Institutional Angle:
Hyperliquid’s HYPE Token Surges to No. 5 in Futures Market as Open Interest Tops $2B
HYPE, the native token of decentralized futures exchange Hyperliquid, has surpassed Dogecoin to become the fifth-largest crypto asset by futures open interest, with over $2.06 billion in active positions, according to Coinglass.
Despite having a smaller market cap, HYPE has overtaken more established tokens in the derivatives space, trailing only Bitcoin, Ethereum, Solana, and XRP. The token’s rapid rise is being attributed to Hyperliquid’s on-chain dominance, accounting for 60% of all decentralized perpetual trading last week.
Key to HYPE’s appeal is its fee buyback model, which redirects nearly 93% of protocol revenue to repurchasing the token from the open market — a dynamic that has attracted both crypto-native funds and traditional finance market makers.
With over $1 billion in projected annual buybacks, HYPE has emerged as a favorite among speculative traders and DeFi allocators alike, further cementing Hyperliquid’s position as a liquidity-rich, capital-efficient alternative to centralized venues.
