• Hyperliquid handled 5-7x times the perpetual trading volume of BSC and Ethereum
• HYPE could outperform BTC in Q3, according to a crypto analyst

Hyperliquid [HYPE] has topped on-chain perpetual markets this month, with over $214 billion in volume traded over the last 30 days, according to DeFiLlama data. In fact, data revealed that BNB Smart Chain (BSC) in second, and Ethereum [ETH] in third, handled $44 billion and $30 billion, respectively.  

Put differently, Hyperliquid processed about 5x BSC and 7x Ethereum’s volumes. 

Source: DeFiLlama 

Additionally, the on-chain DEX is now ranked seventh among top crypto apps and chains with the highest revenues in the last 30 trading days.

It raked in $62.5 million in fees over the past month and over $300 million in cumulative revenue. This makes it a strong investment candidate based on performance and fees alone. 

Is HYPE a great buy for Q3?

According to crypto analyst and influencer Ansem, HYPE’s press time valuation at a $10B – $15B market cap is grossly undervalued. He added, 

“Main trade in Q3 should be looking for swing longs here, will easily outperform Bitcoin & there’s still a ton of ppl sidelined on this trade.”

In fact, he speculated that HYPE could reach a $100 billion market cap this cycle. That would imply about $299 per HYPE if the $100 billion market cap is hit.

In fact, Syncracy Capital’s Ryan Watkins also subscribes to a similar thesis, citing Hyperliquid’s likely extended moat in perpetual (perps) markets. 

For the unfamiliar, perps are derivative instruments that allow traders to speculate on price without directly owning the underlying asset and with no expiry like option contracts. 

Perpetuals’ high leverage structure has made it popular for those seeking to magnify their profits. In addition, Hyperliquid’s no-KYC makes it the perfect avenue for those in restricted areas. In fact, a Jump Trading exec recently called it a “meaningful competitor to Binance.”

Still, some have projected a short-term risk as Robinhood and Coinbase unveil similar but regulated perps products.

That being said, HYPE’s recent price action has flashed weak bullish sentiment lately. Perhaps mirroring broader sluggishness at the end of Q2. 

In fact, according to CoinGlass’s 30-day liquidation heatmap, the main liquidity and potential price magnets were at $35.1, $41.6, $43 and $45. 

Source: CoinGlass

This implied that in a liquidity sweep scenario, HYPE could tag $43 or $45 before easing to $35, or begin with $35 before climbing up. Interestingly, a whale deposited $16.51M and opened a long bet on HYPE.   

While the bet’s outcome will depend on BTC’s next move, the aforementioned liquidity pools will be key price levels in the short term.