Hyperliquid surges 60% in two days…trend sustainability remains uncertain

HYPE, the token of decentralized derivatives exchange Hyperliquid, has jumped 60% in just two days, drawing market attention. While institutional inflows and reduced selling pressure following staking lockups helped drive the rally, observers say key trading indicators show limited shifts that would substantiate the move.

According to Cointelegraph on the 29th (local time), HYPE surged from $21.80 to $34.90 over the two days since the 27th, based on CoinMarketCap data. During the move, roughly $20 million worth of leveraged positions betting on a decline were liquidated, amplifying the upside. Sentiment was also buoyed by news that a listed company touting management of digital-asset reserves added HYPE to its treasury assets.

Market participants are focusing on accumulation by an entity known as Hyperliquid Strategies. On-chain data show wallets linked to the entity bought millions of HYPE since late last year and staked them via Anchorage. The analysis suggests short-term supply-demand conditions improved as additional selling remained limited even after a large-scale staking unlock.

Despite the sharp price jump, broader trading metrics have yet to show a clear expansion. DeFiLlama data indicate Hyperliquid’s perpetual futures volume and fee revenue have remained largely flat over the past week. Open interest, too, is around $8.5 billion, making it difficult to say fresh leverage inflows have accelerated in earnest.

Hyperliquid CEO Jeff Yan said on X that “liquidity on Bitcoin perpetual futures has surpassed Binance.” Still, some in the market caution against overinterpreting the claim, noting that Binance’s total Bitcoin futures open interest remains several times larger than Hyperliquid’s.

External research also appears to have played a role in the rally. ARK Invest, in a recent report, assessed Hyperliquid as a platform with high revenue efficiency in DeFi derivatives. The report, however, did not offer a clear direction for near-term price targets.

HYPE has shown rising volatility after setting a peak. Many in the market view the spike as largely driven by one-off factors—accumulation by a specific actor and eased selling pressure. While assessments of Hyperliquid’s long-term growth prospects remain intact, further gains would likely require a concurrent expansion in trading volume and open interest.