AiCoin Data Insights: In the current climate of wide fluctuations in the crypto market, the flow of funds often proves to be more forward-looking than the outpouring of emotions. As we sift through the short-term noise of the market and examine the underlying data, an undeniable trend is emerging—Hyperliquid, as the absolute leader in on-chain perpetual contracts, not only demonstrates strong dominance in the integration of crypto assets and macro assets (Crypto + Macro), but its core data also releases a strong signal of "institutional bottom feed."

In this issue, the AiCoin Research Institute will utilize a multi-dimensional breakdown of on-chain data to unveil the long-term value logic behind Hyperliquid's "volume precedes price."

Resilient Moment: $5 Billion TVL and $7.5 Billion OI's Funding Confidence

In the past three days of heightened market volatility, the most straightforward indicator to assess whether a DeFi protocol truly has a "moat" is the fund retention rate.

According to the latest data from DefiLlama, Hyperliquid's Total Locked Value (TVL) remains stable between $4.9 billion to $5.4 billion [1]. Of this, bridging funds from Arbitrum contribute approximately $3.8 billion to $3.9 billion, while Hyperliquid's L1 native assets make up $1.1 billion to $1.6 billion. More importantly, during this period of market fluctuations, there has been no noticeable large-scale capital outflow, and the TVL curve showcases strong resilience.

Meanwhile, the activity of leveraged funds has not only not cooled down but has remained high. By combining DefiLlama and Artemis data, the total Open Interest (OI) on the Hyperliquid platform is as high as $5.4 billion to $7.5 billion (with peak values reaching $7.5 billion at certain times).

This "TVL and OI both high and strong" combination sends a clear message to the market: whether it's liquidity-providing market makers or leveraged traders, institutional funds and smart money's trust in the Hyperliquid platform has not wavered due to short-term fluctuations. They choose to hoard significant amounts here, treating it as a long-term trading stronghold across bull and bear markets.

Macro Breakthrough: HIP-3 Explosion and "Volume Leading Price"

If TVL and OI represent Hyperliquid's "foundation," then trading volume (Volume) is the "engine" driving its upward momentum.

In the past 24 hours, Hyperliquid’s perpetual contract trading volume has sustained an astonishing level of $1.9 billion to over $8 billion (depending on different data source statistics). Accompanying the huge trading volume is the extremely robust protocol revenue— the platform's daily fee income continues to stabilize in the range of $1.7 million to $1.9 million.

Within this vast trading empire, the most dazzling growth engine is undoubtedly the HIP-3 market, which carries traditional macro assets. Artemis's data charts clearly show that HIP-3's daily open interest (Daily OI) has recently surpassed the $2 billion mark for the first time and experienced a significant Volume Spike.

What does this mean? In the wave of integration between crypto and macro, global hedge funds are flooding into Hyperliquid, trading traditional assets such as crude oil, gold, and US stocks. Hyperliquid is no longer confined to the narrative of "Crypto DEX" but is becoming a liquidity black hole for global macro asset pricing.

In the classic framework of technical analysis, there is an unbreakable truth: "Volume precedes price." Hyperliquid's current state of continuously exploding fundamental data and ever-refreshing trading volume is a typical "Volume Leading Price" signal. This expansion of volume driven by genuine demand is often the prelude to a new round of asset price revaluation.

Ultimate Flywheel: Deflationary Burn Mechanism

A protocol making money is one thing; how that money feeds back to token value is another. Hyperliquid showcases an extreme geek-like approach in this regard.

Unlike many DeFi projects that rely on high token inflation to attract liquidity, Hyperliquid follows a purely "organic growth + deflation flywheel" route. The platform directly uses the substantial profits generated for the buyback and burn of HYPE tokens, which gives HYPE a strong deflationary attribute.

Supported by a daily income in the million-dollar range and annual revenues in the hundreds of millions, this Deflationary Burn mechanism acts like an indefatigable pump, continuously reducing the circulating supply of tokens in the market. When institutional trust (TVL/OI) locks in chips, macro trading (HIP-3 Volume) contributes profits, and all profits are used for burning, a flawless long-term value logic forms a closed loop.

AiCoin: The Professional Hunter's Macro Hedge Terminal

Faced with a platform like Hyperliquid, which has rock-solid fundamentals and continuous trading opportunities, a professional trading terminal is key to success. As a leading data analysis and trading terminal, AiCoin provides you with the ultimate weapon to seamlessly access this macro feast:

 

• One-click secure authorization: Directly authorize your Hyperliquid account on the AiCoin PC terminal, saying goodbye to cumbersome API configurations and enabling secure and quick on-chain trading.
• Millisecond-level lightning orders: Achieve one-click market orders, quick liquidation, and stop-loss and take-profit drags through the floating panel on the chart. In times of severe volatility in the HIP-3 market, complete your layout ahead of traditional market reactions.
• Comprehensive data monitoring: Real-time tracking of major orders, funding rates, and long-short ratios for various trading pairs, arming your trading decisions with data.

Operationally super simple:

Step 1: Open Hyperliquid BTC/USDC candlestick on AiCoin

Step 2: Locate the toolbar and check the lightning order box

Step 3: Click the green "Buy Long" or red "Sell Short" directly → Completed instantaneously

Exclusive Benefit: By registering or authorizing Hyperliquid through AiCoin and binding the invitation relationship (Invitation Code: AICOIN88), you can enjoy a 4% rebate on transaction fees.

https://app.hyperliquid.xyz/join/AICOIN88

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📖 Newbie Tutorial:

《AiCoin PC Terminal Hyperliquid Authorization Trading Tutorial》:

https://www.aicoin.com/zh-Hans/article/514197

 

《Zero Foundation Entry! Hyperliquid First Trade Super Detailed Graphic Tutorial》:

https://www.aicoin.com/zh-Hans/article/510225

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