HYPE Jumps 101% as Hyperliquid Adds Real-World Assets

Hyperliquid’s native token HYPE has risen 101% year-to-date as the exchange expanded trading into tokenized equities, commodities and pre‑IPO shares. The platform reported $255 million in revenue so far this year and implemented automated open-market buybacks that return roughly 97% of fees to HYPE holders.

The company shifted from a focus on crypto perpetuals to a multi-asset venue handling tokenized real-world assets. Cam Khosravi, a research analyst at Bitwise, noted the $255 million figure is larger than the combined year-to-date revenue of the next two decentralized finance applications.

Hyperliquid captures about 43% of on-chain fee revenue, equivalent to roughly $11 million per week. Estimates place Ethereum’s fee share near 13% (about $3 million per week) and Solana’s near 10% (about $2 million per week). The platform reported $2.6 billion in open interest for real-world asset trading, double the level from two months earlier.

Tokenized perpetual contracts tied to benchmarks such as the S&P 500, oil and other commodities have expanded amid recent market moves. Hyperliquid’s HIP-3 product has processed more than $120 billion in pre-IPO trading volume, with listings tied to companies including SpaceX, Anthropic and OpenAI. A proposed HIP-4 package would add structured products and prediction markets.

Two asset managers, Bitwise and 21Shares, have filed for exchange-traded funds linked to HYPE. Bitwise has pledged to hold 10% of the fund’s management fees in HYPE on its balance sheet.

Market participants contrasted HYPE’s performance with Bitcoin, which is down about 12% year-to-date. Matt Hougan, chief investment officer at Bitwise, wrote that Hyperliquid targets a broad global asset market and called the platform “a super app.” Matthew Pinnock, chief operating officer at Altura DeFi, described Bitcoin as behaving more like a macro reserve asset while HYPE is being valued as a growth-stage financial infrastructure token.

Andri Fauzan Adziima, research lead at Bitrue Research Institute, pointed to tokenized perpetuals and permissionless creation of TradFi-like products as drivers of independent demand for HYPE. He projected a price range of $55 to $65 if current momentum and ETF interest continue.

Users of the Myriad prediction market placed an 85% probability that HYPE would reach $52 in May, up from 14% two weeks earlier. The token traded near $51.26 at one point, according to market data.

Hyperliquid’s fee growth and product expansion have attracted interest from institutional product teams and retail traders. The platform’s reported revenue and the structure that returns most fees to token holders are central to investor attention as trading in tokenized real-world assets and pre-IPO markets grows.