🚀 Hyperliquid becomes the narrative center of cryptocurrency, HYPE hits new records

Hyperliquid is becoming the new dominant narrative in cryptocurrency, promising to be a more active perpetual futures trading hub. HYPE has been setting new records, briefly surpassing $73.
Recent upward momentum continues to ignore the overall hesitation in the crypto market. Hyperliquid is also seen as a potential major L1 chain because its native "killer app" is perpetual futures trading.
Hyperliquid's daily fee income has already surpassed Aave and Polymarket, according to DeFi Llama data, second only to Pumpfun. As speculative trading of crypto tokens slows, protocols generating fees become more important.
The platform's locked-in value has nearly recovered to October 2025 levels, with total liquidity around $5.64 billion. The recovery of open interest contracts is slower, still below $10 billion, down from above $14B in October 2025.
Multiple factors are at play on Hyperliquid, including organic growth, increased interest in stocks and commodities perpetual futures, and demand for pre-IPO stocks.
According to Messari metrics, Hyperliquid's market share has also risen to 1.3%, up over 64% in the past day. HYPE still lags behind Solana's market share of 7.3%, but has surpassed other influential assets. Hyperliquid chain has about 66k active users daily, some of whom are whales and high-end traders.
🔸 Will HYPE break $100?
HYPE is experiencing its largest rally in history, up over 122% in the past three months. HYPE has nearly matched the net gains of ZCash (ZEC).
HYPE's rally is seen as more reliable and supported by fundamentals, unlike meme tokens or other speculative assets. As traders gradually move away from tokens without real backing, funds are shifting from Solana and Ethereum. HYPE is viewed as the next token representing the most powerful network.