Hyperliquid Bull Run Guide: How to Navigate the $6B New-Era FTX Boom

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The crypto market is undergoing a seismic shift. As high-FDV projects like Magic Eden and Movement list on top-tier exchanges, a familiar pattern from April 2025 is reemerging: an oversupply of new tokens, weak demand for altcoins, and a growing disconnect between Bitcoin’s rally and stagnant CEX altcoin performance. While many "listed" altcoins face a bearish fate amid Bitcoin's march toward $100K, one ecosystem stands apart — Hyperliquid.

In this guide, we’ll explore how Hyperliquid has evolved from a niche perpetual DEX into a full-fledged high-performance trading chain, why over $6 billion in capital is flooding into its ecosystem, and how you can strategically position yourself to benefit — all while managing risk.

Hyperliquid’s Explosive Growth: From PerpDEX to Layer1 Powerhouse

HYPE, Hyperliquid’s native token, has surged past $28 — up from a $6 open on November 29 — with nearly no major pullbacks. Its market cap now sits around $90 billion in circulating supply** and **$270 billion in FDV, placing it firmly within the top 30 cryptocurrencies by valuation.

This meteoric rise wasn’t accidental. The HYPE airdrop was the turning point. Before the token generation event (TGE), Hyperliquid was often compared to dYdX — a strong but narrowly focused PerpDEX. Post-airdrop, the narrative shifted dramatically. Investors began seeing Hyperliquid not just as an exchange, but as a high-throughput Layer1 blockchain built for trading performance.

👉 Discover how next-gen trading chains are reshaping DeFi — and why timing matters.

This shift in perception changed everything: valuations moved from DEX multiples to Layer1-tier expectations, unlocking massive capital inflows and ecosystem momentum.

Blue-Chip Surge: The Rise of PURR, HFUN, and JEFF

While the broader altcoin market stagnates, Hyperliquid’s blue-chip assets are posting staggering gains:

Notably, renowned crypto fund GCR has taken strategic positions across the board:

These moves signal strong conviction in Hyperliquid’s long-term infrastructure potential — not just speculative trading.

The Dutch Auction Effect: A New Model for Fair Listings

Unlike traditional CEXs with opaque listing processes, Hyperliquid uses Dutch auctions for new token listings. Here's how it works:

This mechanism creates a self-reinforcing cycle of rising value:

Each successful auction boosts confidence and drives post-listing pumps:

This proves market demand isn't just speculative — it's structural. Projects paying six-figure sums to list have skin in the game, creating stronger post-launch support.

How to Get Started on Hyperliquid: Your Entry Checklist

Step 1: Set Up Your Account

To participate:

  1. Visit Hyperliquid’s platform
  2. Connect your wallet (e.g., MetaMask)
  3. Deposit USDT or USDC via Arbitrum network
  4. Keep a small ETH balance for gas fees

Once funded, you can trade:

Step 2: Provide Liquidity via HLP

The Hyperliquid Liquidity Pool (HLP) lets users deposit USDC to provide market-making liquidity across all listed assets. In return, participants earn:

It’s ideal for those seeking passive yield without active trading.

Step 3: Track Listings & On-Chain Activity

Stay ahead with real-time tools:

👉 See how real-time data gives traders an edge in fast-moving markets.

Advanced Tools to Maximize Returns

Research & Analytics Platforms

Trading Bots & Automation

Stay Updated

Follow @HyperliquidNews on X (Twitter) — your go-to source for:

What’s Next? The HyperEVM Revolution

The next phase of Hyperliquid’s evolution centers on HyperEVM, an EVM-compatible chain that will run alongside the existing L1. Key features:

When launched, this will transform Hyperliquid from a trading DEX into a full application + trading platform, unlocking new use cases:

Emerging Ecosystem Projects

These projects will expand capital utility far beyond spot and perp trading.

Risk Management: Don’t Ignore the Red Flags

Despite the hype, key risks remain:

Centralization Concerns

While improvements are planned, this remains a “data center chain” for now.

Valuation Pressure

HYPE’s FDV of $270B far exceeds its current circulation (~$90B). If token unlocks accelerate without demand growth, price pressure could follow.

👉 Learn how to assess tokenomics before jumping into high-FDV ecosystems.

Frequently Asked Questions (FAQ)

Q: Is Hyperliquid fully decentralized?
A: Not yet. It uses a hybrid model with centralized sequencers and limited validator participation. Full decentralization is part of the roadmap.

Q: How do I participate in a Dutch auction?
A: Auctions occur on Hyperliquid’s deploy page. You bid by accepting the descending price; first acceptance wins the ticker.

Q: Can I trade non-listed tokens on Hyperliquid?
A: Yes — through internal markets via bots like Hypurr Fun. But these carry higher risk due to lower liquidity.

Q: What makes HYPE valuable long-term?
A: Utility across trading fees, governance, staking rewards, and collateral in upcoming DeFi protocols like Felix.

Q: Are there any airdrops coming?
A: While unconfirmed, early users of HLP, Hypercopy, or testnet dApps may qualify for future incentives.

Q: Should I invest now or wait for HyperEVM?
A: If you believe in the vision, accumulating blue chips pre-EVM launch may offer better entry points before broader adoption.

The Hyperliquid ecosystem is no longer just a trading venue — it’s becoming a self-sustaining financial layer where innovation meets execution speed. With over $6 billion already flowing in, missing this cycle could mean missing one of the most transformative shifts in DeFi since Ethereum’s rise.

Whether you're trading blue chips, providing liquidity, or preparing for HyperEVM’s launch, now is the time to understand the mechanics behind this new-era “FTX” phenomenon — and position yourself accordingly.