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Volume share of total on‑chain activity is a core health metric
  • Jeff tracks Hyperliquid’s volume as a percentage of total on‑chain volume, which currently sits around 75%.
  • This metric directly reflects user adoption and liquidity depth.
  • It is more actionable than token price because it ties to actual trading activity.
  • The team uses shifts in this share to prioritize feature development and capacity upgrades.
Jeff PersUnchained00:10:01

Supporting quotes

I always said this is for big projects, big companies, mature organizations that wanted incremental steps with high confidence. Numbers are good for that. Jeff Pers
volume as a percentage of total volume is a good one. Jeff Pers

From this concept

Metrics, KPIs and What Really Matters

Jeff argues that traditional financial metrics like token price are noisy; instead, Hyperliquid focuses on on-chain volume share, open-interest ratios and usage-centric indicators to guide product decisions.

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