Hyperliquid’s HYPE token jumps over 30% as markets converge

Hyperliquid’s HYPE token surged more than 30% to about $33 this week, far outpacing bitcoin, ether and the CoinDesk 20 index, a move the CEO of Nasdaq-listed Hyperion DeFi described as evidence of crypto and traditional markets converging. Hyunsu Jung, CEO of Hyperion DeFi, said the rally reflects a broader tokenization trend as Hyperliquid expanded beyond crypto perpetual futures into equity indices, stocks, commodities and fiat pairs after the October 2025 Hyperliquid Improvement Proposal-3 (HIP-3).

HIP-3 allows anyone staking 500,000 HYPE tokens to create markets for non-crypto assets, the company said. The platform has seen heavy activity in traditional-asset markets: the silver–USDC market recorded over $1 billion in trading volume in the past 24 hours, and Hyperliquid’s HIP-3 markets captured over $1 billion in open interest, about $25 billion in total trading volume and over $3 million in fees within three months, Hyunsu said.

By comparison this week bitcoin rose about 1.84% and the CoinDesk 20 index gained just over 4%, according to CoinDesk data. Hyperliquid burns HYPE based on protocol fees through an automated mechanism that can use up to 97% of fee revenue to buy back and remove tokens, a practice Jung described as a deflationary mechanism and a structural tailwind for the company’s treasury.