Hyperliquid valuation hits $91B, surpassing Nasdaq

Hyperliquid and its native token, HYPE, have experienced significant growth, with the token's fully diluted valuation reaching approximately $91.1 billion, surpassing traditional entities like Nasdaq and the London Stock Exchange Group. The platform has seen its market liquidity surge to $8.8 billion in open interest, driven by high trading volumes in its decentralized perpetual futures exchange.

Revenue for the protocol has increased substantially, with daily average revenue rising from $1.5 million in Q2 to over $5 million in mid-August. This growth has facilitated increased HYPE buybacks. The token recently hit a third all-time high in a single week, reaching $95.17 on September 21, 2026.

To expand its reach, Payward, the parent company of Kraken, is planning to introduce Hyperliquid US. This initiative aims to bring HIP-3 perpetual markets to American traders through a permissioned structure. The HIP-3 framework allows developers to create customized markets for various assets, including equities and commodities, potentially transitioning Hyperliquid from a crypto-centric exchange to a broader on-chain financial marketplace.