Training note, written on 27 September 2026 from data as of 24 September 2026. Not part of the published series.

Capital rising and trading on Hyperliquid

Luca Valente — dictated note, lightly edited

Hyperliquid is a decentralized exchange; the L1 and HYPE count for the whole of Hyperliquid. Capital increased, trades increased too, and they increased relative to the reference group. Volumes recorded +64.7%; the group also recorded an increase, but of 27.6%, so there is a spread of 37.1 points. TVL also rose, 22.7%, while the group is flat, so here too there is a nice spread. The peak in volumes was on 21 September at 315.4 million. I made the comparison on 26 DEXs and Hyperliquid spot comes out above the group on these measures.

TVL rose 19.6% in seven days. There is a jump concentrated in one week. It makes me think of a few large deposits, but it is only a hypothesis. We do not know who brought the money, why volumes are rising, and whether this activity turns into income.

I would want to see, by 24 October, what volumes do: if they are below the 30-day total at 24 September, and TVL is back below the 24 September level, then it is a signal that does not matter. So in the coming days I would go and see whether volumes rise or stay where they are, whether TVL stays above 182.1 million, and then also look at fees, which were at 70,803 on 20 September. So there is growing use of this DEX compared with the others in the group, but we still do not know what is sustaining it.

Data: DefiLlama, GitHub; 30-day sums for flows, end-of-window for stocks; peer group: 26 exchanges, one product per family; as of 24 September 2026.

Peer group: 26 exchanges tracked by DefiLlama (who they are). 'Net of the group' is the 30-day change minus the group's median.

Not financial advice. This is a research note based on public on-chain data.