What's driving the HYPE ✨

Hyperliquid's native token HYPE is up triple figures since the start of the year—here's what's behind its meteoric rise.

Author

Stephen Graves
May 20, 2026

📝 What you need to know

Get HYPE. Hyperliquid’s native token has soared by triple digits since the start of the year while Bitcoin has slumped, a decoupling that market observers attribute to its revenue diversification.

Originally a decentralized perpetual futures exchange, Hyperliquid has branched out to target the likes of real-world assets and pre-IPO markets, leading to it being priced as “high-growth financial infrastructure.” So far this year, it’s raked in $255 million in revenue, accounting for around a third of all revenue across the top 10 protocols.

The growth comes on the heels of its HIP-3 framework and news that 21Shares and Bitwise have filed for Hyperliquid ETFs as the platform builds towards becoming a “decentralized super app.”

There are notes of caution, though. OpenAI and Anthropic have warned investors against trading in securities tied to companies that they have not authorized. And Intercontinental Exchange and CME Group have reportedly pressed the CFTC to address potential market integrity risks associated with the platform’s pseudonymous trading environment.

HYPE Surges 101% This Year: What’s Driving Hyperliquid’s Growth?

Hyperliquid's HYPE token has decoupled from Bitcoin with 101% YTD gains as the platform's revenue explodes across multiple sectors.

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Trump announces Hormuz blockade lifted before June?
YES 26%74% NO
  
Why it matters
Trump postponed a planned Tuesday strike on Iran at the request of Qatar, Saudi Arabia and the UAE — he was "an hour away" from ordering it, per CNN. Gulf leaders pressed for diplomacy, fearing Iranian retaliation on their energy infrastructure. But with June 1 just 11 days away and Iran still publicly resistant after weeks of broken deadlines, YES has only edged from 17% to 26%, well short of the 62% May 6 peak.
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