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HYPE Hyperliquid overtook Arbitrum in total chain-level locked volume (TVL), climbing to seventh place
According to DeFiLlama's data, Hyperliquid, which focuses on trading, has surpassed Arbitrum in total chain-level locked volume (TVL). Currently, the TVL of both networks reaches US$1.39 billion. As funds continue to rotate between decentralized finance (DeFi) networks, Hyperliquid jumped from eighth to seventh in just 24 hours.
The shift in DeFi funding and rankings
The latest data displayed by analysis platform MSBIntel shows that although Hyperliquid's L1TVL has stabilized at US$1.39 billion, Arbitrum's data has declined, giving Hyperliquid a narrow lead. Hyperliquid's total protocol-level TVL climbed to $6.76 billion, reflecting an 8.2% increase over the past month.
This development signal indicates that the decentralized financial sector is undergoing ongoing restructuring. Several high-performance first-tier blockchains built specifically for trading applications are attracting liquidity previously held by mature second-tier solutions. Arbitrum was once the leading Ethereum Layer 2 network with TVL of more than $3.2 billion, but its performance declined after February 2024 due to reduced incentive programs and user churn.
Recent TVL changes reveal a broader DeFi trend: "High-performance trading protocols like Hyperliquid are rapidly gaining liquidity, outpacing traditional second-layer networks in capital allocation." In contrast, Hyperliquid's growth has been driven by its launch of close integration with perpetual contract exchanges and its continued pursuit of traders and mortgage deposits.
Technical Characteristics and Network Architecture
Hyperliquid's network utilizes native order books, has sub-second finality, and has a consensus layer specifically designed for derivatives. TVL inflows come from perpetual treasury collateral, the spot market, and tokens built based on its proprietary HIP-1 and HIP-2 standards. Open interests within the agreement are collateralized by Hyperliquid's native token HYPE, and traders actively deposit them into USDC to participate in transactions, not just to encourage mining.
The agreement stands out for its "fee-driven" model, which promotes value accumulation by buying back and destroying HYPE tokens through transaction fees. Peak destruction activity shows that up to 32,770 HYPE tokens can be destroyed in a single day, which usually coincides with TVL highs of close to $7 billion.
Mini Dictionary: HIP-1 and HIP-2 are Hyperliquid's technical standards for token issuance and interaction, tailored to optimize the speed and liquidity management of its derivatives trading platform.
与 Arbitrum 和 Optimism 等模块化 Rollup 不同——后者旨在为广泛的应用程序扩展以太坊功能——Hyperliquid 垂直整合的链是为单一的专业化应用程序构建的。这导致了低延迟、统一的保证金制度，以及直接累积到本层一网络的交易费用。
竞争与市场风险
Hyperliquid 现已跻身五大最高费率生成协议之列，与以太坊、Solana 和 Tron 等大型网络并列。随着链上结算的永续衍生品增加，对集中式交易所和二层网络的竞争压力正在加剧，侵蚀了 CEX 的主导地位，并促使竞争对手审查其技术栈。
行业方向指向改善的交易基础设施，Solana、Sei 和 Hyperliquid 捕获了越来越多的链上永续交易量。这一趋势由更可靠的预言机、加密钱包中更好的用户体验以及 Circle 和 Tether 等发行商更深的稳定币储备所推动。
尽管取得了增长，Hyperliquid 仍面临显著风险。其 TVL 高度集中在永续交易中，使该协议对资金费率变化和突然的市场波动敏感。此外，在美国和欧洲等主要司法管辖区，链上衍生品的监管不确定性依然存在。
Arbitrum 继续提供更多样化的 DeFi 资产组合，并安排了包括 Aave、Uniswap 和 Stylus 在内的集成升级，以加强其竞争地位。Hyperliquid 能否保持领先地位将取决于未来的发展，例如无许可永续交易 HIP-3 的推出、机构托管服务，以及在不断变化的市场条件下其基于费用的销毁机制的稳定性。
