A $314 million Hyperliquid token unlock scheduled for Saturday puts the perpetuals decentralized exchange (DEX) under its most significant tokenomics spotlight yet, as one community member calls for clearer communication on how the core contributor unlock will be managed.&nbsp;
Tokenomist data shows that on Saturday, Hyperliquid will <a href="https://tokenomist.ai/hyperliquid" rel="noopener noreferrer nofollow">release</a> 9.92 million HYPE tokens, which is 2.66% of the supply. The tokens are worth about $314 million at the time of writing. The HYPE allocation will be released in a “cliff unlock,” which means they <a href="https://cointelegraph.com/explained/vesting-in-crypto-explained" rel="noopener noreferrer nofollow">will be released all at once</a>.&nbsp;
The unlock ignited public conversations among holders, including an open letter from an X user named Andy, who urged the team to address the community before the tokens are unlocked. At the time of writing, HYPE <a href="https://www.coingecko.com/en/coins/hyperliquid" rel="noopener noreferrer nofollow">trades</a> at $31, a 23% decline over the past month.&nbsp;
“The team and airdrop recipients finally able to sell is going to ruffle feathers until you address the community head on,” Andy wrote. “The entire market has PTSD from the destruction on charts of VC-backed vapor.”
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 <img src="https://s3.cointelegraph.com/uploads/2025-11/019ab5fa-c59a-7b36-9584-513fd88eb287" title="" alt="Hyperliquid’s $314M unlock fuels calls for clarity, sell-pressure warnings">
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 Hyperliquid leads the weekly unlock list with $314 million scheduled for Saturday. Source: Tokenomist
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<h2 id="arthur-hayes-says-to-expect-sell-pressure">Arthur Hayes says to expect sell pressure</h2>
BitMEX co-founder Arthur Hayes <a href="https://x.com/CryptoHayes/status/1992925161092243533" rel="noopener noreferrer nofollow">issued</a> a blunt warning that the upcoming unlocking event introduces unavoidable selling pressure for the token. He said that insider assurances cannot eliminate uncertainty&nbsp;
“Even if the team pinky swears to not sell, there is nothing holding them to that. So you have to assume a &gt;0% amount of daily sell pressure,” Hayes wrote.&nbsp;
He pointed to a sharp drop in Hyperliquid’s price-to-fully diluted valuation (FDV) ratio since July as proof that traders are already discounting the forthcoming dilution risk, unless revenue growth continues to outpace the increase in supply.&nbsp;
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 <img src="https://s3.cointelegraph.com/uploads/2025-11/019ab5fa-c96b-71e3-bd84-ba6730435b57" title="" alt="Hyperliquid’s $314M unlock fuels calls for clarity, sell-pressure warnings">
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 Source: <a href="https://x.com/CryptoHayes/status/1992925161092243533" rel="noopener noreferrer nofollow">Arthur Hayes</a>
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While some community members are calling for more open communication, others argue that the Hyperliquid team is not obligated to disclose what they will do with their tokens.
One X user <a href="https://x.com/cryptokaiguy/status/1992809256907952515" rel="noopener noreferrer nofollow">said</a> that disclosing the allocation amount and timing was “sufficient” and that the team can decide what they will do with their tokens internally.&nbsp;
Another community member criticized the open letter and <a href="https://x.com/CoinerHermes/status/1992840236699889945" rel="noopener noreferrer nofollow">called</a> it “desperation” and “borrowed conviction.” He said that out of all the teams, the Hyperliquid members have “definitely earned” their tokens.&nbsp;
Related: <a href="https://cointelegraph.com/news/hyperliquid-hlp-popcat-attack-3m-wipeout" rel="noopener noreferrer nofollow">Trader torches $3M to punch a $5M hole in Hyperliquid’s vault</a>
<h2 id="perpetual-dex-volumes-remain-consistent-in-november">Perpetual DEX volumes remain consistent in November</h2>
Despite a broader crypto market slump, perpetual DEXs saw consistent daily volumes ranging from $28 billion to $60 billion, <a href="https://defillama.com/perps" rel="noopener noreferrer nofollow">according</a> to DefiLlama.&nbsp;
The top four perp DEXs — Lighter, Aster, Hyperliquid and edgeX — saw a combined trading volume of over $1 trillion in the last 30 days. Lighter led the group with a $300 billion volume, while Aster followed with a $289 billion monthly volume.&nbsp;
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 <img alt="Hyperliquid’s $314M unlock fuels calls for clarity, sell-pressure warnings" src="https://s3.cointelegraph.com/uploads/2025-11/019ab5fb-7258-72ec-98d8-57d737629ede" title="">
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 Hyperliquid’s trading volume in November. Source: DefiLlama
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Hyperliquid ranked third with a $259 billion volume, while edgeX recorded a volume of $177 billion in the same time frame.&nbsp;
Magazine: <a href="https://cointelegraph.com/magazine/ethereum-fusaka-fork-explained-dummies-peerdas/" rel="noopener noreferrer nofollow">Ethereum’s Fusaka fork explained for dummies: What the hell is PeerDAS?</a>

Hyperliquid’s $314M unlock fuels calls for clarity, sell-pressure warnings

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