Hyperliquid HYPE Overtakes Solana in Price as Grayscale Launches 0.29% ETF and HIP-3 Hits $62B Volume

Hyperliquid News

Hyperliquid's HYPE token overtook Solana on a per-coin basis this week, marking a symbolic shift for the fast-growing decentralized perpetuals venue. HYPE printed a fresh all-time high of $74.67 on Tuesday before settling near $73.15, edging above SOL's $72.35 as the broader market unwound double-digit losses over the prior week. Over the past month HYPE has added roughly 24%, one of the few top-20 tokens in the green, while Solana has slid about 14% to its weakest level since late 2023. By market capitalization Solana still leads at around $42 billion versus Hyperliquid's $16 billion, though that gap has been narrowing steadily.

A high-profile whale identified as loracle.hl finally capitulated on a stubborn HYPE short, realizing a $46.46 million loss after holding the position through May's rally. On-chain data shows the trader also paid over $54,000 in funding fees while fighting the trend, before flipping to a 2x leveraged long on 82,200 HYPE worth roughly $5.98 million near $70.20. By Wednesday that fresh long was already up more than $213,000 as price pushed to $72.80. The same wallet now carries sizable long exposure in ZEC and NEAR, aligning with Arthur Hayes' so-called holy trinity momentum trade and reinforcing the bullish reflexive feedback loop into HYPE.

Grayscale launched the Hyperliquid Staking ETF under the ticker HYPG on Nasdaq, undercutting rivals with a 0.29% sponsor fee. The product sits below 21Shares' THYP at 0.30% and Bitwise's BHYP, which transitions from a promotional 0% rate to 0.34% after its first month. HYPG is structured to capture network staking yield, which has historically averaged about 2.2% annually, on top of price exposure. Grayscale's head of research framed Hyperliquid as the breakout success story of the cycle, citing roughly $857 million in 2025 protocol revenue and a buyback model that recycles about 99% of fees into the token, linking usage directly to value accrual.

Hyperliquid's share of global perpetual futures volume against all centralized venues hit a record 6.63% in May, with the ratio versus Binance specifically reaching an all-time high of 14.4%. The HIP-3 builder-deployed perpetuals framework was the engine, producing more than $62 billion in monthly volume and roughly $3 billion in open interest. Binance recently introduced equity and pre-IPO perps and disclosed $280 million in cumulative pre-IPO volume during the product's first five days, yet HIP-3's scale dwarfs that early traction. The growth is also notable given pure crypto volumes are down year over year across most crypto exchanges amid the broader downturn.

Institutional appetite for HYPE has accelerated quickly. Combined volumes on the existing 21Shares and Bitwise products have approached $600 million inside three weeks, with net inflows topping $136 million before HYPG even arrived. A 30-page valuation framework circulated by a major digital asset research desk argues HYPE is among the rare crypto assets where protocol activity translates almost directly into token demand, projecting a base-case price of roughly $147 by 2031 under the buyback model. Hyperliquid has also benefitted from a more constructive U.S. backdrop after the CFTC granted the first U.S.-listed perpetual futures contract last week, opening a clearer path for onshore perp products and signaling building regulatory clarity for the category.

Technically, traders are pointing to a bull pennant breakout that puts the $100 to $105 zone in focus as the next measured-move target. Arthur Hayes has publicly forecast HYPE reaching $150 by August 2026, framing it alongside NEAR and ZEC as his preferred high-beta non-Bitcoin trades. The CoinShares-style argument that protocol fees directly fund buybacks has resonated with discretionary capital rotating out of weaker altcoins. The key risk for the bull case is concentration: with Trade.xyz holding more than 90% of HIP-3 builder share and HIP-3 leaning heavily on tokenized-equity flow, any meaningful pickup in Binance's equity perps could compress Hyperliquid's category lead faster than crypto-native volumes can backstop.

HYPE trades near $72.94 with a 0.62% daily gain, market cap around $16.1 billion and 24h volume near $2.74 billion. Immediate support sits at $70.13, with deeper bids at $65.22 and $56.81. Resistance stacks at $75.79, $80.58 and the psychologically heavy $89.30 region. RSI at 70.18 has crossed into overbought territory while MACD remains bullish, consistent with the prevailing uptrend. The constructive scenario favors a clean break above $75.79 to open $80.58 and beyond. A daily close back beneath $70.13 would invalidate the breakout structure and expose $65.22, where the broader blockchain bid would be retested.