Hyperliquid

Hyperliquid ($HYPE) trades at $88.24, falling 1.3% over the past 24 hours while retaining a 15.8% gain over seven days with a $29.4 billion market capitalization at rank #8.

Institutional and infrastructure developments expanded across the ecosystem throughout late October. Intercontinental Exchange (ICE) and Stan Druckenmiller backed Trade.xyz to develop a CFTC-cleared venue providing around-the-clock trading, as detailed in ICE Backs Trade.xyz to Launch 24/7 Hyperliquid Perpetual Futures in the US. Meanwhile, the protocol began testing optional onchain allowlists as Payward prepares a regulated derivatives venue, per Hyperliquid Tests Permissioned Markets for Payward US Derivatives Offering.

Protocol activity surged alongside network expansion. As reported in Hyperliquid Fees Reach 30-Day Peak as Perpetual Volume Hits $17.44B, perpetual contracts trading reached $17.44 billion alongside roughly $252 million in liquidations on Oct. 29, lifting protocol fees to a 30-day high.