Hyperliquid’s HYPE token has surged to a fresh all-time high, extending a rally that has placed the decentralized derivatives platform at the center of altcoin market attention. The token hit $84.80 on Thursday, rising about 5% in 24 hours and marking its second record in seven days. After a 40% weekly candle that broke through the old $77 resistance, HYPE has since held that level as support, according to market data.
The rally coincides with a significant expansion of Hyperliquid Strategies’ treasury. The Nasdaq-listed company, trading under the ticker PURR, reported it now holds 29.3 million HYPE tokens, up from 12.5 million after its merger. The company raised $646.6 million through a committed equity facility during fiscal 2026 and deployed roughly $773.4 million, buying about 16.5 million HYPE at an average price of $46.77 per token. It reported net income of $305.5 million, with unrealized HYPE gains accounting for $709.9 million. Shares of PURR closed up 19.64% to $13.83 after the earnings release.
On August 26, Hyperliquid activated its AQAv2 reserve yield program, directing around 90% of cost-adjusted yield on $6.74 billion in USDC deposits toward HYPE buybacks. Under a 3% yield scenario, that could add roughly $182 million per year in buyback pressure, with first distributions scheduled for October 3.
Regulatory sentiment has also improved. President Donald Trump said on August 20 that Hyperliquid could be available in the US soon, and the CFTC is reportedly working on a compliant pathway for the platform. Spot HYPE ETFs have seen renewed inflows, while Hyperliquid controls about 63% of decentralized perpetuals open interest and 9.4% of global derivatives activity.
Technically, the nearest resistance sits at the upper Bollinger Band around $89.23, with the 1.272 Fibonacci extension at $92.37. The Money Flow Index stands at 91.42, above the overbought level of 80. Some analysts are cautious: Crypto Patel warned that the higher timeframe structure could be a trap for retail longs, flagging $79 as key support and potential downside targets at $69, $62, and $58. A $1.2 billion token unlock is due on August 29, with another scheduled a month later, adding event risk around current levels. Separate commentary from Route 2 FI also identified HYPE as a candidate to buy on any flash dip, reflecting strong trader interest in short-term price movements.
