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Hyperliquid's HYPE Hits New All-Time High Above $75, Grayscale Says Token Looks Undervalued
The native token of Hyperliquid (HYPE) surged above $75 for the first time, extending one of the strongest rallies in the crypto market this year.
The move pushed HYPE into the top 10 cryptocurrencies by market capitalization, overtaking Dogecoin. While Bitcoin and Ethereum remain below their all-time highs, HYPE has entered price-discovery mode after gaining roughly 270% from its early-2026 lows near $20.
Revenue, Buybacks, and Trading Volume Drive Demand
The rally is supported by strong platform fundamentals.
Over the past year, Hyperliquid generated approximately $800 million in trading-fee revenue, while cumulative revenue since launch has surpassed $1.18 billion.
According to DefiLlama, the protocol generated $57.9 million in application revenue over the last 30 days, surpassing Ethereum and ranking second among blockchain platforms by this metric.
A key bullish factor is the Hyperliquid Assistance Fund. Around 98–99% of protocol fees are used to buy back HYPE tokens on the open market. This mechanism has effectively removed about 14% of the circulating supply from active trading.
Grayscale Sees a Competitor to Traditional Exchanges
Zach Pandl, Head of Research at Grayscale Investments, described Hyperliquid as one of the biggest success stories in digital assets.
According to Pandl, the platform began as a decentralized perpetual futures exchange but is evolving into a broader financial marketplace that increasingly competes with traditional exchanges.
Hyperliquid now supports:
- Spot crypto trading
- Perpetual futures
- Prediction markets
- Trading products linked to traditional assets
Users can trade markets tied to commodities, economic data releases, and other real-world events directly on-chain.
HYPE Appears Cheaper Than Major Exchange Stocks
Pandl argues that HYPE appears undervalued relative to publicly traded exchange operators.
According to Grayscale's estimates, HYPE trades at roughly 14x earnings, compared with:
- Coinbase — 44x
- Robinhood Markets — 37x
- Interactive Brokers — 34x
- Cboe Global Markets — 29x
- Nasdaq — 25x
- CME Group — 24x
- Intercontinental Exchange — 20x
- Euronext — 19x
Leveraged Traders Increase Exposure
The price surge has attracted aggressive leveraged traders.
Blockchain analytics platform Lookonchain highlighted a trader identified as 0xc6fe, who has maintained a 100% win rate on HYPE trades.
The trader recently closed a long position with a $1.18 million profit and then opened a new 10x leveraged long position worth more than $20 million. The position quickly gained over $500,000 in unrealized profit, bringing total profits to approximately $2.29 million.
Another trader who opened a 5x leveraged position on 1.38 million HYPE six months ago now holds more than $46 million in unrealized gains following the token's rally.
See also: "Bitcoin Falls Below $69,000 as U.S. Stock Market Rallies"
