Hyperliquid, the biggest player in decentralized perpetual futures, had its best month ever as volume on its platform soared and its token surged to a record high.

Hyperliquid (HYPE) price soared to $39.92 on May 26, up by over 327% from its lowest point in April. This surge brought its market cap to over $10.9 billion and the fully diluted valuation to over $35 billion.

Data shows that Hyperliquid had a cumulative volume of over $242 billion in May, much higher than other companies combined. Jupiter had $19.78 billion in volume, while Apex Protocol, APX Finance, and edgeX had less than $10 billion each.

Hyperliquid’s volume in May was much higher than April’s $187 billion and March’s $175 billion. This growth means that Hyperliquid has processed tokens valued at over $1.6 trillion since its inception. 

Hyperliquid now competes with top centralized exchanges like Binance, Bybit, and Bitget. It handled over $4 billion in assets in the last 24 hours, while the three centralized platforms handled $41.27 billion, $15 billion, and $14 billion.

The soaring volume made Hyperliquid one of the most profitable players in the crypto industry. It made over $69 million in fees in May. That’s higher than Ethereum (ETH), Raydium (RAY), and BSC Chain, which made $40 million, $42 million, and $15 million, respectively. 

Hyperliquid’s volume rebounded as the crypto market bounced back, with Bitcoin soaring to a record high of $111,900, and the market cap of all coins crossing the $3.5 trillion market cap.

HYPE price technical analysis

The 12-hour chart shows that the HYPE price bottomed at $9.2952 on April 7, then surged to $39.92 in May. It formed a cup-and-handle pattern whose upper side was at $28.40. A C&H pattern is one of technical analysis’s most bullish continuation patterns.

HYPE has pulled back as the crypto market crash continued.

The most likely scenario is it drops and retests the upper side of the cup and then resumes the uptrend. This performance is known as a break-and-retest and is a popular continuation sign.