TLDR
- HYPE token rose ~5% in 24 hours as trading activity surged, especially in oil futures linked to Middle East tensions
- Hyperliquid generated $2.8M in fees in 24 hours and $13M over the past week
- $9.22M worth of HYPE was burned in seven days, a 20.4% increase from the prior period
- A $316M token unlock this week has been largely shrugged off by traders betting on limited net supply growth
- Arthur Hayes has publicly suggested HYPE could reach $150, roughly 5x from current levels near $31–$32
Hyperliquid’s HYPE token climbed around 5% in 24 hours while the broader crypto market moved lower. Bitcoin fell 0.7% to $66,700 during the same period. The CoinDesk 20 Index dropped 1.7%.
The rally was driven by a sharp spike in trading activity on the Hyperliquid decentralized exchange over the weekend. Traders rushed to open positions in oil futures as Middle East tensions escalated following developments tied to the Iran conflict.
Hyperliquid’s fee model routes a portion of trading fees directly into HYPE buy-backs and token burns. When platform activity rises, more tokens are removed from circulation.
$HYPE just pumped 12.2% today. Here's why:
🟢 A whale bought ~$6M in HYPE through the Galaxy Digital OTC.
🟢 OKX and Bybit integrated HYPE into their dual-currency/perpetual products.
🟢 Geopolitical tensions saw traders flock to tokenized commodities including $USOIL. pic.twitter.com/wlSzpZLB3g— CoinGecko (@coingecko) March 1, 2026
The protocol earned $2.8 million in fees over the past 24 hours and over $13 million in the past week, according to DeFiLlama data. That activity resulted in $9.22 million worth of HYPE being burned in seven days, up 20.4% from the week prior.
Token Unlock Concern Fades
A scheduled token unlock worth roughly $316 million is set to release this week. That equals about 9.92 million HYPE tokens, or around 2.7% of released supply.
Despite the size of the unlock, traders appear unconcerned. Historical data tracked by Tokenomist shows that unlocks have often released fewer tokens than projected. Many traders are betting that net circulating supply will not grow meaningfully.
The burn activity has helped shift the narrative from supply risk to supply compression, which is drawing buyers into the token.
Jupiter’s JUP token is seeing a similar dynamic. JUP rose 13% over the past week after a late-February governance vote approved eliminating new token emissions for 2026. That decision prevents any additional JUP from entering circulation this year.
Arthur Hayes Calls for $150
BitMEX co-founder Arthur Hayes has publicly suggested HYPE could reach $150. That would be roughly a 5x move from current prices around $31–$32.
🚨 BREAKING
ARTHUR HAYES SAYS $HYPE TO $150
Arthur Hayes believes Hyperliquid’s $HYPE could surge from ~$30 to $150 — nearly a 5x move — as he says the token is still in “price discovery.”
However, on-chain data shows he has reduced part of his position earlier.👀
What’s… pic.twitter.com/hOYhJDjU8Y
— Whale Degen (@hiwhaledegen) March 2, 2026
Hayes described HYPE as being in “price discovery,” meaning the market has not yet found a long-term ceiling. He points to the protocol’s growth in perpetual trading volume as a key factor.
On-chain observers noted that Hayes previously reduced part of his HYPE position, which adds some context to the call.
From a technical standpoint, HYPE has broken out of a multi-month falling wedge pattern on the daily chart. The token is now attempting to reclaim its 200-day EMA near $32. Key resistance sits at $40–$42, then $50.
The long/short trader ratio currently stands at 1.65, with 30,369 long traders versus 18,610 short traders.
As of the latest data, HYPE is trading near $31–$32 with the 200-day EMA acting as the immediate level to watch.
