#HYPE逆市大涨 #Gate广场万圣节 The next BN? No, HYPE wants all of Wall Street
In 2006, AWS ushered in the era of cloud computing. Twenty years later, Hyperliquid is trying to bring the same infrastructure revolution to Wall Street.
Over the next decade, HYPE’s greatest potential is no longer becoming the next bn, but becoming the AWS capable of holding all of Wall Street.
1. Hyperliquid’s market position in 2026
According to blockchain data monitoring platform Defiliama, overall on-chain perpetual contract trading volume shrank 2.5% in the third quarter of 2026, while Hyperliquid bucked the trend with 9.2% growth. With a 38.6% share of trading volume, it captured 58% of the entire network’s open interest, demonstrating its outstanding ability to attract and retain capital.
Two points here merit closer examination.
One is open interest, because it represents the accumulation of long-term capital, making it a very difficult metric to fake. By contrast, trading volume can be manipulated in the short term. Volume can pile up rapidly over a short period, but maintaining a massive amount of open positions requires genuine margin, ample liquidity, and traders’ long-term trust in the platform.
The other is its ability to grow against the trend. Growth in favorable conditions is nothing unusual; what truly tests a platform’s strength is whether it can continue growing amid a sluggish market, shrinking liquidity, and intensifying competition. This is remarkable. If trading volume reflects a platform’s popularity, open interest reflects its heft, while growth against the trend reflects Hyperliquid’s true vitality.
Liquidation data in August had already begun to reveal the signs. Public research estimates that in May 2026, Hyperliquid’s total perpetual trading volume was equivalent to about 14.4% of Bn’s and about 6.6% of all centralized platforms’ volume. On the surface, this suggests huge room for growth. But how could a 14.4% share have such a high liquidation volume? It suggests Hype has many whale-type customers—high-quality whales or institutional traders. This is where Hype is truly impressive, and worth savoring. Institutions and whales arrive first, then retail investors pour in—that’s another story.
2. Growth in a bull market is nothing special; resilience in a bear market is what shows true strength
From November 2025 to September 2026, trading volume across the entire on-chain perpetual contract market nearly halved. Aster fell 74%, while Lighter plunged 81%. But what about Hyperliquid? It fell by only 2.4%, almost maintaining its previous level. What does that mean? As the entire industry receded and competitors’ trading volumes shrank sharply, Hyperliquid almost entirely defended its core business. One can imagine just how strong its product competitiveness, liquidity depth, and user stickiness must be to maintain such astonishing resilience in these market conditions.
3. Of every $100 in perpetual contract fees, about $89 ultimately flows into the Assistance Fund
In the third quarter of 2026, Hyperliquid generated about $165 million in perpetual contract fees, of which about $147 million flowed into the Assistance Fund to buy back HYPE. This means that for every $100 in fees users pay, about $89 goes to the HYPE buyback mechanism.
What does that mean? Hyperliquid is not only a trading platform capable of generating sustained revenue; more importantly, it is converting the platform’s business revenue into sustained demand for the HYPE token. Trading volume generates fees, fees support buybacks, and buybacks in turn link the platform’s economic value to the token. What is truly worth imagining is: if Hyperliquid eventually supports not just cryptocurrency trading, but a broader range of global financial assets, how large could this mechanism become?
4. Infrastructure is coming into its own
In July 2026, tradexyz, built on Hyperliquid, at one point accounted for half of Hyperliquid’s total perpetual contract trading volume. What does this mean? Hyperliquid is proving that it can not only match Bitcoin and Ethereum trades, but also provide underlying trading infrastructure for a broader range of financial assets, such as stocks and indices. Although tradexyz’s share of trading volume fell back to 23.9% by September, a trend has emerged: Hyperliquid’s future may not depend on how many markets it can list itself, but on how many developers are willing to build financial products on its infrastructure. An’an’s core is an exchange, while AWS’s core is an ecosystem. Hyperliquid is trying to move toward the latter.
In the third quarter of 2026, Hyperliquid’s HIP-4 event contracts recorded a cumulative trading volume of $231.4 million, slightly below the $282 million recorded shortly after launch in May and June. However, compared with the two giants of prediction markets, HIP-4 is still at an early stage. Currently, the sector is led primarily by regulated centralized platform Kalshi and Web3 leader Polymarket. In September alone, Kalshi’s trading volume reached $60.3 billion, while Polymarket reached $13.1 billion.
By comparison, HIP-4 recorded only $81.8 million during the same period, about 0.14% of Kalshi’s volume. But HIP-4’s ambitions go beyond prediction markets. When it proposed HIP-4 in February 2026, Hyperliquid positioned it as an underlying primitive enabling on-chain options and prediction markets. This means prediction markets are only the first step for HIP-4. As options-based derivatives gradually launch in the future, Hyperliquid may further expand its range of products, evolving from a cryptocurrency perpetual contract platform into underlying infrastructure covering more financial derivatives.
