CoinMeta data: Hyperliquid is one of the most closely watched blockchains in the crypto industry, known for its perpetual futures trading platform. It has successfully established a digital asset treasury ( DAT ), which has generated positive returns for its shareholders. Unlike other DAT, Hyperliquid operates more like an active business rather than a passive treasury. Its market capitalization has exceeded $3 billion, holding over 35 million HYPE tokens, valued at approximately $3.3 billion. Despite facing legal restrictions in the United States, Hyperliquid has still attracted a large number of investors through its exchange-traded funds ( ETF ).