According to Hyperliquid, the defi-focused perpetuals exchange, several all-time highs (ATHs) were achieved over the last day. These milestones closely followed the listing of two highly anticipated meme coins, TRUMP and MELANIA. About 12 hours prior, Hyperliquid announced: “By community request, you can now long or short $MELANIA with up to 3x leverage. This perpetual contract uses onchain AMMs for the underlying oracle price.”

Subsequently, Hyperliquid disclosed its trading figures for the day: $21 billion in volume, with open interest standing at $4.7 billion. Additionally, the platform generated $9.5 million in protocol revenue (a combination of fees and HLP earnings). Launched in 2023, Hyperliquid merges the speed and efficiency characteristic of centralized exchanges (cex) with the transparency and security integral to defi systems.

Its fully onchain order book ensures real-time, transparent trading while maintaining minimal latency. In December 2024, perpetuals trading volumes hit new records, with Hyperliquid leading the charge. Data from theblock.co shows that out of $369.4 billion in total perps volume that month, Hyperliquid handled $235.26 billion. As of January 2025, perpetuals volume has already reached $193.83 billion, with Hyperliquid contributing $121.63 billion to that total.

Although Hyperliquid has announced substantial trading volumes, the sustainability of this extraordinary level of activity over time remains uncertain. The platform’s current performance, driven by the unpredictable defi market, the ongoing bull run, and the popularity of meme coins like TRUMP and MELANIA, invites speculation about whether these figures can endure over an extended period.

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