HYPE Eyes $100 After Hyperliquid Token Hits $62

Hyperliquid’s native token HYPE rose to a record $62, pushing the token’s market capitalization above $15 billion and the platform’s total value locked past $5 billion. Traders and analysts note the token has gained about 120% year-to-date.

The price advance came while the broader crypto market was weaker, with the total crypto market capitalization down since September 2025. Hyperliquid’s open interest in derivatives climbed to multi-month highs as trading volumes and futures activity increased on the platform.

Asset managers launched exchange-traded funds tied to HYPE in mid-May. Those products have gathered roughly $81.1 million in assets and have seen trading volumes near $100 million since their debut. Market-flow analysis shows more than 40% of recent HYPE gains occurred during U.S. trading hours, even though U.S. retail users are geofenced from trading directly on Hyperliquid.

Derivatives mechanics contributed to the price move. Negative funding rates on perpetual futures prompted a buildup of short positions. As HYPE advanced, some short positions were liquidated and forced buybacks occurred, a dynamic that pushed prices higher while futures open interest remained elevated.

Hyperliquid expanded its product set ahead of the rally. The platform offers perpetual contracts on digital tokens, commodities and pre-IPO equities, and it added outcome contracts with a recent protocol upgrade. Open interest in commodity perpetuals has roughly doubled in the last two months to about $2.6 billion, as traders used the venue to hedge positions during market closures in traditional commodity markets.

The pre-IPO listings let traders gain exposure to private companies on the same venue as other asset classes. The outcome contracts permit traders to stake capital on specific event results rather than on the secondary price reaction to those events.

Market probabilities tracked by prediction markets shifted with the rally. Traders assign roughly a 70% chance that HYPE revisits about $66, a 62% chance it clears $70, and about a 30% probability it reaches $100 before year-end.

Bitwise Chief Investment Officer Matt Hougan called Hyperliquid a “global super-app” and said its addressable market extends well beyond the $3 trillion crypto sector. Blockworks Research analyst Shaunda Devens observed the rally’s speed reflects an imbalance between aggressive buyers and a seller base that had distributed tokens earlier, and she warned rapid rallies can reverse if demand cools or holders take profits.

Data points cited in the market include record highs for price and TVL, elevated futures open interest, and ETF flows. Traders and analysts say sustaining further gains will depend on continued ETF demand, the distribution of futures positions, and ongoing platform liquidity and volume.