#TradFi交易分享挑战

‍# Grayscale purchases over 510k HYPE and stakes it
Can it still be chased? -- Analysis of the Hype gainers list

1. Basic Introduction

Hyperliquid is a high-performance decentralized exchange (DEX) built specifically for perpetual futures trading, with its underlying layer being a dedicated Layer 1 blockchain. The project is known for its fully on-chain order book, low-latency trading experience, and deep liquidity, currently holding about 70% of the on-chain perpetual futures trading volume market share.

Key Highlights

Hyperliquid's monthly trading volume exceeds $180 billion, with daily trading often surpassing $1 billion. The project launched the HyperEVM mainnet in February 2025, introducing Ethereum-compatible smart contract functionality, significantly expanding ecosystem possibilities. The HIP-3 upgrade enabled permissionless market creation, allowing users to create new perpetual futures contracts by staking HYPE tokens. The native prediction market (HIP-4), launched in May 2026, further enriches the platform's product lineup. Community governance is conducted through HIP proposals, with a governance vote in early 2026 that approved the burning of approximately $1 billion worth of HYPE.

HYPE is the native token of the Hyperliquid ecosystem, used for paying trading fees, staking for rewards, participating in governance votes, and collateral when creating new markets.

2. Representative Economics

Basic Information

Total token supply is approximately 1 billion tokens. The token is issued on the Solana chain, with a circulating supply of 23.83%, and a market cap of 13.7 billion.

Token Distribution

A certain proportion is held by the team and early investors, with specific unlocking schedules including cliffs and linear releases. Community airdrops and ecosystem incentives account for a significant portion, used to reward early users and liquidity providers. The foundation reserves are allocated for long-term ecosystem development and strategic partnerships.

Token Uses

Trading fees can be paid with HYPE to receive discounts. Staking HYPE yields a share of platform fees and additional rewards. For governance participation, HYPE holders can vote on protocol parameters and upgrade proposals. Creating new markets requires staking HYPE as collateral.

3. Market Analysis

HYPE has shown steady growth over the past 7 days, rising from about $42 on May 16 to $58.59 on May 21, a total increase of approximately 40%. Trading volume has also increased, with 54.29 million trades on May 21, the highest in nearly 7 days, indicating continued rising investor interest.

Technical indicators at the 4-hour level are bullish, with ADX at 61.2, RSI in overbought territory, and moving averages in a bullish alignment. The daily chart also shows a bullish bias, with ADX at 23.7, RSI overbought, and neutral MA arrangement.

Key Price Levels

Resistance at $62.63 (recent high combined with historical high). Support levels at $56.3 and $53.

4. Recent Fundamental Changes

1. The recent rise was driven by institutional funds, with the HYPE ETF listed in the US attracting nearly $25 million in a single day, while Bitcoin and Ethereum ETFs saw net outflows during the same period.

2. A whale holding 1.8 million HYPE has a 5x leveraged short position, currently with unrealized losses exceeding $22 million. If HYPE reaches $69, this position risks liquidation.

3. Nasdaq-listed HYPE treasury company Hyperliquid Strategies increased its HYPE holdings to 20 million by the end of April 2026. In the nine months ending March 2026, driven by unrealized gains of $198.4 million on HYPE, the company earned $2.6 million from HYPE staking, with a net profit of $152.5 million.

4. Hyperliquid dominates about 70% of on-chain perpetual futures trading volume, making it the absolute leader in DEX derivatives. The launch of HyperEVM with Ethereum compatibility significantly expands ecosystem possibilities. The platform’s daily trading volume often exceeds $1 billion, with trading fees providing real value support for HYPE.

5. Trading Recommendations

For short-term traders, the current overbought condition suggests avoiding chasing the high. It is recommended to wait for a pullback to the $54–$55 range before considering entry, or wait for a confirmed breakout above $62.63 to go long. Set stop-loss below $52.

For medium-term holders, if already holding, continue to observe whether the price can break the previous high of $59.37. If it pulls back to the $48–$50 range, consider adding positions. $MU