Hyperliquid’s native token, HYPE, has climbed above $75 for the first time, extending one of the strongest rallies in the crypto market this year.
The move has pushed HYPE into the top 10 cryptocurrencies by market capitalization as it dethroned Dogecoin (DOGE). While Bitcoin and Ethereum remain below their all-time highs, HYPE has entered price discovery mode after gaining roughly 270% from its early-2026 low near $20.
The rally is being supported by the platform’s underlying business performance. Hyperliquid generated roughly $800 million in trading fee revenue last year and has produced more than $1.18 billion in cumulative revenue since launch.
According to DefiLlama data, the protocol generated $57.9 million in application revenue over the last 30 days, allowing it to overtake Ethereum and rank as the second-largest blockchain by app revenue.
A major part of the bull case is Hyperliquid’s Assistance Fund. Around 98% to 99% of protocol fees are used to purchase HYPE tokens in the open market. The mechanism has already removed roughly 14% of the circulating supply from active trading.
Grayscale Head of Research Zach Pandl described Hyperliquid as one of the biggest success stories in digital assets.
He said the platform began as a decentralized perpetual futures exchange but is evolving into a broader financial marketplace that increasingly competes with traditional exchanges.
Hyperliquid now supports spot crypto trading, perpetual futures, prediction markets, and trading tied to traditional assets. Users can trade markets linked to commodities, economic data releases, and other real-world events directly on-chain.
Pandl also argued that HYPE appears inexpensive compared to publicly traded exchange operators when measured against earnings.
Grayscale’s comparison shows HYPE trading at roughly 14 times earnings, well below major exchange and trading companies, including Coinbase at 44x, Robinhood at 37x, Interactive Brokers at 34x, CBOE at 29x, Nasdaq at 25x, CME at 24x, ICE at 20x, and Euronext at 19x.
Source:
Grayscale
The comparison is based on Hyperliquid’s fee generation and earnings estimates derived from platform revenue.
(adsbygoogle = window.adsbygoogle || []).push({});The price surge has attracted aggressive leveraged traders. Blockchain analytics platform Lookonchain highlighted a trader identified as 0xc6fe who repeatedly profited from leveraged HYPE positions with a 100% win rate.
The trader recently closed a HYPE long position for a $1.18 million gain before opening a new 10x leveraged long worth over $20 million. The position quickly moved into profit by more than $500,000. As of now, the total profit of the trader stands at $2.29 million.
Another trader who opened a 5x leveraged long position on 1.38 million HYPE six months ago is now sitting on more than $46 million in unrealized profit following the token’s rally.
Related: Hyperliquid ‘Just Binance 2.0’? Critics and Supporters Clash Over HYPE’s Future
