Hyperliquid is consolidating its lead in on-chain derivatives, even as falling volumes elsewhere highlight the limits of incentive-driven growth.

bitcoinBitcoin
$ 63,037.00
$ 63,037.00
0.7%
ethereumEthereum
$ 1,882.91
$ 1,882.91
1%
tetherTether
$ 0.999156
$ 0.999156
0%
xrpXRP
$ 1.00
$ 1.00
0.1%
bnbBNB
$ 610.84
$ 610.84
1.3%
usd-coinUSDC
$ 0.999622
$ 0.999622
0%

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bitcoin
Bitcoin (BTC) $ 63,037.00
ethereum
Ethereum (ETH) $ 1,882.91
tether
Tether (USDT) $ 0.999156
xrp
XRP (XRP) $ 1.00
bnb
BNB (BNB) $ 610.84
staked-ether
Lido Staked Ether (STETH) $ 2,265.05
usd-coin
USDC (USDC) $ 0.999622