Hyperliquid Drives Growth Through Non-Crypto Assets and Third-Party Integrations

Hyperliquid, a platform for trading various assets, has seen significant growth in recent times. The integration of non-crypto assets, such as oil and gold, into the platform has been particularly successful, accounting for 40% of total daily volumes in March. This growth is not limited to HIP-3 (non-crypto assets), however, as builder codes or integration with other platforms like Phantom and MetaMask wallets have also seen incredible adoption.

The combination of HIP-3 and third-party ecosystem (builder codes) now generates $100 million in annual revenue for Hyperliquid. This revenue is a significant share of the platform's total income, accounting for 19% of it. Furthermore, builder codes alone account for 10% of total trading volumes on the platform, primarily through mobile interfaces.

According to Ryan Watkins, co-founder of Syncracy Capital, these factors are accelerating adoption and driving growth for Hyperliquid. The positive impact on HYPE value is also noteworthy. As most of the revenue from third-party integrations goes toward the token buyback program, buying pressure may trigger an appreciation in HYPE's price, especially in a favorable macro environment.

In Q1 2026, perp volumes doubled, and weekly revenues doubled as well. This surge led to a significant increase in HYPE's price, with a breakout from $20 to $38 (a 86% run) followed by another phase that lifted the price to $43 (a 71% upswing).