Hyperliquid’s HYPE Jumps 44% in Five Days, Stoking Bets on a Break Above $80

Hyperliquid’s native token HYPE has surged 44% over the past five days, setting a fresh record high.

Cointelegraph reported on June 17 that HYPE rose to an intraday record of $76.90. It later eased to around $73 as some investors took profits, but the broader upward trend remained intact.

Open interest in Hyperliquid futures has climbed above $3 billion, up 32% from a week earlier.

DefiLlama data show Hyperliquid now accounts for 53% of the perpetual futures market by trading volume. That puts it well ahead of Binance at 14%, Bybit at 9% and Bitget at 8%.

It remains unclear whether the recent rally has been fueled by excessive leverage. Funding rates for Hyperliquid perpetual futures have stayed below 6% over the past week, a level considered neutral, suggesting inflows into aggressive long positions have been limited. Despite the price advance, some short sellers appear to be maintaining their positions.

The market has pointed to Hyperliquid’s expansion into traditional finance, or TradFi, assets as a key growth driver. The platform recently launched perpetual futures tied to traditional assets including the S&P 500, the Nasdaq 100, crude oil, gold, silver, Google, Micron and SpaceX.

Open interest in TradFi asset futures on Hyperliquid has now exceeded $2.9 billion, according to the report. That is higher than the $2 billion in Bitcoin futures open interest.

Institutional money has also continued to flow in. Spot exchange-traded funds tied to Hyperliquid have attracted $208 million since launch. Positive assessments from former Boston Fed President Eric Rosengren and investment research firm Citrini Research have also buoyed investor sentiment.

Valuation remains an overhang. About 253.41 million HYPE tokens are currently in circulation, while the maximum supply stands at 953.92 million. On that basis, Hyperliquid’s fully diluted valuation is about $71.3 billion, roughly matching the market capitalization of global financial services firm Aon.

Cointelegraph said a move above $80 remains a plausible scenario for the token, citing Hyperliquid’s revenue-generating capacity and the potential for further expansion in real-world asset, or RWA, trading.