HYPE Price Tests $40 as Hyperliquid Expands Into Prediction Markets

Key Insights

• HYPE price rose from $20 in Jan. to around $40 in May 2026.
• Hyperliquid launched a prediction platform to compete with Kalshi and Polymarket.
• Network volume, open interest, and stablecoin supply continued expanding.

HYPE price remained in focus in early May 2026 as Hyperliquid expanded into prediction markets while its token held near $40 after a multi-month rally. The move followed strong growth in derivatives trading, stablecoin liquidity, and user activity across the platform.

Data from DeFiLlama and platform disclosures showed rising open interest and transaction volumes. The development mattered because new product expansion and sustained activity placed the token near a key technical resistance zone.

Hyperliquid Takes on Kalshi and Polymarket

The prediction market industry is doing well, with Kalshi and Polymarket having the biggest market share.

A good example of this is Polymarket, which made over $37.5 million in fees last month, up from $11.6 million in the previous month. Its DEX volume jumped to a record high of $12 billion.

Hyperliquid has quietly launched Outcome, its prediction marketplace, which was a HIP-4 proposal. This service brings a zero-fee binary prediction market to the same margin account traders use for trading its spot and perpetual futures platform.

Judging by Hyperliquid’s success in other areas, the platform is likely to become highly successful over time as it takes on the two incumbents.

As a result, the company’s volume will continue to rise in the near term, boosting its network fees over time. Data compiled by DeFi Llama shows that Hyperliquid’s volume on the perpetual DEX marketplace has soared and overtaken other platforms by a wide margin.

Hyperliquid had an open interest of $8.3 billion, far higher than edgeX’s $1.43 billion in the same period. Its reported volume rose to $35.6 billion, while its 30-day volume jumped to $172 billion.

These are huge numbers, considering they were much higher than the combined figures for other networks.

Hyperliquid has benefited from the ongoing growth of its real-world asset tokenization initiatives, particularly in key areas such as gold and crude oil. Data on its website shows that other than Bitcoin and Ethereum, gold and crude oil futures have become the most popular ones on its platform.

Hyperliquid Stablecoin and DeFi Growth

Other areas of Hyperliquid’s business are growing, making it one of the most popular players in the crypto industry.

For example, it has become a major player in the stablecoin industry, with its assets rising to $5.12 billion from just $2 billion in January last year. The USDC stablecoin has the largest market share, with over $4.76 billion in assets, followed by USDT, with $177 million in assets.

As a result, Hyperliquid has become one of the most profitable players in the crypto industry. Data shows that the network made over $868 million in the last 12 months, making it the fourth top player after Tether, Tron, and Circle. It has made $47 million in the last 30 days.

This is important because the network typically burns most of its fees, making it highly deflationary. It complements the burning with its regular token buybacks.

The other main catalyst for the HYPE token is the upcoming Hyperliquid ETF launch by some of the top players, including Grayscale, Bitwise, and 21Shares.

HYPE Price Structure Approaches Key Resistance

HYPE price maintained a bullish structure on the daily timeframe, forming an ascending channel with consistent higher highs and higher lows. The token traded slightly above the lower boundary of this channel, indicating continued support from buyers during pullbacks.

Technical indicators supported this structure. Price remained above the 100-day Exponential Moving Average and the 50% Fibonacci retracement level. It also traded above the Supertrend and Ichimoku cloud, reflecting sustained upward momentum.

The immediate resistance level appeared near the upper boundary of the channel at approximately $46. A confirmed move above this level would signal continuation of the current trend and could open the path toward the $50 psychological level. Such a breakout requires sustained volume and continued participation.

On the downside, a break below the lower boundary of the channel would invalidate the bullish setup. This scenario could shift momentum toward sellers and trigger a move toward lower support zones. Current price action suggested that the market remained in a compression phase awaiting direction.

HYPE price now trades near $40 as derivatives volume, stablecoin liquidity, and prediction market expansion converge beneath resistance. A sustained move above $46 will determine whether network growth translates into price continuation, while failure at this level may keep the token within its current range despite rising activity.

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