TLDR
- Hyperliquid is trading at $47.12 with a market cap of $12.7 billion and daily volume exceeding $540 million
- The platform generates $3 million in daily fees and controls 62% of perp DEX open interest despite losing volume market share to Aster
- Over 660,000 HYPE tokens worth $30 million are staked through systematic buyback programs that reduce circulating supply
- Technical analysis shows key support at $46.10 with bulls targeting a breakout above $49 that could lead to $55-$60
- HyperEVM network hosts over 100 protocols with $2 billion in total value locked as the platform expands beyond perpetual trading
Hyperliquid is trading at $47.12, up nearly 5% in the last 24 hours. The token has a market cap of over $12.7 billion and daily trading volume crossing $540 million.
The price has been building higher lows after a corrective phase. This pattern has created support that traders are watching for the next move up.
Community members have identified $60 as a fair value target for HYPE. The token has been reclaiming ground without heavy volatility spikes. If resistance around the mid-$50s clears with volume, the $60 level could come into reach.
Hyperliquid continues to generate roughly $3 million daily in fees. This happens even as competitor Aster ramps up market share. The consistent fee income provides a floor for the ecosystem.
Despite ongoing competition, Hyperliquid manages to pull 3 million in fees on a daily basis
El Jefe has a card up his sleeve with which he can annihilate all competition and send this number above 10 million daily
Can you guess what it is? pic.twitter.com/SURZPlS2Hz
— Pajke (@0xPajke) October 2, 2025
There is speculation that new mechanisms could push daily fees above $10 million. If implemented, these changes would alter the competitive landscape between perp DEXes.
Technical Structure Points to Breakout Levels
The price remains constructive as long as it holds above $42 support. Moving averages are beginning to align in favor of bulls. RSI still leaves room for upside.
$HYPE holding key support.
Break above MAs → path to $54–59.
Below $42= trouble, but bulls have room.
Momentum token of the moment? Don’t sleep.#HYPE #HyperLiquid pic.twitter.com/w59wzFgmr4
— Mr. CryptoCeek (@MrCryptoceek) October 1, 2025
The breakout levels to watch are $44 to $49. Sustained closes in this range would open a path toward higher prices. Failure to hold $42 could invite volatility back into the chart.
Price is consolidating above the $45 zone with key support at $46.10. This level has been tested repeatedly with buyers stepping in each time. A hold here sets up potential for another test of $48 to $49.
A clean breakout above $49 would shift sentiment toward continuation. This could open the path to the $52 to $55 zone. The $46.10 level is critical for maintaining this setup.
Staking Activity Reduces Supply
On-chain data shows over 660,000 HYPE tokens staked, worth approximately $30 million. These positions continue to grow due to systematic buybacks. The staking activity reduces circulating supply and strengthens price resilience.
More tokens are locked and fewer are available to sell. Each rally attempt finds stronger footing as a result. Combined with daily fee inflows, this creates a loop between fundamentals and technicals.
Market Share Shifts While Open Interest Stays Strong
DeFi analyst Patrick Scott released a thesis arguing Hyperliquid remains the most investable perp DEX despite losing market share. Hyperliquid’s share of perp DEX volume fell from 45% to 8% in recent weeks. Aster has grown to more than $270 billion in weekly trades during the same period.
Scott argues that Hyperliquid’s fundamentals set it apart from competitors. The exchange continues to generate strong revenue while trading at a reasonable multiple. Open interest measures liquidity and is much stickier than volume.
Hyperliquid still commands about 62% of the perp DEX open interest market. This metric reflects user commitment to the platform beyond short-term trading activity.
Expansion Plans Beyond Perpetual Trading
The HyperEVM network is already hosting over 100 protocols. The network has $2 billion in total value locked. This expansion reduces the platform’s dependence on perpetual futures trading alone.
USDH is a new stablecoin backed by reserves held with BlackRock and Superstate. The stablecoin represents another diversification effort for the ecosystem.
HIP-3 is an initiative that would allow builders to launch new perps markets by staking large amounts of HYPE. This would create a supply sink for the token.
Scott noted his thesis would be invalidated if Hyperliquid’s open interest or revenue dropped materially. He also said USDH needs to gain liquidity over the next year. For now, he maintains Hyperliquid is better positioned than competitors running heavy incentive programs.
