HYPE Token Soars to Record High, Surpassing Hyperliquid's Revenue Base

Hyperliquid's HYPE token reached an all-time high of $82.43 on Saturday, surpassing its revenue base and propelling it to a market capitalization increase of roughly $956 million within a single day.

The surge in price was driven by increased exchange activity and anticipation of potential regulatory shifts in the United States, particularly with the CFTC assessing compliant pathways for on-chain protocols.

Despite this growth, HYPE's revenue outlook remains more subdued, with DefiLlama projecting an annualized run rate of approximately $468 million, accounting for around a third of Arthur Hayes' prominent bull-case estimate of $1.4 billion.