HYPE Rebounds but Faces Stacked Resistance Near $57-$58
HYPE's price has rebounded to around $57, but its technical setup is against a mixed fundamental backdrop. Despite stronger trading activity in Q2, protocol and holder revenue fell below the previous quarter due to more activity shifting into lower-fee markets.
Native perpetual volume declined for a third consecutive quarter, falling 12.7% to $432.9 billion, while growth came from HIP-3 builder-deployed perpetual markets, which increased 59.6% to $213.3 billion and represented 32.2% of all matched volume.
The assistance fund purchased 2.77 million HYPE for $140.66 million during Q2, giving the quarter an average execution price of approximately $50.80. The team claimed only 1.289 million tokens under its scheduled Q2 entitlement, representing a 4.3% claim rate.
New products expanded Hyperliquid's reach but added little revenue in Q2. HIP-4 outcome markets generated $211.3 million of single-sided volume across 59 trading days and attracted 13,046 new traders during the quarter, but total fees remained below $3,000 for the quarter.