Well, old chap, it seems that Hyperliquid’s HYPE token has become the cat’s pajamas in the world of futures trading. According to the bean counters at Coinglass, HYPE has surpassed that most dignified of digital assets, dogecoin, to become the fifth-largest token by futures open interest.
At the time of writing, the dollar value of HYPE futures open interest stood at a whopping $2.06 billion. Not too shabby, if I do say so myself. Of course, XRP still leads the pack, but one can’t help but feel a sense of excitement at HYPE’s meteoric rise.
But what, you may ask, is behind HYPE’s sudden surge in popularity? Well, my curious companions, it seems that Hyperliquid’s focus on providing an on-chain perpetual futures market has struck a chord with the crypto cognoscenti. And with 97% of trading fees going towards buying back HYPE, it’s little wonder that the token is experiencing a bit of a bull run.
“92.78% of protocol revenue goes to buying back HYPE on the open market — over $1B annually in buybacks,” Hyperliquid Hub exclaimed on X. “Major firms and funds are actively adding HYPE to their portfolios and top-tier market makers from traditional finance are trading on HyperCore’s CLOBs, creating the deepest liquidity in crypto.”
And if all that weren’t enough, HYPE has chalked out a four-fold price rally in just three months, reaching a record price of $44. Blimey, old chap! It seems that HYPE is the token to watch in the world of crypto.
So, there you have it. HYPE is the new kid on the block, and it’s making waves in the world of futures trading. Whether it will continue to soar to dizzying heights or come crashing back down to earth remains to be seen. But one thing is certain: HYPE is a token that’s definitely worth keeping an eye on. 👀
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2025-06-16 14:23