Key Highlights
- HYPE token has surged to a record $88 price level, climbing more than 50% throughout September 2026
- Platform-wide open interest on Hyperliquid has climbed to an unprecedented $14.3 billion, marking a $3.57 billion increase over the past 30 days
- Coinbase integration in mid-August directed Base App traffic to Hyperliquid, driving user growth
- An $820 million token distribution on September 6 failed to create significant downward pressure
- Token burn totals have reached 48.45 million HYPE, representing 4.84% of the maximum supply
The HYPE token from Hyperliquid has climbed to a fresh all-time high of $88, pushing its market capitalization close to the $20 billion threshold. The digital asset has experienced gains exceeding 50% during the current month.
The total open interest on Hyperliquid has reached an unprecedented $14.3 billion. This figure stands just 3% below the $14.7 billion peak registered immediately prior to the October 10, 2025 market correction, during which open interest plummeted 56% within 24 hours to $6.5 billion.
The subsequent recovery unfolded across two distinct phases. Initially, HIP-3, Hyperliquid’s builder infrastructure, spearheaded the rebound. HIP-3’s proportion of aggregate open interest expanded from 18% during March 2026 to surpass 34% by August, with open interest in these specific markets reaching $4.44 billion.
Most recently, expansion has pivoted toward Hyperliquid’s primary cryptocurrency perpetual offerings. Throughout the last month, aggregate open interest increased by $3.57 billion while HIP-3 open interest declined by $119 million.
Core Perpetuals Growth Drives HYPE Value
This transition holds significant implications for HYPE valuation. The primary perpetual trading markets channel approximately 97% of generated fees straight into HYPE token repurchases. Conversely, HIP-3 platform builders retain the option to keep up to 50% of fees generated from their respective markets.
During the most recent 24-hour period, Hyperliquid bought back and permanently removed 15,350 HYPE tokens valued at roughly $1.32 million based on an average acquisition price of $86.17. The cumulative token burn figure has now reached 48.45 million HYPE, equivalent to 4.84% of the total maximum supply.
Two significant developments contributed to the recent open interest acceleration. Coinbase implemented Base App user routing to Hyperliquid during mid-August. Additionally, President Trump announced that the CFTC is actively developing a framework to bring Hyperliquid into regulated U.S. operations.
Scheduled Distribution Fails to Impact Upward Momentum
A planned release of 9.92 million HYPE tokens ā valued at approximately $820 million ā occurred on September 6. Contrary to market apprehensions, the token price maintained its trajectory toward $89. Previous unlock events demonstrated that only minimal portions of released tokens moved to exchange platforms.
Market analyst MB.hl published detailed technical analysis on X, highlighting that the $82 control point has converged with an upward-trending support line and a volume concentration zone. The analyst emphasized that sophisticated market participants maintain substantial long positions at $74 million compared to $15 million in short positions, with institutional players and prominent market figures sharing bullish sentiment. MB.hl expressed confidence that HYPE will challenge the all-time high again.
Examining the daily timeframe, HYPE has rebounded from an intraday bottom of $81.82 to trade at $86.05. Critical resistance zones are positioned between $88 and $90. A sustained breakout above $90 could establish a trajectory toward $95 followed by the psychological $100 threshold.
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