Hyperliquid Rises 51% as Aerodrome, Jupiter Slide

Hyperliquid’s HYPE led DeFi performance in early June, rising about 17% over seven days and roughly 51% over the past month. On-chain data show fresh wallets deposited about $24.4 million into HYPE-related activity at 3.4 times the usual pace, while roughly $2.5 million in HYPE left exchanges. Total value locked in Hyperliquid climbed from about $5.52 billion in late May to near $5.88 billion. Whales trimmed roughly $2.7 million of HYPE during the run, and Arthur Hayes was identified among sellers. HYPE fell about 8% in the most recent 24-hour period.

Aerodrome’s AERO moved in the opposite direction. AERO declined about 6.85% in one day and roughly 22% over the past month. New wallet activity for Aerodrome totaled about $17.3 million but remained below the protocol’s typical rate, while top holders withdrew about $222,000. Exchange deposits of AERO increased compared with prior flows. Aerodrome’s total value locked has fallen from about $501 million in January to roughly $312 million. Annualized incentive payouts are near $165 million, compared with revenue around $52 million.

Jupiter’s token and protocol showed mixed signals. The governance token JUP dropped about 15% in 24 hours while the protocol’s TVL edged up from roughly $2.34 billion in April to about $2.51 billion without any incentive spending. Selling activity concentrated in JLP, the token that represents shares of Jupiter Perps’ liquidity pool. JLP holders deposit a basket of assets, collect most perpetual trading fees and absorb the pool’s market risk. Whales exited JLP at about 14.7 times their normal pace, moving roughly $24.9 million to exchanges.

JLP backs the perps engine that generates trading fees for the exchange, and JUP’s value is linked to those fees. Large JLP outflows moved capital away from the fee-bearing position while Jupiter’s TVL and fee figures remained at reported levels at the time of the on-chain snapshot.

On-chain analytics used for these figures tracked fresh wallets, exchange flows and TVL changes. No official statements from Hyperliquid, Aerodrome or Jupiter were included in the datasets analyzed.