Hyperliquid’s ($HYPE) native token climbed to a new all-time high of $85, extending its rally as investor demand for decentralized derivatives platforms continued to strengthen. The breakout pushed HYPE to its highest price since launch and further cemented its position among the largest cryptocurrencies by market capitalization.
The rally has been supported by strong trading activity across the Hyperliquid ecosystem. Open interest in HYPE-linked futures has risen to nearly $3.9 billion, while derivatives volumes continue to significantly outpace spot trading, reflecting growing participation from leveraged traders.
Recent protocol developments have also boosted sentiment. Investors have pointed to the launch of AQAv2, a new reserve yield program that directs a substantial portion of protocol revenue toward HYPE buybacks, creating an additional source of long-term demand for the token.
Despite the record high, traders are closely monitoring upcoming supply events. Hyperliquid is scheduled to unlock another tranche of HYPE tokens in the coming weeks, which could increase short-term volatility as early contributors receive additional tokens.
