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Why did the price of HYPE go up?

Hyperliquid (HYPE) increased by 1.75% in the last 24 hours, outperforming the overall crypto market, which gained 0.98%. This growth is driven by MetaMask’s new integration with Hyperliquid’s perpetual contracts, the launch of MON-USD perpetuals, and positive technical signals.

  1. MetaMask Integration (Positive Impact) – Millions of users can now trade Hyperliquid’s perpetual contracts directly through MetaMask.
  2. MON-USD Perpetuals Launch (Positive Impact) – Trading activity ahead of Monad’s token airdrop is boosting interest.
  3. Technical Support at $45 (Mixed Impact) – The $45 price level is a key support zone that could influence future price moves.

Deep Dive

1. MetaMask Perpetuals Access (Positive Impact)

What happened: On October 8, MetaMask integrated Hyperliquid’s decentralized perpetual contracts, allowing its 30 million+ users to trade these financial products directly from their wallets. This follows Hyperliquid’s record daily trading volume of $59.5 billion in September.
Why it matters: This partnership opens up Hyperliquid to a much larger audience, which could increase trading activity and fees earned by the platform. Decentralized perpetual contracts now see about $770 billion in monthly trading volume, with Hyperliquid leading the market.
What to watch: Look for steady growth in Hyperliquid’s daily active users and trading volume after this integration.

2. MON-USD Perpetuals & Airdrop Hype (Positive Impact)

What happened: Hyperliquid launched MON-USD perpetual contracts on October 8, just before Monad’s token airdrop, which was nearly complete at 98%. The trading volume for this pair reached $28 million in 24 hours, valuing MON at about $13 billion fully diluted.
Why it matters: Traders are using Hyperliquid to speculate on MON tokens before their official launch, increasing platform activity. MON’s valuation is in line with other recent Layer 1 blockchain launches like Aptos and Sui, attracting investors willing to take higher risks.

3. Technical Confluence at $45 (Mixed Impact)

What happened: The price of HYPE has been steady around $45, a level supported by several technical indicators including Fibonacci retracement (0.618), Bollinger Bands, and the Point of Control. The Relative Strength Index (RSI) at 43.49 suggests neutral momentum.
Why it matters: The $45–$44 range has historically been a strong support area where buyers step in. Holding above $45 could lead to a test of the next resistance at $53, while falling below may push the price down to around $39.68.

Conclusion

Hyperliquid’s recent price increase reflects the boost from MetaMask’s integration, trading activity linked to Monad’s airdrop, and technical buying at a key support level. While the outlook is mostly positive, it’s important to watch the $45 support level for signs of a sustained trend change.
Key watch: Will HYPE maintain support at $45 as competition from other platforms like Aster Protocol intensifies?


What could affect the price of HYPE?

Hyperliquid's price is balancing between a big boost from MetaMask's widespread adoption and growing competition from other decentralized exchanges (DEXs).

  1. MetaMask Perpetuals Integration – Over 150 million users now have access, increasing trading volume and buybacks (Positive)
  2. Stablecoin Governance – The upcoming USDH stablecoin vote (Sept 14) could increase liquidity but comes with some risks (Mixed)
  3. Rising Competition – Competitors like Aster have taken 46% of the DEX perpetuals market since August (Negative)

Deep Dive

1. MetaMask Mobile Perpetuals (Positive Impact)

Overview: On October 8, MetaMask added Hyperliquid’s perpetual trading feature to its mobile app, allowing more than 150 million users to trade over 150 tokens with up to 40x leverage. This follows Hyperliquid’s record daily trading volume of $59.5 billion on September 25.
What this means: This integration could bring a surge of retail traders, increasing protocol fees. About 97% of these fees are used to buy back HYPE tokens, which supports the price (Cryptonews). If adoption continues, it could help reach Arthur Hayes’ $100 price target. However, if many MetaMask users prefer lower leverage, growth might slow down.

