- HYPE’s futures open interest has reached $2.06 billion, overtaking DOGE.
- Over 92.78% of protocol revenue is allocated to HYPE token buybacks.
Hyperliquid’s native token HYPE, is rapidly gaining market share in the futures sector. According to Coinglass data, HYPE is now the fifth-largest digital asset by futures open interest. As of the latest data, HYPE futures, both perpetual and standard, are valued at $2.06 billion.
This places it ahead of Dogecoin, which stands at $1.83 billion. Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and XRP remain the only assets with larger futures exposure. Analysts attribute the rise to Hyperliquid’s decentralized architecture and increasing utility in DeFi ecosystems.
The futures chart shows a consistent climb since late March, with intensified activity starting in early May. This momentum is matched by a surge in trading interest, indicating rising investor participation.
Traders are now shifting attention to more utility-focused blockchain platforms, giving tokens like HYPE a competitive edge over legacy meme coins.
Price Action Reflects Growing Bullish Sentiment
HYPE is currently priced at $44.52, representing an 11.69% gain in the last 24 hours. The token opened the day at $40.28 and hit a peak near $44.80. That resistance level is now under close watch, with $40.28 acting as solid support.
Throughout the trading day, HYPE formed higher lows, confirming a bullish price structure. Traders are monitoring for a breakout above $45, which may signal continued upward momentum.
The correlation between rising prices and open interest suggests active participation by leveraged traders. Many view the $45 level as a short-term breakout trigger, potentially opening the path to new highs.
Ecosystem Growth and Liquidity Back the Rally
Hyperliquid’s broader ecosystem is expanding rapidly. Data shows that 92.78% of protocol revenue is allocated to $HYPE buybacks, contributing over $1 billion annually.
This tokenomic model is attracting institutional funds, including Tony Guoga’s and HYLQ Strategy. These funds, along with top-tier market makers, are helping to deepen liquidity via HyperCore’s Central Limit Order Books (CLOBs).
On-chain developers such as @ThinkingUSD and @based16z are actively building new products within the Hyperliquid ecosystem. At the same time, native stablecoin volume is rising, feeding back into protocol revenue.
These developments are positioning Hyperliquid as a high-efficiency platform for on-chain derivatives trading. As adoption grows, market observers suggest centralized exchanges may soon be compelled to list HYPE, further driving liquidity and exposure.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
