HyperFX crossed $5M in settled FX volume

+485%

September on August

$719,140 to $4,206,836

$5.02M

Settled through September

crossed $5M on 30 September

84.3%

Demand placed on Base

Polygon 8.0%, BSC 7.6%, Ethereum 0.1%

HyperFX settled $4,206,836 in September, against $719,140 in August — a 485% increase in a single month. Cumulative settled volume crossed $5M on 30 September, the last day of the month, closing it at $5.02M.

The ramp is steep and it is young. The protocol settled $2,065 in June and $87,642 in July. September alone is 84% of everything it has ever settled.

Demand came from four chains, settlement did not

This is the part the headline number hides. Orders were placed on four chains in September — Base 84.3%, Polygon 8.0%, BSC 7.6%, Ethereum 0.1% — but essentially all of the value settled on Base.

That gap is the design, not a discrepancy. HyperFX is intent-based: a user states what they want, and a filler delivers it from its own inventory on the other side. A Polygon user's order is filled out of liquidity staged on Base. So the chain an order arrives on and the chain its money moves on are two different facts, and only the first one tells you where demand is coming from.

Measured the other way — where fills land — Base carried 99.99% of settled value through September. Read alone, that number would say HyperFX is a Base protocol. The order side says something more interesting: roughly one dollar in six of September's demand arrived from a chain other than Base.

What this figure is, and is not

This is settled volume on one protocol, not market volume, and not a measure of the cNGN FX market as a whole. Every fill carries cNGN on one side only, so the figure counts one leg — the two denominations are the same money, and adding them would double it.

Settled volume is also not the same as the value users asked for. Orders expire and are refunded, so placed value runs above settled value; HyperFX's own dashboard reports the placed basis, because its fee is charged at placement. We report what actually settled.