Hyperliquid’s HIP-3 and Equity Perps Drive HYPE’s 70% Rally
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Hyperliquid’s HIP-3 and Equity Perps Drive HYPE’s 70% Rally



Hyperliquid’s HIP-3 upgrade and a sudden surge in equity perpetuals may be powering the next leg of recovery for HYPE.

What changed
After losing ground in 2025 to rivals such as Aster and Lighter, Hyperliquid has clawed back meaningful market share. Dune Analytics shows the platform’s dominance rose from a December low of 18% to just over 33% at the end of January — a roughly 15 percentage-point rebound driven largely by booming equity perpetuals.

Why equity perps matter
Perpetual contracts let traders hold leveraged positions indefinitely (subject to funding and fees), and Hyperliquid’s HIP-3 upgrade—implemented via third-party integrations—extended the protocol beyond crypto into equities and commodities. That cross-asset capability has paid off: volatile precious-metals trading recently pushed silver and gold into the platform’s top-five volume list. On Friday, silver traded about $3 billion and gold nearly $700 million. The other top assets by volume were Bitcoin, Ethereum and HYPE; Solana ranked sixth.

Non-crypto flows are already significant. Crypto VC partner and trader McKenna says roughly 30% of Hyperliquid’s volume comes from non-crypto assets, and predicts, “Let me repeat, Hyperliquid will bring in more daily volume from TradFi perpetuals than digital asset perpetuals.”

Impact on HYPE token
Higher perps volume boosts fee revenue, which in turn fuels HYPE buybacks and burns — a straightforward bullish mechanism for the token. DeFiLlama data shows weekly revenue rising from about $11 million to $15.5 million while HYPE’s price jumped roughly 70% over the same period, underscoring a tight correlation between protocol revenue, perps volume, and token performance.

Price outlook and risks
Technically, HYPE has retraced some gains amid broader Bitcoin weakness. Key levels to watch:
– Support: $28 — holding this zone could enable a push toward $36.
– Risk: a break below $28 would likely invalidate the bullish case and lock HYPE back into the December $20–$28 range.

Bottom line
HIP-3’s cross-asset perps have transformed Hyperliquid into a meaningful player beyond crypto, and the resulting revenue lift has been a clear catalyst for HYPE’s recent rally. Continued traction in equities and commodities trading could sustain the token’s recovery — but downside remains if key support fails.

Sources: Dune, X (Twitter), DeFiLlama, TradingView.

Disclaimer: This article is informational only and not investment advice. Cryptocurrency trading is high-risk; perform your own research before making any decisions. © 2026 AMBCrypto

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