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HYPE token stalls near $40 despite Hyperliquid’s record growth
- Open interest in oil and silver alone has reached a record $1.7 billion.
- HYPE has gained around 50% over the past 30 days but dropped 2% over the last week.
- Recently, HYPE has been stuck in the $38–$42 range despite record platform activity.
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.
HYPE consolidates near $40
As of March 26, HYPE continues to trade between $38 and $42 despite rising activity on Hyperliquid. The token has gained nearly 50% over the past month but declined about 2% in the past week.
Meanwhile, the price remains roughly 30% below its all-time high near $59.
Hyperliquid has also recorded a surge in commodity open interest, particularly in oil and silver. Combined open interest in these markets reached approximately $1.7 billion, marking a new platform record.
This growth reflects increasing demand for online trading of macro assets, with oil trading volumes reaching billions, indicating rising institutional activity.
The gap: infrastructure vs. HYPE performance
Despite rapid infrastructure growth and rising usage, HYPE’s price action tells a more complex story.
The token has performed relatively well compared to the broader market, rising about 60% year-to-date while Bitcoin and Ethereum declined. It even briefly entered the top 15 by market cap, reaching around $10 billion.
According to CoinMarketCap, HYPE is up about 50% over 30 days but down 2% over the past week.
This creates a clear disconnect: while the protocol is hitting new highs, the token remains about 30% below its ATH and stuck in a tight range.
Although Hyperliquid generates significant revenue from perpetual trading, there is still no clear link between protocol revenue and token price. Even with buyback mechanisms, markets question how much value is actually returned to HYPE holders.
Additionally, the launch of new features — equities perps, commodities, third-party apps — was largely expected, making these developments more of a confirmation than a fresh catalyst.
Competitive pressure is also rising. Major exchanges like OKX and Coinbase are launching their own products for equities and perpetual trading. Kraken also introduced regulated perpetual futures on tokenized US stocks in February, gradually eroding Hyperliquid’s advantage.
See also: "Bitcoin falls below $70K amid Iran war uncertainty and US regulation concerns"
