Hyperliquid tops Fortune Crypto 100 DeFi ranking as HYPE surges 73% in a month

Hyperliquid was named the top decentralized finance platform in Fortune's inaugural Crypto 100 ranking, which evaluated more than 3,000 companies across 10 categories.

"Hyperliquid's ranking reflects its measurable on-chain growth, including $1.16 billion in token buybacks through its Assistance Fund and growing institutional demand via spot ETFs," the Fortune editorial team said in the ranking methodology.

The ranking, compiled with intelligence firm Inca Digital, sorted companies into categories including DeFi, centralized finance, traditional finance, and venture capital. Coinbase topped the CeFi category ahead of Binance, while Franklin Templeton led TradFi, Robinhood took fintech, Andreessen Horowitz headed venture capital, and Tether won stablecoins. Bitcoin ranked first among blockchains and protocols, and BlackRock claimed the digital asset treasuries and ETFs category.

The recognition comes as Hyperliquid's native token HYPE has surged 73 percent in the past month and 196 percent year-to-date, reaching an all-time high of $75.96 on June 2, according to CoinGecko data. Three newly launched HYPE spot ETFs have pulled in nearly $172 million in cumulative net inflows since their May debut, with cumulative trading volume approaching $900 million.

How Hyperliquid's On-Chain Metrics Drove the Ranking

Fortune's scoring combined on-chain activity, security infrastructure, regulatory track records, and global media footprint, informed by a survey of more than 200 crypto professionals. Hyperliquid's Assistance Fund has directed $1.16 billion in buybacks toward HYPE since launch, creating a structural link between daily trading volume and token demand.

The protocol's permissionless HIP-3 framework has also attracted significant activity. SpaceX's SPCX perpetuals, launched via TradeXYZ on the platform, generated roughly $1.4 billion in volume in a single session, accounting for about 30 percent of all HIP-3 volume that day, according to data from hl.eco.

Institutional Demand Diverges From Broader Market

HYPE ETF inflows have starkly diverged from the broader crypto market's second-quarter cooling. While Bitcoin ETFs have shed nearly $5.6 billion over the same period, HYPE ETFs have pulled in $172 million, according to SoSoValue data. Bitwise's BHYP leads with roughly $107 million in cumulative net inflows and $122.8 million in net assets, followed by 21Shares' THYP at $60 million and Grayscale's HYPG at $8.6 million.

Hyperliquid's protocol generates fees from sources beyond crypto perpetuals, including commodities, equities, and pre-IPO markets. The platform's pre-market pricing of CBRS perpetuals before the Coinbase IPO matched its eventual Nasdaq opening price within 1.3 percent, according to 21Shares' May 14 report.

HYPE traded at $56.65 as of press time, giving the token a market capitalization of $12.66 billion and ranking it among the top 15 cryptocurrencies by market cap, per CoinGecko data.

This article is for informational purposes only and does not constitute investment advice.