Hype Token Surges Amid Hyperliquid Revenue Growth

Hype, the native token of Hyperliquid's DeFi platform, is nearing its all-time high. The price has climbed to $48.20 as of February 18, 2026, just 3% below its record high of $49.70 set on February 10 of the same year.

The surge in Hype's value can be attributed to a significant increase in Hyperliquid's protocol revenue over the past quarter. Trading volumes on the platform have risen, particularly in perpetual futures, where Hyperliquid has established itself as a strong player. This growth reflects higher trading activity and increased demand for derivatives.

The launch of Hype-focused exchange-traded funds (ETFs) in the United States and Europe has also contributed to the token's price increase. These ETFs have attracted institutional capital, providing a new demand channel for Hype. As of February 18, cumulative net inflows into these funds exceeded $200 million.