Petro D. | ResearchStats

@PDmytriiev

Spot assets bridged to @HyperliquidX through @unitxyz have crossed $1B again for the first time since October 8, 2025, and most of that capital is actively trading rather than sitting idle. @unitxyz is the tokenization layer that lets users deposit native $BTC, $ETH, $SOL, $ZEC and other assets straight into Hyperliquid and withdraw them back to their home chains. Bitcoin makes up the largest share of deposits by a wide margin, and roughly a third of it is posted as collateral for portfolio margin, which shows traders are using spot $BTC to back their perp positions and not just holding it on the exchange. → Deposits: 6,770 $BTC ($550M), 142K $ZEC ($212M), 59K $ETH ($156.5M), 366K $SOL ($40.8M) → Portfolio margin: 2,082 $BTC ($170M, ~31% of deposited $BTC) → DefiLlama TVL: $824M, up 18.2% over 30 days (tracks $BTC, $ETH, $SOL and other chains but not Zcash, so adding $ZEC brings the total to about $1.04B) → 24h spot volume: unit-bitcoin:native $64.9M, $UETH $20.2M, base:0x83f31af747189c2fa9e5deb253200c505eff6ed2 $16.5M, base:0x9b8df6e244526ab5f6e6400d331db28c8fdddb55 $10.4M → Unit assets account for about 54% of Hyperliquid's ~$208M daily spot volume, with unit-bitcoin:native second only to $HYPE → Protocol fees: $535K over 30 days, around $7.3M annualized $ZEC is the most interesting part of the picture. At about $213M it's now the second largest deposited asset, ahead of $ETH, which suggests Hyperliquid has become one of the main onchain venues for trading Zcash.

Monday, September 21, 2026 at 08:35 AM UTC