2. USDH Stablecoin Ecosystem Play (Mixed Impact)

Overview: On September 14, a governance vote gave Paxos control over Hyperliquid’s USDH stablecoin. Paxos will use 95% of the reserve yields to buy back HYPE tokens. Currently, over $5.1 billion USDC is bridged to Hyperliquid.
What this means: USDH could boost liquidity on the platform. But Paxos’ control may raise concerns about centralization among decentralized finance (DeFi) supporters. The success of USDH depends on whether partnerships with PayPal or Venmo (through Paxos) happen, which would help compete with Ethena, a rival stablecoin holding 8.3% of the yield-bearing stablecoin market.

3. Perpetuals DEX Market Share Decline (Negative Impact)

Overview: Since August, Hyperliquid’s share of decentralized perpetuals trading dropped from 80% to 34%, as competitors like Lighter and Aster gained ground. Despite MetaMask’s launch, daily trading volumes have leveled off around $650 million.
What this means: This decline threatens Hyperliquid’s main revenue source—platform fees. Supporters argue that Hyperliquid’s $15.7 billion market cap is undervalued compared to Ethereum’s much higher price-to-earnings ratio, but ongoing market share losses could limit price growth (Levex).

Conclusion

The future of HYPE depends on how many MetaMask users start trading and whether USDH can strengthen Hyperliquid’s position against competitors. The recent inclusion in the S&P Index (Oct 7) and the high percentage of fees used for buybacks provide solid support. However, the price needs to stay above the $52-$53 range to avoid falling back to August’s $40 lows. The key question is: Can Hyperliquid maintain over 35% quarterly revenue growth as liquidity spreads across more altcoins? Keep an eye on October’s fee reports and competitor metrics to see how this plays out.


What are people saying about HYPE?

Hyperliquid’s HYPE token is gaining attention with positive technical signals and big investor moves, though some remain cautious about crowded trades. Here’s the latest:

  1. Positive Technical Signs: A price breakout above $50 points to a potential rise to $60–$80, supported by momentum indicators.
  2. Big Investor Activity: Large bets show $4.75 million in long positions versus $2.07 million in short positions, indicating a tug-of-war.
  3. Bold Predictions: Arthur Hayes forecasts a 126x increase, sparking speculative interest.

Deep Dive

1. @cryptonary: Technical breakout targets $70 bullish

"HYPE flipped bullish after breaking $49 resistance... next targets $60–$70 if $52–$53 support holds"
– @cryptonary (9.8K followers · 42K impressions · 2025-09-13 21:06 UTC)
View original post
What this means: This is a positive sign for HYPE. The technical setup suggests that major investors are defending important price levels, and momentum indicators like RSI support the chance of further gains.

2. @CoinRank_io: Arthur Hayes’ $10T stablecoin bet mixed

"Hayes sees 126x upside for HYPE... but $41B FDV already prices in $5B revenue"
– @CoinRank_io (23.4K followers · 187K impressions · 2025-08-25 04:22 UTC)
View original post
What this means: This is a mixed outlook. While Hayes’ prediction draws attention, the current valuation assumes Hyperliquid will capture a significant share of the perpetuals market. Success depends on flawless execution of this plan.

3. Whale Alert (CoinGlass): High-stakes leverage divergence neutral

$4.75M long (5x) vs. $2.07M short (10x) positions opened within 17 days
– CoinGlass via CMC (Source: post)
What this means: This is neutral for HYPE. The large opposing bets show uncertainty about whether the $45–$50 price range will hold steady or lead to increased volatility.

Conclusion

The overall sentiment on HYPE leans positive but is divided. Technical traders and Arthur Hayes’ bullish outlook push price targets higher, while big investor positioning and valuation questions suggest potential ups and downs. Keep an eye on the $52–$53 support level—holding this could confirm the $70 target, while falling below might trigger sell-offs. Also, consider how Hyperliquid’s 97% fee-recapture system might help balance selling pressure against large investor accumulation.


What is the latest news about HYPE?

Hyperliquid is gaining momentum with major partnerships and institutional recognition. Here’s the latest update:

  1. MetaMask Perps Launch (October 8, 2025) – Hyperliquid now powers MetaMask’s new perpetual futures trading, increasing the usefulness of HYPE tokens.
  2. S&P Index Inclusion (October 7, 2025) – Hyperliquid was added to the S&P Digital Markets 50 Index, marking a big step toward institutional acceptance.
  3. Monad Perpetuals Listing (October 8, 2025) – Hyperliquid introduced MON-USD futures ahead of Monad’s token airdrop, attracting early trading interest.

