Key Insights
- Hyperliquid HYPE reaches a new all-time high above $60
- The DEX platform is becoming the financial supercenter of crypto
- Hype ETFs have also registered strong performance during this period
Decentralized perps exchange Hyperliquid saw its token, HYPE, reach a new all-time high on Thursday. The surge in value, which saw HYPE cross $60 for the first time, follows increased interest in the token.
According to CoinMarketCap, HYPE is the best-performing major-cap crypto asset this year, with a 139% year-to-date gain. It was worth around $25 at the start of 2026 but reached $62 today before falling to $58.
What is Driving HYPE Performance?
The recent HYPE gains highlight a consistently positive performance for the crypto asset despite a mixed year for the industry. Over the past 30 days, HYPE has risen 47%, adding 32% in the past week alone.
This performance reflects Hyperliquid’s establishment as the foremost blockchain-based trading platform. Although the network started out as a crypto perps DEX, it has fully transformed into a multi-asset platform.
Several financial products, including real-world assets, crypto assets, pre-IPO markets, and more, are now available through the platform. This has translated into massive trading volume and significant revenue.
According to Bitwise research analyst Cam Khosavri, Hyperliquid is now the biggest fee generator among crypto protocols. The $255 million in year-to-date revenue is the highest by a large margin.
Interestingly, the protocol stands to grow even further with new products that expand its features and help it retain users. After its very successful HIP-3, which allows users to create markets, the protocol is now set to introduce HIP-4.
The new feature will focus on prediction markets. According to Delphi Digital, it will allow traders to express views that perps cannot capture, and while it generates low direct fees, it will help keep capital within the Hyperliquid ecosystem.
This means traders will not need to rotate capital to other prediction market platforms. The new feature will also increase the number of instruments onchain vaults can run to three, further strengthening Hyperliquid positions.
Analysts across Delphi Digital and Bitwise believe Hyperliquid is positioned to become the superapp at the center of the financial ecosystem.
Its growth is already attracting interest from traditional financial institutions such as the Chicago Mercantile Exchange and Intercontinental Exchange, which have called for its regulation.
HYPE ETFs’ Performance Crucial to Recent Gains
Meanwhile, HYPE’s recent gains coincide with the launch of spot HYPE exchange-traded funds (ETFs) by 21Shares and Bitwise. The two ETFs launched last week have already seen net inflows of $47.8 million, according to Sosovalue.
The two ETFs already have cumulative assets of over $58 million, with 21Shares THYP at $38.7 million and Bitwise BHYP at $19.97 million.
Interestingly, interest remains high with Grayscale planning to launch its own HYPE ETF after filing earlier this year. Onchain data from Lookonchain showed that Grayscale wallets have accumulated over 682,000 HYPE tokens, worth $41.6 million, over the past week.
Even Bitwise wants to buy and stake HYPE for its balance sheet. It plans to use 10% of the management fees from its HYPE ETF for this purpose.
The firm’s chief investment officer, Matt Hougan, had earlier said HYPE is undervalued, noting that it has the makings of a Gen 2 token that can appreciate over time.
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