TLDR
- HYPE trades near $83, about 15% below its all-time high of $97.96 set on September 23.
- Circulating market cap sits at roughly $20 billion, with a fully diluted value near $80 billion.
- Hyperliquid logged about $200 billion in perpetual futures volume over 30 days.
- Intercontinental Exchange announced a partnership with TradeXYZ on October 29.
- About 14.2 million HYPE tokens are set to unlock on November 29.
Hyperliquid (HYPE) is trading around $83 as of November 3, 2026. That gives the token a circulating market cap of about $20 billion, according to CoinGecko.
HYPE reached an all-time high of $97.96 on September 23. The current price is roughly 15% below that level.
Hyperliquid launched in November 2024. It runs its own Layer 1 blockchain built for high-speed crypto trading.
Its main product is a decentralized exchange for perpetual futures. Users trade directly onchain through an order book with fast execution and low fees.
Trading Volume and Revenue
DefiLlama data shows Hyperliquid handled about $200 billion in perpetual futures volume over a recent 30-day period. The platform earned $77.5 million in fees over that time.
Protocol revenue came in at $61.1 million for the same period. That equals an annualized run rate above $740 million, though actual revenue moves with market activity.
An October 2026 report from Castle Labs looked at market share. It found Hyperliquid held more than 56% of onchain perpetual futures open interest.
Competitors named in the report include Aster, Lighter and Variational. Hyperliquid sits ahead of all three.
At the current market cap, HYPE trades at about 27 times its annualized protocol revenue. The fully diluted valuation is close to $80 billion, per CoinGecko.
Token Burns and Institutional Link
Trading fees feed the protocol’s Assistance Fund. The fund uses them to buy HYPE on the market.
Hyperliquid's HYPE Token Burns Near 5% of Maximum Supply, Worth $3.89 Billion
Hyperliquid has cumulatively bought back and burned approximately 49.87 million HYPE tokens, equivalent to 4.99% of its 1 billion maximum supply and valued at roughly $3.89 billion at current prices.… pic.twitter.com/z736YxGlZz
— Wu Blockchain (@WuBlockchain) October 29, 2026
Under the current mechanism, those tokens are then burned. Burning permanently reduces the supply.
On October 29, Intercontinental Exchange announced a partnership with TradeXYZ. Intercontinental Exchange is the parent company of the New York Stock Exchange, as reported by The Block.
The two firms plan to build regulated perpetual futures markets using Hyperliquid technology. The plan still needs regulatory approval.
Hyperliquid’s HIP-3 framework lets independent developers launch their own markets. These can cover assets beyond crypto, including equities, commodities and financial indices.
About 14.2 million HYPE tokens are scheduled for release on November 29, 2026, according to Tokenomics.com. More distributions are planned through 2029.
Scenarios in the source analysis put HYPE above $160 over three to five years in a bullish case. A conservative case sees $80 to $130, and a weaker case sees $35 to $55. The analysis notes these are illustrative scenarios, not forecasts from a full valuation model.
The most recent data shows HYPE at about $83 on November 3, with the next token unlock set for November 29.