On September 16, Payward, the parent company of Krak, announced plans to open a HIP-3 trading market for U.S. customers through Hyperliquid, bringing a massive influx of new trading volume and builder revenue to the ecosystem. Bitnomial, a CFTC-licensed exchange acquired by Payward in May, will lead the initiative. If AWS redefined how computing resources are allocated, Hyperliquid wants to redefine how global financial assets are traded and how they flow. Hyperliquid is trying to replicate a similar story. It is not content to be an on-chain exchange, but is trying to build the underlying operating system for the next generation of global finance. When trading, assets, and liquidity all move on-chain, HYPE may be Wall Street’s AWS for the next decade.
5. Valuation scenario analysis
From a valuation perspective, HYPE is not cheap at its current price. Based on a fully diluted valuation (FDV) of about $91 billion as of September 30, 2026, applying Aster’s 124x revenue multiple implies an FDV of about $99.4 billion for Hyperliquid at its average fee rate in the third quarter; applying Lighter’s 134.3x multiple yields $108 billion. But using edgeX’s 65.2x multiple, even at the higher fee rate in September, the implied FDV is only $56 billion. This means whether HYPE’s current valuation is justified depends not only on Hyperliquid’s future revenue growth, but also on how high a valuation multiple the market is willing to assign it.
In other words, the market is already paying a premium for Hyperliquid’s growth potential, and future performance must be strong enough to support these expectations. If HYPE is assessed solely through the valuation framework for exchanges, that framework cannot capture its true ambition.
Trading is only the starting point; financial infrastructure is the endgame. From perpetual contracts to on-chain asset issuance, Hyperliquid is building an open financial ecosystem. Over the next decade, it is not competing for the market share of a particular exchange, but for the foundational gateway to all of Wall Street.
History does not simply repeat itself, but it always rhymes.
Whether Hyperliquid can become Wall Street’s AWS is too early to say. Whether its technological advantages can translate into lasting competitive barriers, whether its open ecosystem can attract enough developers and financial institutions, and whether traditional financial assets can truly migrate on-chain at scale are all questions that will take time to answer. What’s more, the capital markets have already assigned a hefty price to this potential. But one point is worth considering: in 2006, when Amazon launched AWS, few realized that an e-commerce company was quietly building the infrastructure of the future internet.
Twenty years later, when we look at Hyperliquid, perhaps we should not focus only on how many trades it matches today or how much in fees it earns. Because the value of truly great infrastructure often lies not in how much business it conducts itself, but in how much future business cannot function without it.$HYPE ‌

#Gate24HNetInflowsRankTop2
#Gate广场万圣节
Gate: A Powerful Name in Crypto, Built Through Experience, Innovation and Continuous Growth
In the cryptocurrency industry, success is not achieved overnight. Building a global exchange requires years of development, technological investment, user confidence, market understanding, and the ability to adapt to an industry that never stops changing.
This is why I believe Gate deserves genuine appreciation.
Founded in 2013, Gate has spent more than a decade developing its position in the digital asset industry. During this journey, the cryptocurrency market has experienced major transformations, intense competition, market corrections, technological breakthroughs, and changing investor expectations. Through these developments, Gate has continued expanding its services and building a broader financial ecosystem.
For me, the most impressive thing about Gate is its ambition. It is not simply trying to remain an exchange for buying and selling cryptocurrencies. It is working toward becoming a more comprehensive destination for digital finance.
1. More Than a Decade of Industry Experience
Experience is extremely valuable in financial technology.
Since 2013, Gate has witnessed the evolution of cryptocurrency from a relatively small market into a global financial industry.
Building a platform over such a long period requires continuous improvement. Technology changes, security expectations become stronger, and users demand better services.
Gate's long operating history demonstrates its continued participation in this competitive environment.
I particularly appreciate the importance of consistency. A successful platform must keep improving instead of depending entirely on its previous achievements.
Gate's development over more than a decade makes its journey worth recognizing.
2. An Impressive Selection of Digital Assets
One of Gate's major strengths is its extensive cryptocurrency selection.
According to previously shared platform figures, Gate supports more than 5,300 digital assets.
This gives users access to a wide range of opportunities across the cryptocurrency ecosystem.
Bitcoin and Ethereum remain important assets, but the industry also includes blockchain infrastructure, decentralized finance, artificial intelligence projects, gaming ecosystems, and emerging technologies.
A broad asset selection allows users to explore different sectors from one platform.
I appreciate that Gate recognizes how quickly this industry evolves. New projects and technologies continue emerging, and users increasingly want access to different parts of the market.
Providing variety is an important advantage in a competitive exchange environment.
3. Capital Inflows Reflect Interesting Market Activity
Another development worth highlighting is Gate's recent capital movement.
According to the DefiLlama data shared, Gate recorded approximately $57.97 million in net inflows over 24 hours, ranking second among centralized exchanges globally.
This is a notable figure.
Exchange inflows do not automatically mean that every incoming dollar will be used to purchase cryptocurrencies. Some funds may be allocated to trading, portfolio adjustments, stablecoin holdings, or other activities.
However, this level of capital movement makes Gate's position in the broader exchange market particularly interesting.
For me, the important point is that capital activity deserves attention alongside trading volume, liquidity, and market participation.
Gate's reported ranking is another reason to recognize its growing presence.
