Apollo Crypto Explains Why Hyperliquid Is Its Top | Crypto News
Apollo Crypto has made Hyperliquid its largest altcoin place, with head of research Pratik Kala arguing that the protocol stands aside not only because of its product-market match, but because its token design and increasing market construction give merchants one thing few crypto venues at present offer: usable, revenue-linked infrastructure.
In feedback shared via X, Kala described Hyperliquid in unusually direct phrases. “Hyperliquid is our biggest altcoin position in the fund. Why? Because it is phenomenal. The product works,” he said. For Apollo, the case seems to relaxation on two pillars: the exchange’s traction as a trading venue, and a token model Kala framed as cleaner and more clear than a lot of the industry’s latest experimentation.
He contrasted Hyperliquid’s buyback construction with the more convoluted token systems that outlined earlier market cycles. “The tokenomics is refreshing. It uses 97 to 99%, depending on how you want to calculate it, of all the revenues to buy back its token in a very transparent manner. No governance mumbo-jumbo. No, you know, a token feeding into some other token and some dynamic inflation, burning, minting stuff that has destroyed many people’s capital and brains, to be frank, over the last few years.”
That framing is central to Apollo’s thesis. Kala’s argument isn’t merely that Hyperliquid has momentum, but that it has paired a working product with a token accrual model that merchants can truly comply with. In a sector where valuation tales often hinge on future governance or imprecise utility, he introduced Hyperliquid as comparatively easy: trading exercise generates income, and that income feeds token buybacks.
He also pointed to adoption trends. According to Kala, “a lot of the volumes are going there,” while market makers and funds are more and more utilizing the platform. He argued that Hyperliquid has been superior “in many, many ways,” significantly in how it handles new listings, pre-markets and other product extensions.
A major half of the bullish case, though, is HIP-3, which Kala said is already opening up tradable alternatives exterior the standard crypto schedule. He described a weekend commerce tied to news that OpenAI had secured a contract after Anthropic wouldn’t enable its AI technology to be used by the Department of Defense. Because the development broke while conventional markets had been closed, Kala said most market contributors had been successfully caught on the sidelines.
“Personally, I made 50%. How? Because HIP3, OpenAI, Anthropic were both trading on HIP3,” he said. “Liquidity is not fantastic, but OpenAI went up 50% on the weekend. Anthropic was static, could have expected that you could have taken a spread trade where you can short Anthropic and long open AI. Do it on HIP3, you can make money, you can generate alpha.”
That instance will get to the broader level Apollo is making. HIP-3 isn’t being pitched merely as another product vertical, but as a venue where merchants can specific event-driven views in belongings that are usually inaccessible when news breaks. Kala said the market now contains private-market trading as nicely as listed equities and commodities such as oil, gold and silver on weekends.
He provided one data level to show early traction: during a latest silver mania, HIP-3 briefly accounted for 1% to 2% of global silver volumes, despite having launched only around a month to six weeks earlier. For Kala, that indicators not retail novelty but severe engagement from hedge funds, subtle buyers and lively portfolio managers trying for round the clock execution.
He added that HIP-3 revenues are cut up 50-50 between deployed markets and Hyperliquid, with Hyperliquid’s share feeding back into HYPE buybacks. From Apollo’s perspective, that strengthens the flywheel quite than diluting it.
Kala also flagged what might come next. He said HIP-4, targeted on prediction markets and choices, might push the platform additional, while regulatory shifts in the US might finally open a path for a KYC-compliant model there. Competition exists, he acknowledged, including from rival platforms such as Lighter. But in Apollo’s view, Hyperliquid has already performed one thing tougher than launching a new venue: it has captured trader consideration, liquidity and, more and more, loyalty.
At press time, HYPE traded at $30.485.
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