Hyperliquid Nears Record High as Bitcoin Struggles
While Bitcoin and Ethereum remain far from their all-time highs, Hyperliquid (CRYPTO: HYPE) is making a strong push toward its own record. As of October 5, 2026, HYPE is trading at $93, just 5% below its peak of $98, achieved on September 23. This positions Hyperliquid as the only major cryptocurrency close to its historic high, with a 4% gain in one week and a 90% surge over the past year. Meanwhile, Bitcoin is 32% below its peak, and Ethereum is 45% below its high, highlighting the stark contrast in performance.
Hyperliquid's success stems from its busy perpetual futures exchange, which allows traders to take long or short positions. The platform reported $429 million in revenue by mid-September 2026, with regulated exposure available through Bitwise and Grayscale’s spot HYPE ETFs, launched in May 2026. The Assistance Fund, which receives 97% to 99% of Hyperliquid’s trading fees, has spent over $1.3 billion on HYPE buybacks by July 2026. Additionally, on October 3, Hyperliquid allocated $14.5 million from its USDC reserves for buybacks, a monthly transfer set to continue.
Despite its strong performance, HYPE faces challenges. The recent price rally has slowed, with only an 11% gain in the past month. Some holders may sell as HYPE approaches its previous high, creating resistance. Furthermore, the monthly token unlock could introduce around $920 million in new supply if the full 9.9 million HYPE are claimed. Trading volume is also critical, as a slowdown in crypto market activity could reduce Hyperliquid’s trading-fee revenue and limit buybacks.
The outlook for HYPE remains positive, with a strong possibility of breaking through the $98 mark before 2026 ends. Steady buybacks and limited token claims by the core team support the price. However, achieving a new high with a small circulating supply could be deceptive, as a large unlock or a dip in trading fees might pull HYPE back below that threshold. Investors should watch for a daily close above $98 as a key indicator.