Hyperliquid perp volume hits record as Radiant Capital eyes…

A packed week across DeFi surfaces four stories worth tracking: Hyperliquid set a new record for perpetual contract volume, Radiant Capital moved toward a formal shutdown, Polymarket raised suspicions of industrial espionage by rival prediction market Kalshi, and a hacker drained bridge funds from Kelp DAO.

Why it matters

The divergence in these headlines captures the current DeFi moment cleanly. Hyperliquid's record perp volume signals that on-chain derivatives are absorbing real trading activity — a trend the Solana Foundation is also leaning into, having announced support for fully on-chain perpetual and derivative applications with traffic, technical, and financial resources. Meanwhile, Radiant Capital's impending shutdown is a reminder that the lending sector is still working through the aftermath of last year's exploits, and Kelp DAO's bridge drain adds another data point to the persistent vulnerability of cross-chain infrastructure.

Market impact

For traders, the Hyperliquid volume record is the most immediately actionable signal — sustained on-chain perp growth compresses the structural advantage centralised exchanges have held in derivatives. The Kelp DAO bridge exploit and Radiant Capital shutdown are cautionary flags for anyone still holding exposure in either protocol. Polymarket's espionage allegation against Kalshi, if substantiated, would mark an unusual escalation in the prediction market sector's competitive dynamics.

Source: [Weekly Project Updates: Hyperliquid Perp Volume Hits Record, Radiant Capital Prepares Shutdown, Hacker Drains Kelp DAO Bridge Funds, etc — Wu Blockchain](https://wublock.substack.com/p/weekly-project-updates-hyperliquid-bfc)