Hyperliquid Nears Record High as Bitcoin Struggles to Recover

While most major cryptocurrencies are struggling to recover from their peaks, Hyperliquid (HYPE) is making a strong push toward its all-time high. As of October 5, 2026, HYPE is trading at $93, just 5% away from its record price of $98, which it hit on September 23. This positions HYPE as the only major cryptocurrency close to its peak, especially after a solid 4% weekly gain and a remarkable 90% increase over the past year.

In contrast, other leading cryptocurrencies are far from their highs. Bitcoin (BTC) is about 32% below its peak of $126,080, and Ethereum (ETH) is roughly 45% below its high of $4,946. Coins like XRP and Solana are even further down, needing gains of at least 46% to set new records. HYPE, on the other hand, needs only a 5% increase to surpass its previous high.

Hyperliquid’s strong performance is supported by its $429 million in revenue by mid-September 2026, driven by its busy perpetual futures exchange. U.S. investors can access HYPE through regulated spot ETFs launched by Bitwise and Grayscale in May 2026. Additionally, the Assistance Fund, which receives most of Hyperliquid’s trading fees, has spent over $1.3 billion on buybacks by July 2026, further boosting HYPE’s value.

Despite these positives, challenges remain. HYPE’s recent rally has slowed, with only an 11% gain in the past month. The upcoming monthly token unlock, which could introduce around $920 million in new supply, poses a risk. If the core team claims the full 9.9 million HYPE tokens, it might stall the price. Additionally, a dip in trading fees could reduce buyback activity, potentially pulling HYPE back below $98.

While HYPE has a strong chance of breaking its record before the end of 2026, investors should watch for a daily close above $98 as a key indicator. If HYPE holds above $93 and the token unlock remains modest, it could challenge the record soon. However, significant unlocks or a drop below $90 might delay a new high until 2027.