Hyperliquid’s native token, HYPE, is under increasing sell pressure as derivatives liquidity dries up, even as the platform’s HyperliquidX arm sees a 200% monthly surge in S&P 500 perpetual contract trading volume. The contrasting signals paint a complex picture for the ecosystem heading into the second half of 2026.
On the bearish side, Hyperliquid recorded $17.6 million in futures outflows, according to Artemis, threatening the momentum that pushed the token to new highs last week. HYPE’s price retreated below $70 multiple times, trading around $68 at press time, while the weekly and monthly relative strength index (RSI) showed bearish divergence. Token trading volume plummeted from a record $2.3 billion on June 16—the day of SpaceX’s IPO—to roughly $500 million, signaling weakening demand. Additionally, Coinglass data revealed a spike in negative funding rates for the second time this month, marking a shift in bearish bias, though large-order book activity still showed weak sell pressure from whales.
In sharp contrast, HyperliquidX is gaining traction as traditional market participants move onchain. Token Terminal reported that daily notional trading volume for S&P 500 perpetual contracts soared roughly 200% over the past month to approximately $1 billion. This influx highlights growing appetite for decentralized derivatives tied to traditional assets, positioning HyperliquidX as a key beneficiary. While no immediate price impact is visible for HYPE, sustained volume growth could eventually support network activity and demand for the token.
Traders are now closely watching whether the platform can sustain elevated derivatives activity overall, with open interest and funding rates serving as critical indicators. A deeper correction in HYPE could unfold if the futures outflows persist, but the expanding traditional market volumes may provide a cushion by driving broader engagement with the Hyperliquid ecosystem.
