HYPE, the native token of the Hyperliquid network — a layer-1 blockchain whose flagship product is a fully on-chain perpetual-futures exchange — climbed to a new record above $82 as trading activity on the platform accelerated during the broader cryptocurrency-market recovery. The token reached approximately $82.58 on Aug. 22 before pulling back toward the upper-$70 range.

The rally has coincided with higher perpetual-futures volumes, growing platform balances, and renewed optimism around U.S. regulation. Hyperliquid's fee model also continues to direct protocol revenue toward HYPE purchases through its Assistance Fund, the protocol-controlled account that receives a share of trading fees and uses it to buy back and retire the token.

Perpetual-Futures Volume Surges

There are signs that the volume handled on Hyperliquid is surging as the crypto-market rally ignites. Data compiled by DeFi Llama shows that volume jumped to $200 billion in the last 30 days and $58 billion in the last seven. If these numbers are accurate, Hyperliquid has become one of the biggest exchanges in the industry. That would mark a milestone for on-chain trading: perpetual futures — leveraged contracts that track an asset's price without an expiry date — are among the most heavily traded instruments in crypto, but derivatives volume has historically been dominated by centralized venues such as Binance, with earlier on-chain rivals like dYdX and GMX generally handling smaller volumes.

Centralized and decentralized exchanges typically perform well when the crypto market is rallying. At the same time, Hyperliquid is benefiting from ongoing volatility in the stock and commodity markets. Over the past few months, the platform has launched several tokenized stocks and commodities.

Hyperliquid's growth may accelerate in the coming months, especially if the platform gains access to the vast U.S. market. In a statement this week, President Donald Trump said he would be open to allowing the platform into the country. Hyperliquid currently restricts U.S. users under its terms of service, so any change in access would open a market that has been off-limits to the platform to date.

Fees and Token Burns

These developments are driving key Hyperliquid metrics higher. The network has generated over $37 million in fees this month and may surpass the $55 million it earned last month.

A surge in fees is usually beneficial to the HYPE token because it leads to more burns and buybacks. Data tracked by hypeburn.fun shows that close to 48 million HYPE tokens have been burned, with most of the burning carried out through the Assistance Fund. Token burns typically support token prices by reducing the circulating supply.

On-Chain Metrics Strengthen

A closer look at additional data shows the network performing well. Total Value Locked (TVL) has jumped to $1.48 billion, its highest level since July 7 this year and far above this month's low of $1.2 billion, according to DeFi Llama. The biggest dApps on the platform are Kinetiq, HyperLend, Morpho Blue, and Hyperliquid itself.

Meanwhile, the amount of stablecoins on the platform has continued to rise this month, a sign that its layer-1 blockchain is gaining momentum. Stablecoins on the chain now total more than $6 billion, making it one of the biggest chains in the industry. The top stablecoins on the network are USD Coin (USDC) and USDH. DEX volume on the platform has also soared amid the ongoing crypto-market rally.

These metrics likely explain why American investors have been buying spot HYPE ETFs. The funds have recorded over $9.47 million in inflows this month, a sharp reversal after they lost $15.16 million last month. Soaring ETF inflows are seen as a sign that investors are in accumulation mode.

Technical Analysis

The daily chart shows that HYPE bottomed at $51.25 on August 1 and then began a rebound that accelerated this week. The token eventually crossed the important resistance level at $77 — its highest level on June 16 and the previous all-time high.

HYPE has now moved above the 50-day Exponential Moving Average (EMA) and the Supertrend indicator. The Relative Strength Index (RSI) has continued rising and now stands at 78, its highest level in months and above the 70 threshold that chart analysts conventionally describe as overbought.

On this basis, the technical setup points to a bullish path of least resistance, with the next key target to watch at $100. A drop below the support level at $70 would cancel the bullish outlook.