By Keel Research Team · Updated May 12, 2026
Most-active Hyperliquid perpetuals right now, ranked by relative volume — current volume vs the asset's own 20-period average. Top-30 names where flow is concentrated, not just the perennial big-cap leaders.
| # | Symbol | Rel volume (percentile) | ROC (percentile) |
|---|---|---|---|
| 1 | TST | 100 | 75.1 |
| 2 | BCH | 99.4 | 100 |
| 3 | kPEPE | 98.9 | 60.2 |
| 4 | KAITO | 98.3 | 99.4 |
| 5 | GOAT | 97.8 | 23.8 |
| 6 | PAXG | 97.2 | 12.7 |
| 7 | NEAR | 96.7 | 50.8 |
| 8 | HYPER | 96.1 | 3.3 |
| 9 | ETH | 95.6 | 4.4 |
| 10 | DYM | 95 | 95.6 |
| 11 | BERA | 94.5 | 95 |
| 12 | UMA | 93.9 | 44.2 |
| 13 | XLM | 93.4 | 8.8 |
| 14 | PYTH | 92.8 | 59.1 |
| 15 | MOODENG | 92.3 | 16.6 |
| 16 | kFLOKI | 91.7 | 10.5 |
| 17 | CHIP | 91.2 | 71.8 |
| 18 | AZTEC | 90.6 | 15.5 |
| 19 | DOGE | 90.1 | 6.1 |
| 20 | ONDO | 89.5 | 89 |
| 21 | ASTER | 89 | 28.2 |
| 22 | ZEC | 88.4 | 93.9 |
| 23 | STX | 87.8 | 39.2 |
| 24 | kNEIRO | 87.3 | 53 |
| 25 | BTC | 86.7 | 1.1 |
| 26 | UNI | 86.2 | 14.9 |
| 27 | ICP | 85.6 | 76.8 |
| 28 | SOL | 85.1 | 18.8 |
| 29 | COMP | 84.5 | 17.7 |
| 30 | IO | 84 | 96.7 |
The leaderboard ranks each top-100 HL perpetual by its relative-volume percentile — current 4h volume divided by its own trailing 20-bar mean. A 100th percentile reading means the asset is at its busiest in the recent window; a 50th percentile reading means “normal” activity.
Why relative volume beats absolute volume: BTC and ETH are always at the top of an absolute-volume list — that’s not new information. The interesting question is which assets are unusually active right now. A mid-cap perp at the 95th percentile of its own activity is signaling something is happening; that’s what this page surfaces.
The ROC column (rate-of-change percentile) is included as context — high rel-vol on negative ROC is different from high rel-vol on positive ROC. Sort by either column.
Use as a participation filter for momentum or breakout strategies, as a discovery feed for “what’s moving today,” or as input to a screen in the Hyperliquid Screener.
Keel is a Strategy OS for AI-assisted systematic trading on Hyperliquid. Turn this leaderboard into a strategy — backtest with realistic fees, slippage, and funding modeled, then deploy live with funding-aware execution.
Relative volume is each asset's current volume compared to its own recent baseline (20-period moving average). A value of 200% means today's volume is 2x the recent norm. Ranking by relative volume — rather than raw volume — surfaces names where flow is *changing*, not just names that always have big absolute volume (BTC, ETH).
A top-by-volume list mostly shows BTC, ETH, SOL every day — that doesn't tell you anything new. Top-by-relative-volume shows where attention has shifted. A mid-cap perp jumping to 5x its average volume tells you something is happening right now; the market has decided that asset matters this hour.
Every 10 minutes via in-memory cache (the underlying HL snapshot updates hourly). The page is server-rendered fresh on each request — no stale cached HTML.
4-hour bars on the top-100 HL universe. Relative volume = current 4h volume / mean of last 20 × 4h volumes. Switching to 1h or 1D would change the cohort and the magnitudes; the 4h default balances enough samples to be meaningful with enough freshness to track intraday flow shifts.
Relative volume is a participation filter — combine it with a directional signal (momentum, breakout) to filter out moves that have no flow behind them. The /lab/momentum and /lab/squeeze presets already incorporate rel-vol as a gate. Or open the Screener and build your own filter.