🚀 Hyperliquid becomes crypto’s central narrative as HYPE breaks new records

Hyperliquid is becoming the new leading crypto narrative, promising to become a hub for even more active perpetual futures trading. HYPE keeps setting new records, briefly breaking above $73.

The recent rally still defied the overall indecisive sentiment of the crypto market. Hyperliquid was also seen as potentially becoming one of the most important L1 chains, due to its native ‘killer app’ of perpetual futures trading.

Hyperliquid has already passed Aave and Polymarket in daily fee generation, and sits just behind Pumpfun based on DeFi Llama data. As the speculative side of crypto token trading slows down, fee-generating protocols become even more important.

The platform has also almost recovered its value locked from October 2025, with around $5.64B in total liquidity. Open interest is recovering more slowly and sits below $10B, down from over $14B in October 2025.

There are multiple factors at play on Hyperliquid, including organic growth, increased interest in stock and commodity perpetual futures, as well as demand for pre-IPO stocks.

Hyperliquid’s mindshare is also up to 1.3% according to Messari’s metric, up by over 64% for the past day. HYPE is still behind Solana’s mindshare of 7.3%, but has passed other influential assets. The Hyperliquid chain also carries around 66K daily active users, with a significant share of whales and high-profile traders.

🔸 Will HYPE break above $100?

HYPE is having one of its biggest historical rallies, up over 122% in the past three months. HYPE almost caught up with the net gains of ZCash (ZEC).

The HYPE rally is seen as more reliable and supported by fundamentals, compared to meme tokens or other speculative assets. As traders have shifted away from tokens with no real backing, funds have also shifted away from Solana and Ethereum. HYPE is seen as the next token to represent one of the most powerful networks.

‍#HYPE | $HYPE