ASXN
@asxn_r
Boutique Digital Assets Research, Infrastructure and Validators | @asxnlabs
1.1K Following 14.7K Followers
This is a cool dashboard: historical and realtime liquidity comparisons across venues. Hyperliquid is not only the most liquid venue for major crypto and RWA perps, it's more liquid by an *order of magnitude* for some of them like the S&P500.
Thanks to the ASXN team for building this!
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With just over an hour remaining, if you're an ENA holder, we suggest including @Kairos_Res in your votes.
They have been good, thoughtful and responsive risk stewards for the @ethena protocol.
Snapshot:
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We shipped a new Liquidity Comparison dashboard: cross-venue liquidity analytics for @HyperliquidX vs Binance, Coinbase, Lighter, OKX, and Bybit.
Compare depth, spreads, and slippage across venues in real time.
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Priority fees on @HyperliquidX over the last 7 days: $340K (across 1.9M fills) on HIP-3 markets, $105K (across 631K fills) on crypto markets.
The gap is almost entirely memory: SNDK, SKHX, MU and SKHY account for approximately 60% of HIP-3 priority fees, with SNDK alone at $79.5K against $24.8K for BTC and ETH together.
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NEW: @HyperliquidX HIP-3 DAILY OPEN INTEREST HITS NEW ATH
SOURCE:
.@tradexyz's $SKHX monthly volume crossed $10B
SKHX alone accounts for $586.4M of the $3.6B RWA open interest, with the rest spread across indices, single stocks, and commodities.
Top 5 by OI:
- SKHX: $586.4M
- SP500: $542.7M
- XYZ100: $348.1M
- CL: $207.0M
- NVDA: $204.6M
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Real-world asset (RWA) open interest on Hyperliquid reached a new ATH of $3.6B
Total OI reached a new high for 2026 of $11B
.@tradexyz's SKHX, MU and SNDK lead HIP-3 volumes on @HyperliquidX
SKHX is currently the third highest volume asset at 806M USD over the past 24 hours, behind only BTC (2.72B USD) and ETH (967M USD)
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Priority fees on @HyperliquidX has reached 10.8K HYPE ($680.9K USD) over the past week.
.@tradexyz's $SPCX is the 6th largest perpetuals market on @HyperliquidX currently, with $275M in OI, and nearly $300M in 24H volume
We've added a revenue and fee breakdown diagram and table to the hyperscreener!
You can now track where @HyperliquidX's revenue mix and breakdown by month, quarter and year at
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With just these 6 markets, @tradexyz has higher OI than grvt, Jupiter, Phoenix and other venues combined.
Around $870M of the $2.6B in RWA OI comes from @tradexyz's SP500 and XYZ100 perps
$710M comes from a combination of tradexyz's BRENTOIL, CL, GOLD and SILVER markets
These 6 markets make up 60% of the $2.6B in RWA OI.
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Around $870M of the $2.6B in RWA OI comes from @tradexyz's SP500 and XYZ100 perps
$710M comes from a combination of tradexyz's BRENTOIL, CL, GOLD and SILVER markets
These 6 markets make up 60% of the $2.6B in RWA OI.
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RWA trading on Hyperliquid reached a new ATH of $2.6B in open interest, double the amount from two months ago. Demand for 24/7, onchain access to real world assets continues to grow.
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This chart framing is misleading. The question is how much each chain internalizes from the activity on top of it.
If we look at the HYPE-SOL pool on Meteora's DLMM over the past 24 hours:
- Total pool fees: $14.37K
- Meteora's cut (10% protocol fee): $1,437
Solana earns from transaction fees. That pool processed 10,856 swaps in the same window.
Solana's transaction costs over the past day:
- Average: $0.004166
- Median: $0.000485
Using Solana’s average transaction cost as a high-side proxy, those 10,856 swaps imply roughly $45 of chain-level fee capture. Using the median, it is closer to $5.
It also points to a broader monetization problem at the chain level. Over the past 4 quarters, Hyperliquid climbed from 21% to 33% of revenue share across major chains. Solana moved the opposite way, from 34% down to 20%. Solana the chain itself keeps very little of what those apps generate.
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Fixed it
42.5% of onchain revenue is concentrated on one chain
Build on Solana
Current P/S sits at 53.9x on outstanding token value and 22.5x on circulating market cap, against $481.5M of annualized revenue ($39.57M last month).
Layering in USDC reserve revenue reduces these multiples meaningfully. In a scenario with 3.50% net reserve yield and 50% revenue share, P/S falls to 45.4x FDV and 19.0x circulating, with the incremental $90.5M in revenue adding nearly 19% to the top line.
The full range across yield and share assumptions sees FDV P/S compress to between 49.5x and 42.1x, while circulating P/S moves from 20.7x to 17.6x.
Even at the most conservative scenario (2.75% yield, 30% share), the multiple reduces by roughly 8% versus the current baseline.
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In September 2025, Hyperliquid validators selected Native Markets to issue USDH. Circle did not submit a proposal, even though USDC was the dominant stablecoin on @HyperliquidX at the time.
Since then, USDH has been the Hyperliquid-aligned stablecoin where reserve economics flow back into the ecosystem, despite the majority of stablecoin supply and trading volume being denominated in USDC, on both the HyperEVM and HyperCore.
With Coinbase's announcement yesterday USDC is moving in a similar direction. Coinbase is set to act as USDC treasury deployer under AQAv2, while Circle acts as the technical deployer for CCTP and native cross-chain infrastructure.
Both have staked HYPE. According to @mlmabc Coinbase bought and staked 500k HYPE, worth around $20M, while Circle has deposited $5M USDC, started buying HYPE, and currently holds 97.3k HYPE, worth around $4M, all of which is staked.
As of May 15, 2026, there is $1.46B USDC on HyperEVM and $3.71B on HyperCore, or $5.17B total. A 90% share on the current USDC base at 3.0% to 3.5% net yield would add about $140M to $163M of annualized revenue, or roughly a 29% to 34% uplift versus the current run rate - based on last month's revenue figures.
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In September 2025, Hyperliquid validators selected Native Markets to issue USDH. Circle did not submit a proposal, even though USDC was the dominant stablecoin on @HyperliquidX at the time.
Since then, USDH has been the Hyperliquid-aligned stablecoin where reserve economics flow back into the ecosystem, despite the majority of stablecoin supply and trading volume being denominated in USDC, on both the HyperEVM and HyperCore.
With Coinbase's announcement yesterday USDC is moving in a similar direction. Coinbase is set to act as USDC treasury deployer under AQAv2, while Circle acts as the technical deployer for CCTP and native cross-chain infrastructure.
Both have staked HYPE. According to @mlmabc Coinbase bought and staked 500k HYPE, worth around $20M, while Circle has deposited $5M USDC, started buying HYPE, and currently holds 97.3k HYPE, worth around $4M, all of which is staked.
As of May 15, 2026, there is $1.46B USDC on HyperEVM and $3.71B on HyperCore, or $5.17B total. A 90% share on the current USDC base at 3.0% to 3.5% net yield would add about $140M to $163M of annualized revenue, or roughly a 29% to 34% uplift versus the current run rate - based on last month's revenue figures.
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