I have been closely observing Hyperliquid's HYPE token for the past week, and honestly, the data tells a fairly interesting story. The token reached its all-time high of $76.70 on June 16, but has since experienced a fairly sharp decline of about 22% from that peak to around $59–$61 as of today. That means roughly 16.9% below its record high of $76.76.

Price & Market Metrics (as of June 29)
The current price is around $64.8 with a market capitalization of about $15.7 billion. 24-hour trading volume is around $342–$448 million. The circulating supply is approximately 253 million HYPE with a max supply of 1 billion. The token is still up about 47% over the past month, so the correction is real but the broader uptrend from the start of the year is not yet fully broken.
Protocol Fundamentals
Platform fundamentals remain strong despite the price decline. Cumulative revenue has surpassed $1.16 billion, and open interest reached a record $6 billion on June 14. The DEX recorded 24-hour trading volume of about $1.38 billion. Derivatives participation is cooling as open interest dropped from around $2.2 billion to $1.73 billion. The cumulative spot volume delta remains deeply negative at nearly $95 million, meaning sellers still control the market but the selling pressure is beginning to ease.
TVL & DeFi Context
Here's what caught my attention: while total DeFi TVL has declined 39% year-to-date from $115 billion to around $70 billion, Hyperliquid is one of only two top-10 chains that actually grew. Hyperliquid's TVL rose nearly $100 million in 2026, up 7% from $1.42 billion on January 1 to $1.52 billion. The broader market is bleeding, but Hyperliquid is quietly gaining a foothold.
New Product Updates
The Portfolio Margin system has just entered beta with significantly higher limits. Accounts under $25 million can now access it, and both BTC and HYPE can be used as collateral. This system consolidates perpetual, spot, and yield markets from a single account, and idle collateral now earns yield. This is a meaningful upgrade for capital efficiency.
Kinetiq, Hyperliquid's liquid staking protocol, has just surpassed $1.05 billion in TVL. The kHYPE token accounts for about $908 million of that amount. Integrations with Pendle, Curve, Hyperlend, and Felix expand kHYPE's use cases across lending, collateral, and yield markets. The Launch platform was launched on June 11, supporting deployment of HIP-3 markets.
Institutional Moves
Bitwise staked 1.775 million HYPE worth approximately $114 million on June 28. That is a serious vote of confidence. The BHYP ETF directs its fees to buy and stake HYPE. Meanwhile, 21Shares sold about $1.8 million HYPE, but that looks like portfolio rebalancing rather than a broader institutional exit.
Regulatory Hurdles
Singapore's MAS added Hyperliquid to its Investor Alert List on June 26. That is worth noting—regulatory scrutiny could affect sentiment or accessibility in certain regions.
Technical Levels
The $50–$54 zone is the next major support cluster, aligned with the rising 50-day EMA. A daily close below $53 would mark the first meaningful bearish shift on the daily chart this year. Resistance is around $75.62—a daily close above that level would open the path to a new all-time high.
$HYPE ‌