Hyperliquid, a decentralized exchange, has seen its native token $HYPE surge 260% from April lows, now trading at $26.73. The platform's daily revenue has exceeded $2 million, with open interest nearing $1 billion. Hyperliquid generates $1 billion in annual income at 97% margins, with $47 million in monthly revenue and $600 million in open interest at its all-time high. The exchange uses 97% of its revenue for token buybacks, which has contributed to the $HYPE token reaching $27 and platform points at $130. This performance has drawn significant attention from investors and industry figures. Galaxy Digital's founder and CEO, Mike Novogratz, praised Hyperliquid on CNBC, describing it as a 'decentralized Nasdaq' with transparent profits. He highlighted its potential to attract traditional equity investors due to its model of using exchange profits for token buybacks. Galaxy Digital itself holds a stake in Hyperliquid. Recent whale activity on the platform includes a significant short position on Solana worth $1.7 million, with 20x leverage, indicating high conviction or a risky bet on Solana's price movement. Additionally, a whale who has been dormant for two years moved $22.23 million worth of $PEPE to a new wallet, signaling renewed interest in the token.