Deep Dive

1. MetaMask Perps Launch (October 8, 2025)

What happened: MetaMask, a popular crypto wallet with over 30 million users, integrated Hyperliquid’s perpetual futures trading engine into its mobile app. This lets users trade more than 150 tokens with up to 40 times leverage, all while keeping control of their own funds. In September, this feature helped Hyperliquid reach $59.5 billion in daily trading volume, positioning it as a strong competitor to big centralized exchanges like Binance.

Why it matters: This is good news for HYPE holders because more MetaMask users can now easily access Hyperliquid’s trading platform. That likely means more trading fees, most of which are used to buy back HYPE tokens, supporting their value. It also proves Hyperliquid’s technology can compete with traditional centralized exchanges. (Cryptonews)

2. S&P Index Inclusion (October 7, 2025)

What happened: Hyperliquid’s HYPE token was added to the S&P Digital Markets 50 Index, which tracks the 15 largest cryptocurrencies and 35 crypto-related stocks. This came after Hyperliquid hit a record $14 billion in daily open interest and a $15.6 billion market cap.

Why it matters: Being part of this index is a positive sign, as it may encourage index funds and institutional investors to buy HYPE. However, the price only rose modestly by 3.3%, suggesting the market had already anticipated this news. Over time, this inclusion strengthens HYPE’s reputation among traditional financial institutions. (Cryptonews)

3. Monad Perpetuals Listing (October 8, 2025)

What happened: Hyperliquid launched perpetual futures for MON-USD, allowing traders to speculate on Monad’s token before its upcoming airdrop. The token’s implied fully diluted valuation (FDV) is $13 billion, and the futures saw $28 million in trading volume within the first 24 hours.

Why it matters: This move shows Hyperliquid’s ability to quickly list popular new tokens, catering to traders looking to get in early. While this adds some trading volume, it’s a smaller boost compared to core markets like Bitcoin and Ethereum. It fits Hyperliquid’s strategy to capture demand before new tokens officially launch. (Coindesk)

Conclusion

Hyperliquid’s integration with MetaMask and inclusion in the S&P index highlight its growing role as a bridge between decentralized and traditional finance. Meanwhile, listings like Monad’s futures tap into speculative trading interest. With industry experts like Arthur Hayes predicting HYPE could reach $100 by the end of the year, the key question is whether Hyperliquid’s token buybacks can keep pace with the large token unlocks expected in November.


What is expected in the development of HYPE?

Hyperliquid’s upcoming plans focus on growing its ecosystem and improving technology:

  1. USDH Stablecoin Launch (Q4 2025) – Proposals from Paxos and Frax aim to use most of the stablecoin’s earnings to buy back HYPE tokens.
  2. HIP-3 Permissionless Markets (Q4 2025) – Users can stake 1 million HYPE tokens to create new perpetual markets and share trading fees.
  3. CoreWriter Integration (Q4 2025) – This will allow smart contracts on Ethereum-compatible networks to work directly with HyperCore.
  4. HYPE Token Unlock (November 29, 2025) – Nearly 10 million HYPE tokens will enter circulation, testing how the market handles the increased supply.

Deep Dive

1. USDH Stablecoin Launch (Q4 2025)

Overview:
Hyperliquid is preparing to launch USDH, a stablecoin designed to maintain a steady value. Most of the interest earned on its reserves (about 95%) will be used to buy back HYPE tokens, according to Paxos’s proposal (Paxos proposal). Frax Finance also suggests directing all yield to the community. This approach aims to increase liquidity and create stronger incentives for HYPE holders.

What this means:
This is positive for HYPE because buybacks can support the token’s price and add value to decentralized finance (DeFi) strategies. However, there is some risk due to potential regulatory challenges around stablecoins.

2. HIP-3 Permissionless Markets (Q4 2025)

Overview:
HIP-3 will let users create their own perpetual markets by staking 1 million HYPE tokens. These markets could cover a wide range of assets, including stocks and prediction markets, not just cryptocurrencies. Users who stake tokens can earn up to 50% of the trading fees generated (RedStone blog).

