Roundtable 100: Hyperliquid enters at No. 96. Here's why it earned the seat

Hyperliquid enters the index this week at No. 96, replacing Roblox (RBLX).

Hyperliquid runs on its own custom, purpose-built blockchain network and has a fully on-chain ledger. Primarily built to cater to traders betting on highly leveraged perpetual futures, the exchange lets traders speculate on cryptocurrencies, commodities, equities, and private-company valuations through blockchain-based markets.

The oil trading surge due to the Middle East conflict and the pre-IPO boom saw swathes of traders flocking to Hyperliquid.

Hyperliquid expanded its trading volume by a huge margin as the broader on-chain market grew.

By late March this year, Hyperliquid executed roughly 44% of all on-chain perpetual futures volume, up from 36.4% in January. During the first quarter of 2026, the exchange executed roughly $633 billion in trading volume, with 30-day volume reaching roughly $237 billion by mid-year.

In July, the platform surpassed $1 billion in cumulative revenue. While 80% of this revenue got generated in 2025 itself, the weekly figure has been hitting roughly $11 million recently.

In fact, Hyperliquid’s share of the entire global perpetuals market, including centralized exchanges, has soared from around 4% at the beginning of the year to around 6.2%.

When President Donald Trump hosted the crypto executives at the White House on Aug. 19, he said the CFTC chair Mike Selig was working to bring Hyperliquid to the United States "in a fully compliant and legal fashion."

Note that Hyperliquid doesn’t offer its services to U.S. customers because of regulatory uncertainty over decentralized exchanges and perpetual futures. However, its executives have met the regulators.

The U.S. authorities are also keen to open pathways for regulated perpetual-style crypto products in the country, which hints at a more accommodating environment for platforms such as Hyperliquid.

Following Trump’s remark, Hyperliquid’s native token, HYPE, began a wild rally and hit its peak of $85.47 on Aug. 27.

With an entry position of No. 96, Hyperliquid joins a crypto cohort that stretches from Bitcoin at No. 12 and Ethereum at No. 73 down through Solana at No. 74, with each name earning its spread on the five variables.

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The Roundtable 100 is an analyst-driven ranking of 100 future-facing U.S.-accessible assets: equities listed on Nasdaq or the NYSE, digital assets on major U.S.-accessible exchanges, and commodities. Each asset is scored 0 to 100 on five variables, Safety, Leadership, Innovation, Growth and Market Dominance, and the Power Ranking is the average of the five. Scores change only on verifiable new information such as filings, earnings, regulatory actions and product launches, never on price action alone, and every score is defended by the analysts of Roundtable's Blue Ribbon Committee. 

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