Launched in late 2025, it lets developers deploy perpetual markets by staking 500,000 HYPE. In other words, it works like an “app store” for derivatives.
Because of that structure, OI reportedly tripled in 30 days, rising from about $260 million to over $790 million, according to Hyperliquid’s founder and CEO Jeff Yan.
Hyperliquid Puts One Foot Forward
Notably, CEO Yan shared data showing tighter liquidity than that of some centralized exchanges during key moments.
In one comparison, Hyperliquid posted a $1 spread on BTC perps, while Binance posted $5.50 at the same time.
“See below for side by side comparison of BTC perps on Binance (left) and Hyperliquid (right). With HIP-3 teams leading the way, Hyperliquid has also grown to become the most liquid venue for perps on tradfi assets,” He revealed on X.
That gap strengthens the argument that on-chain can lead price discovery rather than follow it.
Meanwhile, one builder has dominated the flow. TradeXYZ now accounts for close to 90% of the HIP-3 ecosystem’s volume. That concentration has also helped attract deeper, more institutional-style liquidity.
In addition, Hyperliquid’s share of the perp DEX market has expanded. It now reportedly holds around 48% of total Perp DEX open interest, nearly matching the combined open interest of all decentralized rivals.
Other Data Supports Upswing
In the meantime, the three-month liquidation heatmap for Hyperliquid shows that the recent rebound is wobbling in an area that was previously dominated by heavy downside liquidations.
This is particularly in the $20-$25 range. Over the past few weeks, dense liquidation clusters have formed just above HYPE’s current price, with the brightest bands concentrated around the $28-$32 zone.
This signals that a large number of short leveraged positions might be vulnerable to a squeeze.
As the HYPE coin price stabilized near the lows and began to grind higher, those lower liquidation levels thinned out, suggesting forced selling has largely been cleared.
At the same time, liquidity overhead remains thick, which means any sustained push higher could accelerate quickly. If that is the case, HYPE’s price might soon retest the point of interest near $30.95.
What’s Next for HYPE Price?
On the daily chart, the HYPE coin price is showing early signs of a trend shift after a prolonged downtrend.
This happened as the altcoin broke higher from the lower boundary of a descending channel.
The rebound comes after defending the long-term support near $20, with buyers pushing the price back above the 0.236 Fibonacci retracement at $29.6, triggering a notable daily gain.
Momentum indicators are starting to confirm the move. For instance, the Relative Strength Index (RSI) has recovered toward the mid-range, signaling improving strength.
At the same time, the Moving Average Convergence Divergence (MACD) has printed a bullish crossover for the first time in weeks.
This indicates that downside momentum is fading. Should this trend persist, the HYPE coin price might breach the $29.65 resistance level.
If successful, this could drive it to a two-month high of $35.34. The last time HYPE’s price traded this high was around Nov. 22, last year.
A sustained move above that zone would strengthen the bullish reversal case.
However, rejection at the overhead resistance could keep Hyperliquid locked in a volatile consolidation phase. If that were to happen, the price might fall to $20.45.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
