HYPE hits 2026 high as Hyperliquid volumes jump

HYPE retested $45 on Tuesday, its highest level since Oct. 31, 2025, after a 108% gain from the Jan. 21 low of $21. Hyperliquid trading activity and open interest in real-world assets reached $2.3 billion on April 6 while spot cumulative buying declined.

The token trades about 26% below its all-time high of $59. Market data indicate a liquidity zone between $52 and $48 above current prices.

Onchain metrics show a gap between price moves and spot demand. The spot cumulative volume delta fell to negative $41.48 million even as HYPE’s price rose. Futures cumulative volume delta has been mostly flat around negative $748 million after recovering from lows near negative $900 million. Futures open interest climbed to about $1.38 billion, near local highs.

Funding-rate figures and aggregated spot and futures volume charts show increased trading activity but not strong net buying on spot markets.

Real-world-asset trading expanded after the HIP-3 protocol upgrade enabled trading of non-crypto assets. RWA open interest reached $2.3 billion on April 6, up more than 190% from March levels and roughly 800% from early-year lows. Commodities such as gold and oil accounted for a notable portion of the new volumes. The HIP-3 upgrade contributed close to 10% of protocol revenue.

Hyperliquid’s 30-day annualized revenue run rate was about $843 million in March. The protocol allocates up to 97% of its revenue to buying HYPE on the open market.

BitMEX co-founder Arthur Hayes projected HYPE could reach $150 by August if Hyperliquid expands its futures market share and product suite. For that price scenario, annualized protocol revenue would need to rise to roughly $1.4 billion, about a 66% increase from the March run rate.