The native token of the decentralised perpetual futures exchange Hyperliquid has surged more than 50% over the past week amid growing institutional interest. Strong demand for the asset in the United States has been compared to the performance of Bitcoin.
The native token of the Hyperliquid ecosystem has surged more than 50% in about a week and exceeded the $50 level for the first time in approximately eight months.
Hyperliquid is attracting strong bullish attention amid historic price action, with the token now approaching its all-time high. Meanwhile, on-chain data reveals intense accumulation from institutional wallets, signalling further upside potential.
The Hyperliquid spot ETF (THYP) is showing rapidly growing trading activity. According to Bloomberg Intelligence senior analyst Eric Balchunas, daily trading volumes for the fund have steadily increased since launch and are now measured in tens of millions of dollars.
Hyperliquid’s native token, $HYPE, has once again moved into the spotlight following a major buying spree by a wallet linked to Silicon Valley venture capital giant Andreessen Horowitz (a16z). Over recent weeks, the address accumulated approximately $90.87 million worth of $HYPE. As a result, the market has once again begun discussing the possibility of a continued rally in the token.
Hyperliquid’s native token $HYPE continues to attract aggressive bullish momentum as traders push the asset toward a critical resistance zone. The token recently climbed from a swing low of $38.20 into the $47–$48 range. Strong technical positioning and improving derivatives activity are now supporting the broader uptrend.
Despite a broader crypto market sell-off that pushed Bitcoin below $77,000, the HYPE token surged more than 5% on Monday, briefly reclaiming and surpassing its previous high near $47.
HYPE surged to a yearly high of $46.93, jumping 17% within 24 hours after news emerged that Coinbase would use $HYPE to activate AQAv2.
Coinbase, the largest cryptocurrency exchange in the United States, has become the official issuer of $USDC treasury assets on the Hyperliquid platform and has acquired assets associated with the $USDH brand. At the same time, Hyperliquid is discontinuing support for its native stablecoin $USDH and appointing Coinbase as the official distributor of $USDC treasury reserves.
After Bitcoin and Ethereum, spot ETFs for several altcoins have also started launching in the United States. One of them is Hyperliquid ($HYPE). This ETF became the first product of its kind to begin trading with exposure to the $HYPE altcoin.
The decentralized exchange market has undergone a shift in leadership in recent months. In September 2025, Aster briefly held around 70% of the segment, while Hyperliquid accounted for only 10%. By April 2026, the situation had changed: Hyperliquid increased its share to 44%, while Aster dropped to 15%. For the industry, this became one of the clearest examples of how quickly hype can give way to more sustainable business models.
The native token of the largest decentralized crypto derivatives exchange Hyperliquid ($HYPE) has increased by approximately 60% since the beginning of the year. The asset’s market capitalization is approaching $10 billion, driven by a new wave of investor interest.
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The HYPE token is struggling to break higher even as Hyperliquid posts one of its strongest growth periods. Open interest in commodities has surged, trading volumes have increased, and new products have been launched. However, the token remains range-bound around $40, showing limited response to platform expansion.
A significant influx of new users who were previously not involved with digital assets is being observed in the crypto market, according to a report by JPMorgan. They noted that traditional investors and traders are increasingly turning to platforms such as the decentralized exchange (DEX) Hyperliquid.
The cumulative trading volume of perpetual futures on the Hyperliquid platform has exceeded $4 trillion. It took the project three years to reach this milestone.
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