LunarCrush, an AI-driven digital asset analytics platform, has released its ranking of top derivatives projects by social activity for January 30, 2026. The list, which focuses on perpetual trading platforms and their native tokens, is led by Hyperliquid (HYPE) and Aster (ASTER).
Hyperliquid dominated the social metrics with 8.9K Engaged Posts and 1.7M Interactions. Aster secured the second position with 4.0K Engaged Posts and 577.7K Interactions. The rest of the top ten included Jupiter (JUP), MYX Finance (MYX), Avantis (AVNT), Gains Network (GNS), GMX, Perpetual Protocol (PERP), Synthetix (SNX), and Drift Protocol (DRIFT).
Concurrently, on-chain data from Dune reveals a significant resurgence for the Hyperliquid platform itself. Its market share in the derivatives space has surged from a low of 18% in December 2025 to over 33% by the end of January 2026. This 15% jump is largely attributed to the booming success of its equity and commodity perpetuals (perps), introduced via the HIP-3 upgrade.
This expansion has positioned Hyperliquid as a key cross-asset trading platform. On a recent Friday, silver and gold ranked among the top five assets by trading volume on the platform, with silver seeing $3 billion in volume and gold nearly $700 million. Bitcoin, Ethereum, and HYPE rounded out the top five, while Solana (SOL) was sixth.
Crypto VC partner McKenna noted that non-crypto assets now drive approximately 30% of Hyperliquid's overall trading volume, stating, "Let me repeat, Hyperliquid will bring in more daily volume from TradFi perpetuals than digital asset perpetuals."
The surge in equity perps volume is a bullish catalyst for the HYPE token, as higher trading volumes generate more fees, which in turn fuel HYPE buybacks and burns. Data from DeFiLlama shows a positive correlation, with average weekly platform revenue rising from $11 million to $15.5 million, while the HYPE price increased by 70% over the same period.
From a technical perspective, analysts suggest that defending the $28 support zone could pave the way for a potential breakout toward $36, contingent on sustained traction in equity perps. A break below $28, however, could see HYPE fall back into its December trading range of $20-$28.
