Key Highlights
- HYPE token has reached a new all-time high of $88, posting gains exceeding 50% throughout September 2026
- The platform’s aggregate open interest climbed to an unprecedented $14.3 billion, marking a $3.57 billion increase within 30 days
- Coinbase initiated user routing from Base App to Hyperliquid in mid-August, driving user expansion
- An $820 million token unlock event on September 6 was absorbed without triggering significant sell-off
- Token burns have accumulated to 48.45 million HYPE, representing 4.84% of the maximum token supply
The native cryptocurrency of Hyperliquid, HYPE, has achieved a fresh all-time high of $88, pushing its market capitalization close to the $20 billion threshold. Monthly performance shows the asset has appreciated more than 50% during September.
The platform’s total open interest has surged to an unprecedented $14.3 billion. This level sits just 3% below the $14.7 billion peak witnessed immediately prior to the October 10, 2025 market crash, during which open interest plummeted 56% within 24 hours to $6.5 billion.
The subsequent recovery unfolded across two distinct phases. Initially, HIP-3, Hyperliquid’s builder protocol, spearheaded the growth trajectory. HIP-3’s proportion of aggregate open interest expanded from 18% during March 2026 to surpass 34% by August, with these markets accumulating $4.44 billion in open interest.
The momentum has recently pivoted toward Hyperliquid’s primary cryptocurrency perpetual markets. Throughout the last 30 days, aggregate open interest climbed by $3.57 billion, while HIP-3 open interest declined by $119 million.
Significance of Core Perpetuals Growth for HYPE Valuation
This transition carries substantial implications for HYPE’s market value. The primary perpetual markets channel approximately 97% of generated fees directly into HYPE token buyback programs. Conversely, HIP-3 builders maintain the option to retain up to 50% of fees generated from their respective markets.
During the most recent 24-hour period, Hyperliquid executed buybacks and burns totaling 15,350 HYPE tokens valued at approximately $1.32 million, with an average acquisition price of $86.17. Aggregate burns have now reached 48.45 million HYPE tokens, constituting 4.84% of the maximum supply allocation.
Two significant developments contributed to the recent open interest expansion. Coinbase implemented integration directing Base App users toward Hyperliquid during mid-August. Additionally, President Trump announced that the CFTC is actively developing frameworks to facilitate Hyperliquid’s onshore operations under regulatory compliance.
Major Token Unlock Absorbed Without Price Impact
A scheduled release of 9.92 million HYPE tokensāvalued at approximately $820 millionāoccurred on September 6. Contrary to market concerns, the price trajectory continued its ascent toward $89. Historical patterns indicate that only minimal portions of previously unlocked tokens have been transferred to exchange platforms.
Market analyst MB.hl published a technical analysis on X, highlighting that the $82 point of control has converged with an ascending support trendline and established volume shelf. The analyst emphasized that institutional capital demonstrates substantial long positioning at $74 million compared to $15 million in short positions, with major holders and prominent market participants uniformly positioned bullishly. MB.hl projected that HYPE will mount another challenge at the all-time high level.
Examining the daily chart, HYPE has rebounded from an intraday low of $81.82 to trade at $86.05. Critical resistance levels are positioned at $88ā$90. A sustained break above $90 could establish pathways toward $95, with potential extension to $100.
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