The HYPE token, native to the decentralized perpetual exchange Hyperliquid, has rapidly ascended the futures market rankings, now sitting as the fifth-largest digital asset by futures open interest. This rise reflects not just price momentum but a deeper trend favoring purpose-built blockchain products.
Futures Open Interest Hits $2.06 Billion
As of now, HYPE’s futures open interest stands at $2.06 billion, according to aggregated derivatives market data. This puts it ahead of Dogecoin (DOGE), which currently has $1.83 billion in open positions.
XRP remains just ahead of HYPE, while Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) lead the broader futures market.
The spike in open interest aligns with increasing investor appetite for leveraged exposure to HYPE’s price action, signaling a bullish outlook.
Four-Fold Rally in Three Months
HYPE has delivered a 4x price rally, reaching a new high of $44 in just three months.
The surge was supported by rising demand, positive annualized funding rates exceeding 100%, and a growing number of institutional participants. These metrics indicate that traders are aggressively placing bullish bets, further reinforcing the price momentum.
Hyperliquid Dominates On-Chain Futures Market
Hyperliquid, the Layer 1 blockchain powering HYPE, has carved out a dominant position in the decentralized derivatives space. It recently accounted for 60% of all on-chain perpetual trading volume, totaling $94.3 billion in a single week.
The exchange’s central limit order books (CLOBs) have attracted top-tier market makers from traditional finance, contributing to unmatched liquidity depth.
Tokenomics That Drive Demand
92.78% of protocol revenue is used to buy back HYPE tokens from the open market — amounting to over $1 billion in annual buybacks.
This aggressive buyback mechanism is designed to create constant upward pressure on the token price. HYPE is also used for transaction fees, staking rewards, and governance, giving it strong utility within the Hyperliquid ecosystem.
Institutional Attention Rising
Major funds and crypto-native firms have started adding HYPE to their portfolios, highlighting the growing institutional confidence in the Hyperliquid platform and its native token.
With deep liquidity, strong tokenomics, and increasing market share, HYPE is emerging as a major contender in crypto futures trading.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial l