A scheduled $314 million token unlock for Hyperliquid is drawing significant attention, with community members calling for greater transparency and BitMEX co-founder Arthur Hayes warning of inevitable sell pressure.

This Saturday, the perpetuals decentralized exchange (DEX) is set to release 9.92 million HYPE tokens, representing 2.66% of the total supply. The tokens will be distributed in a “cliff unlock,” meaning the entire amount becomes available at once. This event has sparked public debate among token holders, especially as HYPE currently trades at $31, a 23% drop over the last month.

Concerns were highlighted in an open letter on X from a user named Andy, who urged the Hyperliquid team to address the community’s worries before the unlock. “The team and airdrop recipients finally able to sell is going to ruffle feathers until you address the community head on,” he wrote, noting market-wide anxiety from previous venture-capital-backed projects.

Arthur Hayes Warns of Sell Pressure

Adding to the concerns, Arthur Hayes issued a direct warning that the unlock introduces unavoidable selling pressure for the token. He argued that even if the team promises not to sell their tokens, such assurances are not binding and can’t eliminate market uncertainty. “You have to assume a >0% amount of daily sell pressure,” Hayes stated.

He suggested that traders are already accounting for this dilution risk, pointing to a sharp decline in Hyperliquid’s price-to-fully diluted valuation (FDV) ratio since July. According to Hayes, this trend will likely continue unless the platform’s revenue growth can outpace the increase in token supply.

However, not everyone in the community agrees that the team needs to make a public statement. Some supporters argue that disclosing the unlock amount and schedule was sufficient and that core contributors have the right to manage their tokens privately. One user described the calls for more information as “desperation,” stating that the Hyperliquid team has “definitely earned” their tokens.

Perpetual DEX Volumes Hold Steady

Despite the broader crypto market slump, trading volumes on perpetual decentralized exchanges have remained consistent through November, with daily figures ranging between $28 billion and $60 billion, according to DefiLlama data. In the last 30 days, the top four perpetual DEXs—Lighter, Aster, Hyperliquid, and edgeX—collectively handled over $1 trillion in trading volume.

Hyperliquid ranked third among them with a monthly volume of $259 billion. Lighter led the market with $300 billion, followed by Aster at $289 billion, while edgeX recorded $177 billion in the same period.

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