Hyperliquid Price Holds Steady After Record Token Unlock

Despite an $820 million token unlock on September 6, Hyperliquid's price has continued to rise. The token has increased by roughly 2% over the past 24 hours to $86.05 on September 9.

The recent activity has been supported by Hyperliquid's core crypto perpetual markets, with open interest reaching a record $14.3 billion after increasing by roughly $3.57 billion over the past month.

Roughly 97% of fees generated by the core perpetual market are routed towards HYPE buybacks, while builders using HIP-3 can retain up to half of the fees generated by markets they deploy.

The increase in core perpetual open interest has coincided with continued purchases of HYPE. Hyperliquid repurchased and burned 15,350 HYPE worth roughly $1.32 million during the latest 24-hour period, with the tokens bought at an average price of $86.17.