In the fast-paced world of crypto, where meme tokens can skyrocket or crash in hours, having the right trading platform makes all the difference. Recently, the folks at 0xResearch shared a fascinating clip from their podcast, highlighting Hyperliquid's impressive growth in perpetual futures (perps) trading volume compared to big centralized exchanges like Binance, OKX, and Bybit.

For those new to the term, perpetual futures are derivative contracts that let you speculate on an asset's price without an expiration date—perfect for the volatile swings we see in meme coins. Hyperliquid, a specialized Layer 1 (L1) blockchain designed from the ground up for high-speed, low-cost trading, has been making waves in this space.

Surging Volume: Hyperliquid vs. CEX Giants

The chart in the podcast clip tells a compelling story. Over the past year, Hyperliquid's monthly perps volume as a ratio to these centralized exchanges (CEXs) has skyrocketed. Against Binance, it's climbed to around 45%, up from near zero. The ratios for OKX and Bybit are also on the rise, hitting about 30% and 10%, respectively. This means Hyperliquid is capturing a bigger slice of the trading pie, even as overall market volumes fluctuate.

What's driving this? Hyperliquid's ultra-low fees— just 0.025% for takers with rebates for makers—and lightning-fast execution times make it a go-to for traders. Plus, it's fully on-chain, meaning no custodians holding your funds, which appeals to the decentralized ethos of crypto enthusiasts. And let's not forget, Hyperliquid lists perps for a ton of popular meme coins, from Solana-based hits like POPCAT and MOG to emerging tokens across chains. This has turned it into a hotspot for meme token leverage trading.

The Valuation Discount Debate

The real meat of the discussion comes from analyst Carlos (@0xcarlosg), who points out that we're in a "flows-based market" now. In simple terms, this means investor money flows—where capital is moving—are dictating valuations more than ever. Hyperliquid's native token, HYPE, is trading at a significant discount compared to other major L1 tokens like ETH or SOL.

According to recent analyses, HYPE is at an 88% discount to ETH and 62% to SOL on a fully diluted valuation (FDV) basis. FDV is basically the total value if all tokens were in circulation. Despite generating massive revenues—over $100 million in August 2025 alone, surpassing even Ethereum and Solana in some metrics—HYPE remains undervalued.

Why the discount? Hyperliquid didn't raise VC money or do private sales; instead, it airdropped 31% of tokens to users. Its tokenomics are strong too: 97% of trading fees go to buying back and burning HYPE, making it deflationary. Over 28.5 million tokens (worth about $1.3 billion) have already been burned by mid-2025. Analysts like those at Blockworks argue that as fundamentals improve, this discount should narrow, potentially leading to big upside for HYPE holders.

In the clip, the team debates whether premiums on other L1s will compress to more reasonable multiples over time. Carlos suggests they will, implying Hyperliquid could catch up as its revenue generation proves sustainable. One panelist questions if we're comparing apples to apples, noting Hyperliquid's focus on trading versus broader L1 ecosystems. But the consensus seems to be that if you're purely looking at revenue from trading activity, Hyperliquid stacks up exceptionally well.

Implications for Meme Token Enthusiasts

So, what does this mean for meme token traders? First off, Hyperliquid's growth means more liquidity and better prices for meme perps. If you've ever tried leveraging a position on a hot meme like a Solana pump, you know how crucial speed and low slippage are. Hyperliquid's native architecture handles this better than many competitors, reducing the risk of getting rekt by slow confirmations.

Second, if the valuation discount converges, HYPE could see significant appreciation. Holding HYPE not only gives you governance rights but also exposure to the platform's success. With projections from sources like Stealthex suggesting HYPE could hit $100 or even $200 by 2030, it's worth watching. For meme insiders, staking HYPE or using it in liquidity pools could amplify returns from meme trading activities.

Moreover, as Hyperliquid expands—recently launching perps like the YZY contract, which saw $12.6 million in volume quickly—it could become the de facto hub for meme derivatives. This ties directly into the meme economy, where hype (pun intended) drives value. If meme tokens continue their cultural dominance in crypto, platforms like Hyperliquid that enable safe, efficient trading will thrive.

Wrapping Up: A Bet on Fundamentals

The 0xResearch clip is a reminder that amid the noise of crypto Twitter, solid analysis can uncover gems. Hyperliquid's trajectory suggests it's not just another L1—it's a specialized powerhouse reshaping decentralized finance. For meme token practitioners, keeping an eye on HYPE's valuation could unlock new strategies in 2025 and beyond.

If you're diving into perps, check out Hyperliquid's platform at hyperliquid.xyz and tune into 0xResearch podcasts for more insights. As always, DYOR—do your own research—and trade responsibly in this wild market.