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Hyperliquid’s native token $HYPE is trading at $26.73, up 8.6% in the past 24 hours and over 80% in the past month.
Since hitting a low of $10.34 in April, the token has rebounded 260% and is now just 23% below its all-time high of $34.96. On-chain metrics point to a spike in trading activity, with 24-hour derivatives volume up 36% and open interest up 13% to $936 million, according to Coinglass data.
Daily protocol revenue currently stands at about $2 million, while perpetuals volume over the last day alone reached $7.64 billion, as per DefiLlama data. Rising market dominance and a sharp increase in user adoption are the main drivers of this explosive growth.
Hyperliquid ($HYPE) has surpassed centralized firms such as Deribit in Bitcoin (BTC) perpetual open interest, as well as OI for some other tokens. Hyperliquid is quickly emerging as a major competitor in the perpetual trading sector, with a lifetime trading volume of over $1 trillion.
Pseudonymous analyst Flood, in a May 16 post on X, estimates the protocol generates over $700 million in annual revenue, which would make it one of the most profitable businesses in the U.S. Most of those profits, according to Flood, are used to buy back $HYPE on the open market.
Where does Hyperliquid rank in terms of US companies by net profitability assuming 97% margin biz ($700MM+ net income)
— Flood (@ThinkingUSD) May 15, 2025
Looking at the technical picture, $HYPE is trading at $26.73, well above all major moving averages, suggesting that the market is still seeing bullish momentum. The relative strength index at 71 indicates overbought conditions, which could signal a short cooling off.
Immediate support lies at $24.76 and $22.32, while $20 offers a stronger psychological support. Resistance sits at $28.13, with a clear path to $30 and potentially the all-time high of $34.96 if momentum and volume holds.
A more substantial decline toward $20 might result from a drop below $22. Even though the trend is still strong, the market’s reaction to this overbought stage will probably determine the next course of action.