TLDR
- HYPE hit a $67 all-time high on Friday after the US approved onshore Bitcoin perpetual futures trading.
- HYPE futures open interest surged 30% in a week to $2.9 billion, an all-time record.
- Hyperliquid leads all global DApps in revenue, generating $55 million in the last 30 days.
- HYPE ETFs launched on May 12 have already gathered $122 million in combined net assets.
- Monthly token unlocks of 309,000 HYPE and 389 million tokens still to be released could limit price gains.
Hyperliquid’s native token HYPE reached a new all-time high of $67 on Friday, May 30. The move came after the US Commodity Futures Trading Commission (CFTC) confirmed that perpetual futures are legitimate instruments for price discovery and risk management.
HYPE futures open interest across major exchanges climbed to $2.9 billion — a 30% rise from the week before. That followed a 23% gain in HYPE’s price over the same period.
The jump in open interest reflects strong demand for leveraged positions. It also raises the risk of a short squeeze if prices continue higher. At the same time, the funding rate on HYPE perpetual futures dropped to zero on Friday, a sign that bearish bets are growing too.
Crypto analyst Arthur Hayes weighed in via a post shared by Coin Bureau on X, stating that $HYPE could reach $150. Hayes pointed to Hyperliquid’s growing role in decentralized finance as the key driver behind that target.
🔥BULLISH: Arthur Hayes says $HYPE token could reach $150. pic.twitter.com/g5L62koiJB
— Coin Bureau (@coinbureau) May 30, 2026
Hyperliquid Leads DApp Revenue
Hyperliquid’s 30-day revenue came in at $55 million, putting it ahead of all other decentralized applications globally. Pump.fun, a token launchpad, was second at $33.8 million. Polymarket came in third at $19.6 million.
The platform processed roughly $2.9 trillion in perpetual futures volume in 2025 and now holds about $7 billion in open interest, according to Grayscale. Weekly perpetual volumes have stayed above $35 billion for two consecutive months.
Revenue generated by the platform is used to buy HYPE tokens on the open market, creating consistent buying pressure.
Institutional Attention Growing
Asset manager Grayscale published a report calling Hyperliquid a potential “financial services juggernaut.” The firm said the platform has moved beyond crypto trading and is expanding into tokenized equities, commodities, and prediction-style markets through its HIP-3 and HIP-4 systems.
FalconX reached a similar conclusion, saying Hyperliquid is beginning to compete with firms like CME Group and prediction market operators including Kalshi and Polymarket.
HYPE ETFs launched on May 12 by Bitwise and 21Shares have gathered a combined $122 million in net assets, according to SoSoValue.
Hyperliquid currently blocks US users because perpetual futures operate in a regulatory gray area under US law. The CFTC’s latest statement is seen as a step forward for the broader industry, though attorney Jake Chervinsky, CEO of Hyperliquid Policy Center, noted that DeFi platforms gaining full regulatory approval “will likely take longer.”
Monthly token unlocks of 309,000 HYPE are scheduled through November 2027. An additional 389 million tokens remain unreleased with no specific allocation yet assigned.
