The derivatives market on Hyperliquid is showing impressive scale right now. We're looking at $80M in spot volume alongside $3.5B in perpetual futures—real numbers that reflect actual trading activity, not just hype.

Here's what caught attention: the leverage structure is carefully tiered. Bitcoin maxes out at 40x, Ethereum sits at 25x, and other assets cap at 10x. That's not your typical 100x degen play with one reckless trader pushing everything into a single bet. Instead, you're seeing a diverse trader base managing risk more thoughtfully across different assets.

The architecture itself tells a story—higher leverage caps on more liquid, less volatile assets like BTC and ETH, while everything else gets reasonable guardrails. It's the kind of risk management design that suggests the platform is serious about sustainability rather than just chasing maximum trading fees. The volume distribution across these tiers shows real participation, not concentrated risk.