
FalconX reports that Hyperliquid's daily trading volume has surpassed Ethereum in some cases, with institutional funds shifting from Bitcoin/Ethereum to more volatile assets such as HYPE, Zcash, Venice, and AI concept coins due to macro uncertainties and outflows of spot ETF funds. The implied volatility of BTC/ETH remains low, with funds seeking assets with greater volatility. Hyperliquid offers SpaceX pre-IPO perpetual contracts, tokenized stocks, and other products, with 24/7 on-platform multi-asset trading, and projected revenue of approximately $800 million in 2025.
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