Hyperliquid's HYPE Token Smashes Records with $88 All-Time High
Hyperliquid's native token HYPE has reached an all-time high of $88, giving it a market cap of nearly $20 billion. This significant milestone comes after the token saw a surge in value, increasing by over 50% in September 2026.
The growth of HYPE is also reflected in the record-breaking open interest on the Hyperliquid platform, which has reached a staggering $14.3 billion. This figure represents a substantial increase from the previous month, with a rise of $3.57 billion.
The shift towards core crypto perpetual markets has played a significant role in this growth. These markets route roughly 97% of fees directly into HYPE buybacks, which has contributed to the token's increasing value.
Despite concerns that a scheduled unlock of 9.92 million HYPE tokens worth $820 million would derail the rally, the price continued climbing towards its all-time high. Analyst MB.hl noted that smart money is heavily long on HYPE, with whales and public figures leaning in the same direction.