Hyperliquid's native token HYPE experienced a significant price surge of over 21% in the last 24 hours, trading near $26.8, accompanied by a doubling of trading volume. This momentum follows founder Jeff's public statement that Hyperliquid has become "the most liquid venue for crypto price discovery in the world," marking his first public comment since January 1.
The platform's growth is underscored by the Hyperliquid Improvement Proposal 3 (HIP-3) open interest reaching a record $790 million, a dramatic increase from $260 million just one month prior. This surge is largely attributed to aggressive growth in commodities-linked perpetual contracts and the adoption of HIP-3, which launched in October 2025 and allows builders to deploy perpetual futures for any asset with a price feed.
Founder Jeff shared internal comparisons showing deeper BTC perpetual order book depth on Hyperliquid versus Binance. He also highlighted strong growth in non-crypto (TradFi-linked) perpetual markets, which now trade with similar depth. However, analyst CryptoNoddy challenged the liquidity comparison, noting that Hyperliquid's speedbump model—where order cancellations have priority over taker orders—allows market makers to display size without the same fill risk as on centralized exchanges like Binance. The analyst argued that during a recent ETH price move, visible depth on Hyperliquid did not translate to equivalent executable liquidity, with only around $2.5 million in actual volume filled despite $20 million in visible depth.
Technically, HYPE broke out of a falling wedge structure after reclaiming the $26 zone. The token rebounded sharply from a demand region between $20.10 and $24.10, which acted as support during the prior correction. Analysts note that price action shows early signs of trend stabilization, with the Directional Movement Index (DMI) printing a bullish crossover. However, the Supertrend indicator remains bearish, suggesting the broader trend has not fully flipped. Key resistance levels are identified at $27–$28 and $34–$36. A bullish cross of the 9-day and 21-day Exponential Moving Averages is projected in approximately 2.2 days if price holds above $24.12.
While the platform's growth and record open interest have fueled bullish sentiment, analysts consider a move to $50 in February as ambitious, requiring multiple technical confirmations and sustained volume expansion.
