HYPE Explodes 57% in 72 Hours as Hyperliquid Trading Surge Fuels Breakout
- HYPE jumped 58% to $33, hitting an eight-week high after over $32 million in short positions were liquidated amid surging platform activity.
- Commodities are driving record volume, with silver and gold perpetuals pushing HIP-3 open interest to a new $935 million peak.
- HIP-3 is decentralising market creation, allowing independent teams to launch competing exchanges.
Hyperliquid’s HYPE token jumped 23% in 24 hours to about US$33 (AU$50.49), extending a three-day gain of 58% and briefly tagging an eight-week high near US$34.50 (AU$52.79).
Over the past 72 hours, liquidations in leveraged HYPE trades topped US$34 million (AU$52 million), with about US$32.2 million (AU$49 million) coming from short liquidations. At the same time, open interest rose 48.7% to roughly US$1.82 billion (AU$2.7 billion), signaling fresh leverage entering the market as the price pushed higher.
HYPE/USD. Source: TradingView.
Read more: Burry’s Back—and He’s Betting on GameStop for the Long Haul
Hyperliquid’s HIP-3 Taking The Lead
The move coincided with a sharp pickup in trading activity on Hyperliquid’s commodities-linked perpetuals, especially gold and silver.
A separate milestone on Hyperliquid’s HIP-3 ecosystem helped pull attention back to the venue. Combined open interest across HIP-3 decentralised perpetual exchanges hit a new high of about US$935 million (AU$1.4 billion), while daily trading volume across those markets reached a record US$1.78 billion (AU$2.7 billion).
The flow appears to be coming from “tradfi-style” perpetuals (crypto contracts that track real-world benchmarks like commodities) rather than only majors like BTC and ETH. Silver alone saw more than US$1.25 billion (AU$1.9 billion) in 24-hour volume on Monday, ranking behind only Bitcoin and Ether on the platform.
As Crypto News Australia reported, HIP-3 is the structural driver behind that growth. Instead of one central order book, Hyperliquid lets outside teams launch their own perpetual markets on its rails by staking HYPE and competing on liquidity and pricing. The idea is that multiple competing books tighten spreads and deepen liquidity, making it easier for traders to enter and exit without heavy slippage.
Hyperliquid CEO Jeff Yan said the platform has become “the most liquid venue for crypto price discovery,” pointing to improving spreads and order-book depth.
Read more: Crypto Laundering Scheme Lands Chinese National 46 Months in US Prison
The post HYPE Explodes 57% in 72 Hours as Hyperliquid Trading Surge Fuels Breakout appeared first on Crypto News Australia.
You May Also Like
Crypto execs met with US lawmakers to discuss Bitcoin reserve, market structure bills
Lawmakers in the US House of Representatives and Senate met with cryptocurrency industry leaders in three separate roundtable events this week. Members of the US Congress met with key figures in the cryptocurrency industry to discuss issues and potential laws related to the establishment of a strategic Bitcoin reserve and a market structure.On Tuesday, a group of lawmakers that included Alaska Representative Nick Begich and Ohio Senator Bernie Moreno met with Strategy co-founder Michael Saylor and others in a roundtable event regarding the BITCOIN Act, a bill to establish a strategic Bitcoin (BTC) reserve. The discussion was hosted by the advocacy organization Digital Chamber and its affiliates, the Digital Power Network and Bitcoin Treasury Council.“Legislators and the executives at yesterday’s roundtable agree, there is a need [for] a Strategic Bitcoin Reserve law to ensure its longevity for America’s financial future,” Hailey Miller, director of government affairs and public policy at Digital Power Network, told Cointelegraph. “Most attendees are looking for next steps, which may mean including the SBR within the broader policy frameworks already advancing.“Read more
Messari and Warden Protocol have partnered to launch an AI research assistant to aid in real-time crypto market analysis.
