Key Takeaways
- Hyperliquid’s HYPE token surged to an unprecedented $67 peak on Friday following regulatory clarity on Bitcoin perpetual futures in the United States.
- Open interest in HYPE futures contracts jumped by 30% within seven days, reaching an all-time record of $2.9 billion.
- The platform dominates global DApp revenue rankings with $55 million generated over the past 30 days.
- Two HYPE exchange-traded funds that debuted on May 12 have accumulated $122 million in total net assets.
- Scheduled monthly releases of 309,000 HYPE tokens through late 2027, plus 389 million unlocked tokens, may apply downward pressure on prices.
The native cryptocurrency of Hyperliquid, known as HYPE, achieved a fresh all-time peak of $67 on Friday, May 30. This milestone followed confirmation from the US Commodity Futures Trading Commission that perpetual futures contracts serve valid functions for both price discovery and hedging purposes.
Aggregate open interest for HYPE futures across leading cryptocurrency exchanges reached $2.9 billion — marking a 30% increase compared to the previous week. This coincided with a 23% price appreciation for HYPE during the same timeframe.
The substantial increase in open interest signals heightened appetite for leveraged trading positions. However, it also elevates the possibility of a short squeeze scenario should upward price momentum persist. Interestingly, the funding rate for HYPE perpetual contracts fell to zero on Friday, suggesting an uptick in bearish positioning.
Prominent cryptocurrency analyst Arthur Hayes offered his perspective through a post highlighted by Coin Bureau on X, projecting that $HYPE could ultimately reach $150. Hayes attributed this ambitious target to Hyperliquid’s expanding influence within the decentralized finance ecosystem.
🔥BULLISH: Arthur Hayes says $HYPE token could reach $150. pic.twitter.com/g5L62koiJB
— Coin Bureau (@coinbureau) May 30, 2026
Platform Dominates Decentralized Application Revenue Charts
Over the trailing 30-day period, Hyperliquid generated $55 million in revenue, claiming the top position among all decentralized applications worldwide. The token creation platform Pump.fun secured second place with $33.8 million, while prediction market Polymarket ranked third at $19.6 million.
Throughout 2025, the platform has facilitated approximately $2.9 trillion in perpetual futures trading volume and maintains roughly $7 billion in open interest, per Grayscale’s analysis. Weekly perpetual contract volumes have consistently exceeded $35 billion for eight straight weeks.
Revenues earned by the protocol are deployed to purchase HYPE tokens from secondary markets, establishing continuous demand-side pressure.
Institutional Interest Intensifies
Investment firm Grayscale released an analytical report characterizing Hyperliquid as a prospective “financial services juggernaut.” The analysis highlighted how the platform has evolved beyond cryptocurrency derivatives, now venturing into tokenized stocks, commodities, and prediction-based trading through its HIP-3 and HIP-4 frameworks.
Digital asset trading firm FalconX arrived at comparable conclusions, noting that Hyperliquid is emerging as a competitor to established entities such as CME Group and prediction market platforms like Kalshi and Polymarket.
Exchange-traded funds tracking HYPE that launched on May 12 from Bitwise and 21Shares have collectively amassed $122 million in net assets, based on data from SoSoValue.
Hyperliquid presently restricts access for United States-based users due to the uncertain regulatory classification of perpetual futures under American law. While the CFTC’s recent statement represents progress for the wider industry, Jake Chervinsky, CEO of Hyperliquid Policy Center, cautioned that achieving full regulatory clearance for DeFi platforms “will likely take longer.”
The token economics include scheduled monthly releases of 309,000 HYPE tokens continuing through November 2027. Furthermore, 389 million tokens await distribution with unspecified allocation plans.
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