TLDR
- HYPE rebounded from the $78-$80 support zone to about $91.50, with the previous all-time high near $98 back in focus.
- ICE, the owner of the New York Stock Exchange, plans a regulated US market for perpetual futures built on Hyperliquid.
- Grayscale says Coinbase passes 90% of the interest on about $6 billion in USDC deposits to Hyperliquid.
- Hyperliquid burned 72,530 HYPE worth $6.75 million in 24 hours, with $2.98 billion in HYPE/USDC volume.
- About $16 million in AQAv2 revenue is expected in early November.
Hyperliquid (HYPE) rose against the broader market this week. The crypto market faced heavy selling after a $6.3 billion Binance exploit led to $1.5 billion in long liquidations. HYPE moved the other way.
The move followed news of a partnership between Intercontinental Exchange (ICE), Trade [XYZ] and Hyperliquid. ICE is the parent company of the New York Stock Exchange.
Analyst Bull Theory summarized the news on X. He wrote that the owner of the New York Stock Exchange is planning a regulated US market for 24/7 perpetual futures built on Hyperliquid. He added that HYPE was up 16% in the last five hours.
BREAKING: 🇺🇸 The owner of the New York Stock Exchange is planning a regulated US market for 24/7 perpetual futures built on Hyperliquid.$HYPE is up +16% in the last 5 hours as the news comes in. pic.twitter.com/RmJIjTNRZS
— Bull Theory (@BullTheoryio) October 29, 2026
How the ICE Deal Would Work
Under the proposed plan, ICE would run the regulated exchange and clearing infrastructure. Trade [XYZ] would build the perpetual futures markets.
Intercontinental Exchange (ICE) and trade[XYZ] have announced their plan to use Hyperliquid as the infrastructure layer to deploy perpetual futures markets for US traders across crypto, equities, commodities, foreign exchange, and other real-world assets, subject to regulatory… https://t.co/rgwG9KjgYI
— Hyperliquid (@HyperliquidX) October 29, 2026
Hyperliquid would supply the blockchain layer through its HIP-3 framework. HIP-3 lets third parties launch permissionless perpetual futures markets.
Kraken’s parent company also moved this week to bring Hyperliquid to US traders, according to BeInCrypto.
Grayscale published research on October 30 that looked at Hyperliquid’s income. It said Coinbase gives Hyperliquid 90% of the interest earned on about $6 billion in customer deposits.
The arrangement began in May, when Coinbase became the treasury partner for USDC on Hyperliquid. The deposits are held in US Treasury bills, so the payments arrive monthly whether anyone trades or not.
Hyperliquid earned about $105 million in September, close to the same month a year earlier. Trading fees made up 64% of revenue in September, down from over 90% in mid-2025. Outside firms now list futures on silver, oil and pre-IPO shares and keep up to half the fees.
Grayscale also said 99% of Hyperliquid’s fees go to a fund that buys and burns HYPE.
Burns and Price Levels
That buyback fund was active over the past day. Hyperliquid burned 72,530 HYPE, valued at $6.75 million, according to HypedLaunches.
Analyst Crypto Spaces said HYPE swept liquidity below $75 before bouncing back. He named $96-$98 as the next resistance zone, where the market could either stall or build a fresh recovery.
On the daily chart, HYPE reclaimed its pivot at $88.03. The RSI sits above its signal average of 44.12 and has not reached the overbought level of 70.
Trading volume rose with the latest bullish candle. Key resistance levels are $98, $100.89 and $108.56.
Support sits at $88.03, then $78.08. The major demand zone runs from $72 to $74.
A move above $94 could open the way toward $100. A rejection near $98 to $101 could pull the price below $90.
The next item on the calendar is the expected $16 million in AQAv2 revenue in early November. HYPE was trading at about $91.50, down 1.65% on the day, according to the latest data.
