Hyperliquid's token price crossed $50 this week, driven by early inflows into new spot HYPE exchange-traded funds that outpaced Bitcoin products on an adjusted basis.
The two HYPE funds drew nearly $50 million in inflows and held about $60 million in assets during their first week of trading, according to data from SoSoValue. This demand stood out relative to the smaller token economy compared with Bitcoin, with trading volume in the Hyperliquid ETF rising each day after launch and reaching roughly eight times its first-day level, Bloomberg ETF analyst Eric Balchunas said. The platform has expanded beyond crypto perpetual futures into commodities, equity-linked products, S&P 500 futures, pre-IPO contracts, and prediction markets. Data from Dune Analytics show roughly half of Hyperliquid’s volume now comes from non-crypto assets, with real-world asset trading reaching a record $2.6 billion in open interest. HYPE is up more than 120 percent this year, ahead of major crypto assets including Bitcoin, Ethereum, and Solana, which are all down by double digits year-to-date. Its fully diluted valuation of $54.6 billion has flipped Solana’s $54.3 billion. Bitwise Chief Investment Officer Matt Hougan described Hyperliquid as crypto’s new “super app,” targeting the $600 trillion global asset market.
