Hyperliquid token HYPE surges amid buybacks and market expansion

Hyperliquid's native token HYPE rose about 4 % to roughly $71, outperforming the broader crypto market. The decentralized derivatives exchange controls 7.4 % of global perpetual futures volume and 68.4 % of on‑chain perps, with revenue now exceeding $1 billion and an annualised run‑rate near $840 million. Approximately 99 % of platform fees are used to repurchase and burn HYPE, removing around $3 billion of supply since launch, while three U.S.‑listed spot ETFs (THYP, BHYP, HYPG) have attracted over $200 million in fresh capital.

A major token unlock of about $645 million (9.9 million HYPE) is scheduled for July 6, posing a short‑term price risk. The token cannot yet operate legally in the United States, limiting access to U.S. investors. Additional growth drivers include a new partnership with African exchange VALR and continued ecosystem upgrades that broaden perpetual and prediction‑market offerings.