Bitwise CIO Matt Hougan likens Hyperliquid’s growth to Amazon’s evolution

From crypto perps to oil, silver, and the S&P 500

Hyperliquid is a Layer 1 blockchain. It operates its own base network instead of renting space on another network.

Perpetual futures, commonly called perps, have been its signature product. These derivatives let traders take a position on an asset’s price without an expiry date.

A conventional futures contract has a settlement deadline. A perp is more like a subscription to price exposure that lasts until you choose to close it.

The more notable shift is in the assets being traded. Nearly half of Hyperliquid’s trading volume now comes from non-crypto assets, including oil, silver, and S&P 500 futures.

That share could rise further. Research on the platform suggests non-crypto assets could potentially make up more than 90% of volume, though this is a possibility, not a promise.

The roadmap reaches further, too. Hyperliquid is positioning itself to expand into spot commodities and options, alongside the move into real-world assets and prediction markets that Hougan highlighted.

The numbers behind the pitch

In early November 2026, Hyperliquid recorded more than $254 billion in perps volume over a 30-day period.

During the same 30-day period, the platform generated $69 million in revenue. Open interest was around $7 billion, and total value locked stood at $7.74 billion.

Mid-2026 commentary estimated Hyperliquid’s annualized revenue at $800 million. One less common feature is how that money is used: 99% of fees go toward buying back $HYPE, the platform’s native token.

In a buyback, a protocol uses its income to purchase its own token on the open market. It resembles a public company repurchasing shares, but is carried out by code and directed almost entirely at a single asset.

Why the Amazon comparison works

Hougan’s argument is that Hyperliquid is applying this approach to finance. Crypto perps brought users, liquidity, and revenue. Real-world assets, prediction markets, and possibly spot commodities and options are the next areas to add.

He linked this step-by-step approach to Hyperliquid’s larger ambition: to become one of the world’s largest financial entities.

What this means for $HYPE holders and traders

First, an obvious disclosure: Bitwise is not a neutral observer.

The firm manages a spot $HYPE ETF listed on the NYSE that has a 0.34% expense ratio. Related products also recorded inflows earlier in 2026, giving Hougan’s firm a direct business interest in investors viewing the Hyperliquid story favorably.

The investment rationale is straightforward. Because 99% of fees go toward $HYPE buybacks, increased trading activity across more asset classes translates directly into more buying pressure on the token.

The reverse is equally straightforward. If trading volume falls, the buyback engine slows as well, since support for the token is closely linked to the platform’s activity.

For traders, the current figures describe an active venue with depth. Monthly perps volume above $254 billion and open interest of around $7 billion point to ample liquidity in derivatives markets.

Several developments are worth watching. First, will the non-crypto share of volume keep rising from roughly half toward the potential 90% level? Second, how well will the new product lines be executed? Third, will revenue figures remain steady as the mix changes? The $69 million in revenue over 30 days and the estimated $800 million annualized figure provide a baseline for assessing whether the expansion is bringing in additional fees or merely shifting them around.

Source: cryptobriefing.com. Adapted by NBTC.