With Hyperliquid‘s metrics continuing to hit all-time highs, spot trading in the ecosystem, spearheaded by its tokenization layer Unit, is starting to catch up with the world’s top centralized exchanges.
Over the last 24 hours, over $1.1 billion worth of uETH and $950 million of uBTC were traded on Hyperliquid, with Unit assets recording a total of $2.49 billion traded. This comes shortly after Unit processed an all-time high 24-hour volume of $3.2 billion, driven by a cluster of whale wallets that swapped more than $2 billion worth of BTC for ETH.
Hyperliquid Spot Volume - Hyperliquid
Unit took to X to share the milestone, but clarified they are unaware of the wallet operators identities. “To be 100% clear, the user is unknown to us, and independently decided that this was the best decentralized venue for them to trade on. …This surpassed Coinbase and Bybit BTC spot volumes combined and is close to on par with BTC/USDT on Binance,” said Unit.
Unit uses 100% of fees generated to purchase HYPE tokens, and as of yesterday evening, the protocol generated $1.88 million for HYPE buybacks over a 24-hour period.
The tokenization layer is fueling activity on both HyperCore and HyperEVM by facilitating assets that can be used in the Layer 1 networks DeFi ecosystem. Protocols such as onchain hedge fund Liminal and automated market maker Project X have both approached the $100 million total value locked (TVL) threshold, driven by Unit assets such as uETH and uBTC.
“Large whale trades like this open up amazing trading opportunities for both retail and sophisticated [market makers]. At different times during this period, prices were at +/- 1% to fair, so depending on your side, you potentially had incredible execution,” said Shoku, founder of Unit.
“The volatility also gave users the opportunity to arbitrage prices against other spot venues and/or perps, which quite a few did. This ”free money“ brought in many net new users and market makers, accelerating the liquidity flywheel of Unit spot assets,” he added.