HYPE has risen over 100% year-to-date, showing a clear divergence from Bitcoin, which has weakened over the same period. Foreign media analysis suggests that this movement is driven not only by increased token sentiment but also by Hyperliquid’s expansion from a single-asset crypto perpetuals platform to a multi-asset trading platform.
Revenue scale rising rapidly
Platform revenue is one of the key metrics that the market closely monitors. According to Bitwise research data cited in the report, Hyperliquid's revenue this year has reached $255 million, surpassing the combined revenue of the next two largest applications and accounting for approximately one-third of the total revenue generated by the top ten protocols, with its primary income coming from perpetual contract trading fees.
Approximately 97% of related revenue is automatically recycled back to HYPE holders through public market buybacks. This mechanism is seen as strengthening the link between the token and the platform’s cash flow, encouraging the market to view HYPE as an asset directly tied to the platform’s business.
Top on-chain fee share
The report states that Hyperliquid currently holds approximately 43% of the on-chain fee share, with a weekly volume of around $11 million. For the market, this indicates that the platform is not only highly active in trading but has also established strong fee-capturing capabilities within on-chain applications.
Several interviewees noted that HYPE has diverged from Bitcoin’s price movement, partly because the two assets follow different trading logic. Bitcoin is more influenced by interest rates, ETF cash flows, and overall liquidity, while HYPE’s pricing is increasingly reflecting the pace of platform business expansion.
Product expanded to traditional assets
Reports indicate that Hyperliquid has seen rapid growth in trading volume for tokenized perpetual contracts over the past few weeks, with underlying assets now including the S&P 500, crude oil, and commodities. Geopolitical volatility has also boosted demand for these products, diversifying the platform’s funding sources beyond the crypto market alone.
In addition to its existing trading business, Hyperliquid’s HIP-3 is also regarded as a growth catalyst. This feature has facilitated over $120 billion in trading volume for markets related to pre-IPO companies such as SpaceX, Anthropic, and OpenAI, demonstrating the platform’s efforts to expand into broader non-crypto asset trading scenarios.
RWA holdings reach a new high
The report also mentioned that HIP-4, which focuses on structured products and prediction markets, is expected to further expand the range of markets the platform can serve. Meanwhile, Hyperliquid stated on Monday that the open interest for real-world asset trading on the platform has doubled to $2.6 billion compared to two months ago.
Overall, the market’s pricing of HYPE is shifting from being viewed as a token for crypto perpetual trading platforms to a token for multi-asset on-chain trading infrastructure. Whether this revaluation continues will depend on whether the platform can extend its revenue growth to a broader range of assets.