Decentralized derivatives venue Hyperliquid registered a record US$29 billion in trading volume and US$7.7 million in fees in the 24 hours to 10:00 a.m. New York time on Aug. 15, eclipsing the day’s revenue generated by payments firm Circle, according to data from the exchange and market-tracking services. The performance follows a US$10 million revenue day on Aug. 14, achieved at an estimated 97% net margin. Hyperliquid has spent US$21.7 million buying back its native HYPE tokens over the past four days, including US$7.7 million on the latest trading day, compared with US$38.7 million for the entire month of March. HYPE traded 2% higher at US$48.23, standing out as one of the few large-capitalization crypto assets in positive territory after broader digital-asset prices slipped on hotter-than-expected U.S. inflation data. Launched on its own high-performance layer-1 blockchain in 2023, Hyperliquid has rapidly expanded market share in on-chain derivatives, underscoring growing investor appetite for decentralized alternatives to traditional crypto exchanges.