Decentralized derivatives exchange Hyperliquid has overtaken stablecoin issuer Circle in 24-hour revenue, marking a pivotal shift in crypto market dynamics. According to social media analytics, Hyperliquid generated $7.7 million, exceeding Circle's reported $8.8 million – though Circle doesn't release daily figures, casting uncertainty on direct comparisons. This surge stems from Hyperliquid's $629 million daily on-chain volume and deflationary tokenomics, where 93% of fees burn HYPE tokens.
Hyperliquid's weekly revenue peaked at $12.8 million, momentarily eclipsing Ethereum's protocol earnings, while competitors GMX and dYdX recorded $200 million and $500 million volumes respectively. The platform attracts traders migrating from Solana with high-speed, low-slippage trading, driving increased activity for ETH, BTC, and SOL. Analyst Jon Ma noted the HYPE token appears undervalued despite recent volatility: it hit $49 in July before declining amid bearish MACD/CRSI signals and reduced open interest.
Meanwhile, Circle's USDC maintains stability with $35 billion in reserves (60% U.S. Treasuries), processing over $100 billion daily across payments and DeFi. Circle's Q2 2025 revenue grew 53% to $658 million due to interest from reserves, though its revenue model remains sensitive to monetary policy shifts. Regulatory developments like MiCA could further strengthen USDC's position despite competition from USDT.