Hyperliquid (HYPE) Price: Token Hits All-Time High as Open Interest Rises 32% in One Week

TLDR

• HYPE hit a new all-time high of $76.90 on June 16, up roughly 46% in one week.
• Open interest on HYPE futures surpassed $3 billion, a 32% rise in seven days.
• Bitwise bought 77,100 HYPE tokens (~$5.2 million) to back its newly launched Hyperliquid ETF.
• SpaceX pre-IPO perpetual futures generated $1.2 billion in weekly volume on the platform.
• Hyperliquid holds a 53% market share in decentralized perpetual trading, with annualized revenue above $1 billion.

Hyperliquid’s native token HYPE climbed to a new all-time high of $76.90 on June 16, 2026. The token has gained around 46% in the past week and over 90% in the past month.

The rally was pushed higher by a wave of short liquidations. As HYPE broke above $70, traders holding leveraged bearish positions were forced to close, sending the price sharply upward.

Asset manager Bitwise added fuel to the move. The firm purchased approximately 77,100 HYPE tokens worth around $5.2 million to support the newly launched Bitwise Hyperliquid ETF. Total ETF inflows have reached $208 million since launch.

Hyperliquid’s protocol directs 97% of trading fees toward buying and burning HYPE. This creates steady demand from within the platform itself, reducing available supply over time.

A token unlock event earlier this month introduced roughly $700 million worth of HYPE into circulation. Despite this, buying pressure from platform activity and protocol purchases absorbed the extra supply without prolonged selling.

Open Interest and Market Share

Aggregate open interest on HYPE futures rose 32% over seven days to hit $3 billion. Hyperliquid currently holds a 53% share of decentralized perpetual trading volumes, according to DefiLlama. Binance follows at 14%, Bybit at 9%, and Bitget at 8%.

Hyperliquid’s total perpetual open interest across all listed assets now sits above $9.6 billion. Annualized protocol revenue has exceeded $1 billion.

Former Boston Federal Reserve Chair Eric Rosengren flagged Hyperliquid’s recent run on X, and research firm Citrini Research published a bullish report on the platform. These endorsements helped raise the platform’s profile among institutional observers.

The funding rate on HYPE perpetual futures stayed below the 6% neutral threshold over the past week. This suggests short sellers were adding positions even as the price climbed.

TradFi Perpetuals Drive Volume

Hyperliquid launched perpetual contracts on traditional finance assets including the S&P 500, Nasdaq 100, gold, silver, crude oil, Google, and Micron. Open interest in these TradFi contracts has exceeded $2.9 billion, surpassing Bitcoin’s $2 billion.

SpaceX pre-IPO perpetual futures alone generated $1.2 billion in weekly trading volume. This contract has been a standout in driving new user interest to the platform.

Overall DEX volumes across crypto fell 57% over the past six months. Hyperliquid recorded $9.6 billion in activity over the same period, standing apart from the broader market decline.

HYPE’s fully diluted value stands at $71.3 billion, based on a maximum supply of 953.92 million tokens. The circulating supply was 253.41 million as of June 17.

On the daily chart, HYPE is testing the Murrey Math 8/8 resistance level at $75. The next resistance levels are near $81.25 and $87.50.

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