Hyperliquid's native token, $HYPE, has experienced a remarkable price surge, rising 260% from its April low of $10.34 to $26.73 as of mid-May 2025. The token is just 23% below its all-time high of $34.96, reflecting strong bullish momentum. This price appreciation is supported by a surge in on-chain metrics, including a 36% increase in 24-hour derivatives volume and a 13% rise in open interest, now approaching $1 billion.
The protocol's daily revenue has hit approximately $2 million, with perpetuals volume surpassing $7.6 billion in the last 24 hours, evidencing heavy trading activity and adoption. Hyperliquid has overtaken established centralized exchanges like Deribit in open interest for Bitcoin perpetual contracts, highlighting its growing prominence in the perpetual trading sector. Lifetime trading volume on the platform has exceeded $1 trillion.
A pseudonymous analyst estimated the protocol could generate annual revenues over $700 million, positioning Hyperliquid among the most profitable U.S. businesses. Most profits are reinvested into buying back $HYPE tokens, applying deflationary pressure. Technical analysis shows $HYPE trading well above major moving averages, though an RSI of 71 suggests it may be temporarily overbought, possibly leading to a short-term pullback.
Growth in Hyperliquid’s user base has been extraordinary, with daily new users increasing ninefold since April. The platform's decentralized nature and user-focused features have attracted traders favoring anonymity and deep liquidity. Bullish chart patterns suggest potential for rallying $HYPE as high as $45, contingent upon breaking resistance levels at $27 and $35.