4. Security and Transparency Deserve Attention
Trust is one of the most important elements of a financial platform.
Users need confidence that an exchange takes security seriously and provides meaningful information about its reserves.
Gate's Proof of Reserves initiatives are an important part of its transparency efforts.
Previously shared figures reported approximately $8.688 billion in reserves, a reserve ratio of 118.49%, and coverage across 500 assets.
These figures are snapshots and should be understood according to the reporting methodology and assets covered.
Nevertheless, I appreciate the importance of making reserve information available for users to examine.
Transparency should be an ongoing commitment.
An exchange's reputation is strengthened when it continues improving its security practices and providing users with greater visibility into its financial position.
5. A Growing Financial Ecosystem
Gate's development goes beyond traditional cryptocurrency trading.
The platform offers different financial products, including spot trading, futures, and ETFs.
According to previously shared platform information, its broader product ecosystem also includes access to more than 12,800 stocks and ETFs.
This expansion is interesting because the future of financial markets is becoming increasingly interconnected.
Investors are no longer interested in only one type of asset. They want to explore different markets, understand changing opportunities, and manage their financial activities more conveniently.
Gate's broader product development reflects this changing demand.
I believe that exchanges capable of bringing different financial services together will have an important role in the future of digital finance.
6. GT: An Important Part of Gate's Identity
GT is another important element of the Gate ecosystem.
A native platform token can connect different aspects of an exchange's development, including ecosystem participation, utility, and token economics.
Gate has also reported ongoing GT burning activity.
Previously shared Q3 figures indicated a burn of approximately 1,987,321 GT, bringing cumulative reported burns to around 191.93 million GT.
This is an interesting development to monitor.
Token burns can affect circulating supply, but they do not guarantee an increase in market price.
Actual demand, token utility, market conditions, and ecosystem development remain important factors.
What I appreciate is the attention given to GT as part of the broader Gate ecosystem.
7. Innovation Is What Keeps an Exchange Competitive
The cryptocurrency industry does not stand still.
New technologies, trading strategies, financial products, and blockchain applications continuously change the market.
An exchange that wants to remain competitive must understand these developments and respond with useful improvements.
Gate's expanding ecosystem demonstrates its willingness to participate in this evolution.
I believe innovation should not simply mean introducing more products. It should also mean improving the overall user experience, making services more accessible, strengthening platform infrastructure, and providing useful tools for different types of market participants.
This is where long-term development becomes more important than short-term attention.
8. A Platform for Different Market Participants
Every cryptocurrency user has different objectives.
Long-term investors may focus on Bitcoin and established digital assets.
Active traders may prioritize liquidity, execution, and market analysis.
Other users may be interested in emerging blockchain projects, new financial products, or portfolio diversification.
Gate's broad ecosystem provides different ways for users to explore the market.
This variety is one of its strongest characteristics.
I also believe responsible trading education is important. Futures and leveraged products carry substantial risks, and users should understand those risks before participating.
A good platform should offer choices while encouraging informed decisions.
9. My Personal View on Gate's Future
Personally, I believe Gate's biggest strength is its willingness to develop beyond its original exchange identity.
Its history since 2013, extensive digital asset selection, financial products, GT ecosystem, transparency initiatives, and global market presence demonstrate a broad development strategy.
The reported $57.97 million in net inflows adds another interesting point to this story.
However, I would not judge the platform's long-term success through one day's capital movement.
I would pay more attention to continued product development, liquidity, security improvements, user experience, transparency, and the platform's ability to adapt to future financial technologies.
These are the areas that can help establish a stronger position over time.
The next stage of competition among exchanges will not be decided by asset listings alone. It will involve the complete experience that platforms provide.
Gate has an opportunity to continue strengthening its position through these areas.
10. Why I Appreciate Gate
There are several reasons behind my positive opinion:
More than a decade of industry experience since 2013.
An extensive selection of over 5,300 digital assets.
A broader ecosystem covering multiple financial products.
Continued attention to Proof of Reserves and transparency.
Development of the GT ecosystem and reported token burns.
Significant reported capital inflows and global exchange activity.
Continuous efforts to expand its presence in digital finance.
Each of these factors represents a different part of Gate's development.
Together, they explain why Gate remains an interesting name in the cryptocurrency industry.
Final Thoughts
The cryptocurrency industry rewards platforms that continue learning, adapting, and improving.
Gate's journey since 2013 deserves recognition because building a strong presence in this industry requires more than a good trading interface. It requires long-term vision, technology, infrastructure, product development, and a commitment to serving an evolving market.
I appreciate Gate not simply because of its market ranking or reported capital inflows, but because of the broader ecosystem it continues building.
For me, the most important measure of an exchange is not how much attention it receives today, but how effectively it prepares for tomorrow.
Gate represents experience, ambition, and continuous development in digital finance. Its journey is a reminder that long-term progress comes from consistently building, improving, and innovating.
My expectation is to see Gate continue expanding its ecosystem and strengthening its position in the global digital asset industry.
Respect for the journey, appreciation for the progress, and confidence in the importance of continuous innovation. Gate deserves recognition for the work it has done and the ambition behind what comes next.
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