HYPE Token Surges to Fifth Position in Futures Trading, Outpacing Dogecoin
The open interest in HYPE futures has reached $2.06 billion, which remains less than that of XRP futures.
Key Updates
- Hyperliquid’s HYPE token has now become the fifth-largest digital asset based on futures open interest, overtaking Dogecoin.
- The current dollar value of HYPE futures open interest is $2.06 billion, still below that of XRP’s.
- HYPE has experienced a remarkable fourfold price increase over the past three months.
HYPE represents the token utilized by the prominent decentralized perpetual exchange, Hyperliquid. As of now, the value tied to active bets in the HYPE futures market (both perpetual and standard) stands at $2.06 billion, according to Coinglass data.
This ranks HYPE above Dogecoin (DOGE, $0.17726) as futures related to the meme-based token have an open interest of $1.83 billion. XRP continues to lead the list, alongside Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).
HYPE’s dominance in the futures market, surpassing DOGE and many more established cryptocurrencies, highlights the increasing traction for niche blockchain innovations.
Hyperliquid specializes in offering a perpetual futures trading platform and operates on its proprietary Layer 1 blockchain. Recently, it accounted for 60% of the total on-chain perpetual trading activity, which totaled $94.3 billion, per data from uwusanauwu’s Dune Tracker.
The HYPE token serves multiple purposes within its ecosystem, including economic incentives, transaction fees, and governance. Approximately 97% of the fees collected from trades are used to support HYPE buybacks, providing a steady upward pressure on its value.
“92.78% of the protocol’s revenue goes towards purchasing HYPE on the open market, exceeding $1 billion in annual buybacks,” stated Hyperliquid Hub on X. “Major firms are actively accumulating HYPE, and leading market makers from traditional finance are engaging with HyperCore’s central limit order books, ensuring optimal liquidity in the crypto sector.”
HYPE has managed to climb to a record price of $44, driven by a surge in open interest as well as optimistic funding rates, which at times surpassed 100%, reflecting robust demand for bullish leveraged investments.
