HYPE, the native token of decentralized perpetuals exchange Hyperliquid, has surged to become the fifth-largest digital asset by futures open interest, surpassing dogecoin (DOGE), according to data from Coinglass.
As of now, the total dollar value of open HYPE futures positions—both perpetual and standard contracts—stands at $2.06 billion. While this places HYPE ahead of DOGE, which has $1.83 billion in open interest, it remains behind XRP. Bitcoin (BTC), ether (ETH), and solana (SOL) continue to dominate the top three positions.
The rapid rise of HYPE in the derivatives market is particularly notable given its relatively smaller market capitalization compared to some of the tokens it now outpaces in open interest. This trend highlights increasing demand for tokens powering purpose-built blockchain platforms like Hyperliquid.
Hyperliquid is a decentralized exchange (DEX) built on its own Layer 1 blockchain and specializes in on-chain perpetual futures. According to data from a Dune Analytics dashboard by @uwusanauwu, Hyperliquid accounted for 60% of the $94.3 billion in total on-chain perpetuals trading volume last week.
The HYPE token plays a central role in the Hyperliquid ecosystem. It is used for fee payments, governance, and economic incentives. Notably, 97% of trading fees collected by the protocol are directed toward open market buybacks of HYPE, which helps maintain bullish momentum.
“92.78% of HyperCore protocol revenue goes to buying back HYPE on the open market—over $1 billion annually in buybacks,” Hyperliquid Hub stated on X (formerly Twitter). The post also noted growing institutional interest, with major funds and traditional finance market makers actively trading on HyperCore’s central limit order books (CLOBs), contributing to what it claims is the deepest liquidity in crypto.
HYPE has posted a more than four-fold rally over the past three months, hitting a record high of $44. This price surge has been accompanied by booming futures open interest and aggressive funding rates—at one point exceeding 100% annualized—indicating strong demand for leveraged long positions.
