Overview

• HYPE trades near $47.12 with a market cap around $12.7 billion and daily volume above $540 million after a period of consolidation.
• The platform is generating about $3 million in fees each day, underscoring consistent usage despite intensifying competition.
• Hyperliquid retains roughly 62% of perp DEX open interest even as its volume share has fallen to about 8%, with Aster reporting more than $270 billion in weekly trades.
• More than 660,000 HYPE are staked as buybacks reduce float, while traders watch $42–$46 as support and a sustained break above $49 for potential targets at $55–$60.
• Diversification includes HyperEVM hosting over 100 protocols with about $2 billion in TVL, the USDH stablecoin and the HIP-3 staking model, with analysts cautioning the thesis weakens if open interest or revenue drop or if USDH fails to gain liquidity.