Is Hyperliquid the real deal or just another overhyped protocol?

The numbers tell an interesting story. This decentralized perpetuals exchange has secured roughly 70% of the entire DEX perps market share, which already puts it in rare territory. But here's where it gets spicier—it's capturing around 13.6% of Binance's monthly perpetuals volume, a massive benchmark for any independent platform.

The revenue picture? About $116M monthly is flowing through the protocol. That's serious cash, especially for a DEX.

The question isn't whether Hyperliquid has built something with traction. Clearly it has. The debate that matters is whether current valuations justify this growth, or if we're watching infrastructure innovation outpace market wisdom. In crypto, these two stories often run parallel.