HYPE, the native token of decentralized perpetuals exchange Hyperliquid, has climbed to the 10th spot by market capitalization, a milestone for a DeFi-native asset competing against legacy chains and meme coins.
In late May 2026, HYPE's market cap ranged between $15.36 billion and $18.5 billion, briefly surpassing Dogecoin. The token itself hit multiple all-time highs in the $67 to $72 range, reflecting weekly gains exceeding 9%.
Revenue and Buyback Engine
Hyperliquid has generated over $1.16 billion in cumulative revenue by mid-2026. That revenue is funneled into HYPE token buybacks, reducing circulating supply and boosting demand.
In April 2026 alone, Hyperliquid processed approximately $190 billion in trading volume, accounting for nearly 4% of the global perpetuals market.
Institutional Endorsements
Grayscale published a bullish report on May 28, 2026, covering Hyperliquid alongside CFTC regulatory developments, which triggered increased buying pressure on May 29 and 30. Bitwise has also flagged rising demand for HYPE.
Record open interest in Hyperliquid’s perpetual contracts shows traders trust the infrastructure enough to hold positions.
Risks to Consider
HYPE’s buyback-driven model is tied to trading volume. A sustained downturn in crypto derivatives activity would reduce revenue, slow buybacks, and potentially reverse favorable supply dynamics.