What this means:
This feature could expand Hyperliquid’s market offerings and attract more users. However, the high staking requirement might slow initial adoption. Overall, this is a cautiously optimistic development.

3. CoreWriter Integration (Q4 2025)

Overview:
CoreWriter will connect HyperEVM (an Ethereum-compatible environment) with HyperCore, allowing developers to build decentralized apps (dApps) that interact directly with Hyperliquid’s orderbook. This should speed up trade execution and improve how different DeFi tools work together.

What this means:
This integration is good news for the ecosystem, as it could bring in more DeFi projects and users. Still, technical challenges could delay the rollout.

4. HYPE Token Unlock (November 29, 2025)

Overview:
About 9.9 million HYPE tokens, roughly 1% of the total supply, will become available according to the original schedule. Past unlocks have not caused major sell-offs because many holders keep their tokens staked (AMBCrypto).

What this means:
This event is expected and mostly priced in by the market. However, if many holders decide to sell at once, it could cause price swings.

Conclusion

Hyperliquid’s roadmap combines technical upgrades like the USDH stablecoin and CoreWriter integration with community-focused features like HIP-3. The upcoming token unlock will test market liquidity, while stablecoin adoption could strengthen Hyperliquid’s role in DeFi. The key question is whether HYPE’s buyback strategy can keep driving growth as competition heats up.


What updates are there in the HYPE code base?

Hyperliquid’s recent updates focus on growing its ecosystem and providing better tools for developers.

  1. Permissionless Market Creation (August 2025) – The HIP-3 upgrade lets anyone create new markets and earn a share of the fees.
  2. Based Cloud Deployment (September 4, 2025) – Launched a serverless platform that makes it easier for developers to build apps without managing backend systems.
  3. HyperEVM Integration (February 2025) – Added compatibility with Ethereum smart contracts, allowing different blockchain layers to work together smoothly.

Deep Dive

1. Permissionless Market Creation (August 2025)

What happened: With the HIP-3 upgrade, developers can now launch custom perpetual markets by staking 1 million HYPE tokens. They can earn up to 50% of the trading fees generated by their markets.

This change lowers the barriers for creating new trading options, like leveraged stocks or synthetic assets, encouraging innovation. Since the upgrade, monthly revenue for the protocol increased by 22%.

Why it matters: This is a positive sign for HYPE because it encourages more developers to build on the platform, increasing the usefulness of the token. More diverse markets can attract more traders and liquidity.
(Source)

2. Based Cloud Deployment (September 4, 2025)

What happened: Hyperliquid introduced a serverless development platform called Based Cloud. This lets developers launch decentralized apps (dApps) without worrying about backend infrastructure.

This makes it easier to create trading interfaces, analytics, and automated trading strategies. For example, Rabby Wallet integrated Hyperliquid’s perpetual contracts within just two days of the platform’s release.

Why it matters: This is somewhat positive because it lowers the technical hurdles for developers, which could speed up new app creation. However, since it relies on centralized infrastructure, it may raise concerns among those who prioritize decentralization.
(Source)

3. HyperEVM Integration (February 2025)

What happened: Hyperliquid added compatibility with the Ethereum Virtual Machine (EVM), allowing its orderbook to work seamlessly with Ethereum smart contracts.

This enabled projects like Felix (for stablecoin loans) and Liminal Money (for neutral-yield strategies) to build on Hyperliquid. The total value locked (TVL) on HyperEVM grew 337% year-to-date, reaching $1.7 billion by June 2025.

Why it matters: This is a strong long-term positive because it positions Hyperliquid as a key player in decentralized finance (DeFi) by connecting different blockchain ecosystems. Success depends on how well it aligns with the broader Ethereum community.
(Source)

Conclusion

Hyperliquid’s latest upgrades focus on enabling open innovation (HIP-3), making development easier (Based Cloud), and improving cross-chain compatibility (HyperEVM). While there are some concerns about centralization, the platform is aiming to become a flexible foundation for DeFi applications. The big question is whether these developer-friendly tools will help HYPE maintain its lead as new competitors like Aster enter the market.