TLDR
- HYPE token reached a new all-time high of $59.29 following a daily gain of 8%.
- The token has surged nearly 40% in the past month, outperforming major cryptocurrencies like Bitcoin, Ether, and XRP.
- BitMEX founder Arthur Hayes praised HYPE’s milestone, predicting significant growth due to stablecoin expansion.
- A trader with a $30 million leveraged position on HYPE is currently holding an unrealized profit of $1.39 million.
- Hyperliquid’s trading volume stands at $790 million daily, though it still lags behind Binance’s $34 billion.
The native token of Hyperliquid, HYPE, reached a new all-time high on Thursday, fueled by market conditions. The token surged to $59.29 during early trading, marking an 8% daily increase. As HYPE climbed, its market capitalization approached $16 billion, outpacing major cryptocurrencies like Bitcoin, Ether, and XRP.
HYPE Surges 40% Outpacing Major Cryptos
HYPE has delivered impressive growth, surging nearly 40% in the past month. In contrast, Bitcoin (BTC), Ether (ETH), and XRP (XRP) saw more modest performance. This remarkable rise in value has garnered attention within the crypto community, especially among decentralized exchange (DEX) supporters. Arthur Hayes, the founder of BitMEX, praised the milestone, calling it an “All-time Hype.”
All time $HYPE pic.twitter.com/OO0xrOSM0u
— Arthur Hayes (@CryptoHayes) September 18, 2025
In August, Hayes predicted that the token could see an upside of up to 126 times its current value. He attributed this potential growth to stablecoin expansion, which he expects to boost Hyperliquid’s annualized fees. These fees could rise from $1.2 billion to an astonishing $258 billion in the near future.
HYPE’s recent performance highlights its growing presence in the decentralized finance space. The token is benefiting from Hyperliquid’s model, which allows users to trade perpetual futures. This enables speculators to leverage positions without owning the underlying assets.
Trader Holds $30 Million Leveraged Position on HYPE
Data from Nansen reveals a trader with a leveraged long position on HYPE. The position’s value currently sits at $30 million, with an unrealized profit of $1.39 million. This trader has been adding approximately 123 HYPE tokens every 30 seconds, further increasing their stake in the market.
As the demand for HYPE increases, its market activity continues to surge. With a daily trading volume of $790 million, Hyperliquid is gaining ground. However, it still lags behind Binance, which boasts a daily volume of $34 billion. Despite this, Hyperliquid’s growth trajectory is encouraging.
ASTER Gains Traction as a Rival to Hyperliquid
While Hyperliquid celebrates HYPE’s success, it faces increased competition from ASTER, a new entrant in the DEX market. Launched by YZi Labs, ASTER has already seen a massive 350% surge, reaching an all-time high of $0.50. The token’s launch has been met with interest, especially as it directly competes with Hyperliquid.
Changpeng Zhao, the former CEO of Binance, recently posted a chart for ASTER, drawing attention to the rival DEX. Zhao’s endorsement is seen as a strategic move to counter Hyperliquid’s growing market share. The competition between the two platforms is intensifying as both aim to dominate the crypto derivatives space.
With new tokens like ASTER entering the market, Hyperliquid must continue to innovate to maintain its momentum. However, HYPE’s recent rise indicates that it has the potential to remain a key player in the sector.
