HYPE surge drives Hyperliquid into crypto spotlight
Hyperliquid has become one of the crypto market’s dominant stories after its native HYPE token briefly rose above $73, extending a rally that has separated it from weaker trading in many major tokens. The move reflects growing demand for perpetual futures, rising fee generation, and new attention around HIP-3 markets tied to stocks, commodities, and pre-IPO assets.
Highlights
- HYPE briefly broke above $73 and traded at $73.42 on June 1.
- Hyperliquid passed Aave and Polymarket in daily fee generation.
- HIP-3 has become a central growth driver, led by SpaceX, S&P 500, and oil contracts.
- Derivative positioning remains risky, with shorts making up 56% of open interest.
HYPE rally defies a mixed crypto market
HYPE traded at $73.42 on June 1 after gaining more than 122% over three months, according to figures cited by Cryptopolitan. The rally has raised questions about whether the token is decoupling from broader crypto sentiment, as traders shift attention away from Ethereum and Solana toward chains with active fee-generating applications.
Hyperliquid has also moved up in protocol revenue rankings, passing Aave and Polymarket in daily fee generation and sitting behind Pump.fun, according to DeFi Llama data cited in the report. The platform’s total liquidity stood near $5.64 billion, close to levels seen in October 2025, while open interest remained below $10 billion, down from more than $14 billion in October.
HIP-3 draws traders to new markets
A major driver of activity is HIP-3, which supports perpetual futures markets beyond standard crypto assets. SpaceX pre-IPO contracts began trading on May 18 and had more than $60 million in open interest, while HIP-3 accounted for about 40% of Hyperliquid’s total volume, according to Cryptopolitan.
The platform has also seen demand for S&P 500, Brent, and WTI oil contracts. S&P 500 trading had more than $500 million in open interest, while Brent and WTI futures recorded the highest daily volumes on HIP-3. The SpaceX-linked contract traded around $204 on June 1, adding a speculative equity-market element to Hyperliquid’s derivatives business.
Leverage turns the rally into a market test
HYPE’s breakout has been amplified by derivatives activity. Open interest in the token reached a record $2.66 billion, while more than $20 million in short positions were liquidated during the rally. One prominent trader, @loracle, saw $42 million in unrealized gains erased from a short position, showing how quickly the market can move against crowded trades.
The central question is whether Hyperliquid’s growth is durable or whether HYPE is benefiting from a short squeeze and temporary attention cycle. Its 66,000 daily active users, rising mindshare, and expanding non-crypto futures markets suggest broader adoption, but liquidation levels between roughly $66 and $76 show that volatility remains high.
We also reported Hyperliquid enters prediction markets as HYPE falls.
Latest Hyperliquid News
-
Afghanistan
-
Albania
-
Algeria
-
Angola
-
Argentina
-
Armenia
-
Australia
-
Austria
-
Azerbaijan
-
Bahamas
-
Bahrain
-
Bangladesh
-
Belarus
-
Belgium
-
Bolivia
-
Botswana
-
Brazil
-
Brunei
-
Bulgaria
-
Cambodia
-
Cameroon
-
Canada
-
Chile
-
China
-
Colombia
-
Congo
-
Costa Rica
-
Cote d'Ivoire
-
Croatia
-
Cuba
-
Cyprus
-
Czechia
-
DR Congo
-
Denmark
-
Dominican Republic
-
Ecuador
-
Egypt
-
El Salvador
-
Estonia
-
Eswatini
-
Ethiopia
-
Finland
-
France
-
Georgia
-
Germany
-
Ghana
-
Greece
-
Haiti
-
Hong Kong
-
Hungary
-
India
-
Indonesia
-
Iran, Islamic republic
-
Iraq
-
Ireland
-
Israel
-
Italy
-
Jamaica
-
Japan
-
Jordan
-
Kazakhstan
-
Kenya
-
Korea
-
Kuwait
-
Kyrgyzstan
-
Laos
-
Latvia
-
Lebanon
-
Lesotho
-
Libya
-
Lithuania
-
Luxembourg
-
Madagascar
-
Malaysia
-
Malta
-
Mauritius
-
Mexico
-
Moldova
-
Mongolia
-
Montenegro
-
Morocco
-
Mozambique
-
Myanmar
-
Namibia
-
Nepal
-
Netherlands
-
New Zealand
-
Nigeria
-
North Macedonia
-
Norway
-
Oman
-
Pakistan
-
Palestine
-
Panama
-
Papua New Guinea
-
Paraguay
-
Peru
-
Philippines
-
Poland
-
Portugal
-
Puerto Rico
-
Qatar
-
Reunion
-
Romania
-
Rwanda
-
Saudi Arabia
-
Serbia
-
Singapore
-
Slovakia
-
Slovenia
-
Somalia
-
South Africa
-
Spain
-
Sri Lanka
-
Sweden
-
Switzerland
-
Syria
-
Taiwan
-
Tajikistan
-
Tanzania
-
Thailand
-
Trinidad and Tobago
-
Tunisia
-
Turkey
-
UAE
-
Uganda
-
Ukraine
-
United Kingdom
-
United States
-
Uruguay
-
Uzbekistan
-
Venezuela
-
Vietnam
-
Yemen
-
Zambia
-
Zimbabwe
- Forex
- Crypto
