HYPE token surges 45% as Hyperliquid expands offerings

HYPE surged up to 45% in a week, defying the crypto downturn, as record trading volumes and new outcome trading features boost investor interest and position HYPE as a defensive asset.

Hyperliquid’s HYPE token has significantly outperformed the broader cryptocurrency market, surging 30% to 45% over the past week while many major altcoins faced double-digit losses. This impressive rally is linked to record activity on Hyperliquid’s decentralized exchange, especially after Silver-USDC perpetual contracts exceeded $1 billion in 24-hour trading volume. The introduction of permissionless markets via HIP-3 has allowed users to create markets for various assets, boosting both open interest and trading volume. HYPE’s price climbed from around $23 to a peak of $34.8 before pulling back below its 100-day simple moving average, with analysts identifying the $27 level as a potential support zone. Additionally, Hyperliquid has launched the testnet for its HIP-4 outcome trading feature, offering fully collateralized binary contracts for prediction markets and options trading without leverage or liquidations. Settlements will occur in the native stablecoin USDH. This expansion is expected to further diversify Hyperliquid’s offerings and strengthen HYPE’s position as a defensive asset amid ongoing market volatility.