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Why did the price of HYPE go up?

Hyperliquid (HYPE) jumped 8.42% in the last 24 hours, outperforming the overall crypto market’s 4.92% rise. This growth is driven by positive sentiment from its strong performance during recent market turmoil, debates about transparency compared to centralized exchanges (CEXs) like Binance, and technical signs of a rebound.

  1. Transparency in Focus (Positive for HYPE)
    Founder Jeff Yan publicly criticized CEXs for hiding liquidation data, highlighting Hyperliquid’s fully on-chain, transparent model.

  2. Strong Performance After Market Crash (Positive for HYPE)
    Hyperliquid handled over $10 billion in liquidations without downtime, boosting trust in the platform.

  3. Big Trader Moves (Mixed Impact)
    A large trader opened a $163 million Bitcoin short on Hyperliquid, showing strong liquidity but also adding some risk of price swings.

Deep Dive

1. Transparency in Focus (Positive for HYPE)

What happened:
Jeff Yan, Hyperliquid’s founder, accused centralized exchanges like Binance of underreporting liquidations by as much as 100 times during the October 10–11 market crash, which saw more than $19 billion in liquidations across the crypto space. Yan pointed out that Hyperliquid’s liquidation data is fully on-chain, meaning anyone can verify it in real time (Coingape).

Why it matters:
This public criticism brought attention to Hyperliquid’s transparency, positioning it as a decentralized finance (DeFi) alternative to less transparent centralized exchanges. Traders frustrated with Binance’s order execution problems during the crash may be drawn to Hyperliquid’s openness and reliability.

What to watch:
Potential regulatory investigations into how CEXs report liquidations could speed up the shift toward decentralized platforms like Hyperliquid.

2. Strong Performance After Market Crash (Positive for HYPE)

What happened:
During the market crash, Hyperliquid stayed online 100% of the time and liquidated over $10.3 billion in positions without creating any bad debt. Its Auto-Deleveraging (ADL) system kicked in for the first time in two years, allowing traders to profit from liquidations (NullTX).

Why it matters:
This stability during extreme market swings strengthened Hyperliquid’s reputation as a reliable trading platform. In contrast, Binance experienced technical outages, pushing users toward Hyperliquid for uninterrupted trading.

What to watch:
Look for increases in funds flowing into Hyperliquid’s protocol vault (HLP), which supports liquidity and helps cover liquidations.

3. Big Trader Moves & Technical Rebound (Mixed Impact)

What happened:
A trader known as “0xb317” opened a $163 million Bitcoin short on Hyperliquid, following a previous successful $192 million short. At the same time, HYPE’s price bounced back from oversold technical levels:

Why it matters:
Large trades like this show that Hyperliquid has strong liquidity but can also lead to price swings. From a technical standpoint, HYPE is trading above its 200-day simple moving average (SMA) of $36.17, which is a positive sign, but it’s still below the 30-day SMA of $48.12, so caution is advised.

Conclusion

Hyperliquid’s recent 24-hour price jump reflects its strong handling of the market crisis, its transparency advantage over centralized exchanges, and signs of technical recovery. While the outlook is optimistic, traders should watch if HYPE can break above its 30-day SMA at $48.12 to confirm a sustained upward trend.

Key things to watch: Hyperliquid’s upcoming transparency reports and how regulators respond to CEXs after the crash.


What could affect the price of HYPE?

Hyperliquid’s price is influenced by regulatory developments, growth in its ecosystem, and changes in market sentiment.

  1. Regulatory Scrutiny – Possible investigations into how liquidations are reported could affect trust.
  2. Ecosystem Growth – Launching a new stablecoin (USDH) and forming partnerships may boost demand.
  3. Token Supply Changes – Buybacks and token unlocks create opposing effects on supply.

In-Depth Analysis

1. Regulatory Risks & Transparency (Mixed Effects)

Overview:
During the market crash in October, Hyperliquid handled $19.35 billion in liquidations, which caught the attention of regulators. Unlike centralized exchanges (CEXs) such as Binance, which have been criticized for underreporting liquidations by up to 100 times (CryptoNews), Hyperliquid offers full transparency on the blockchain. However, the CEO of Crypto.com has called for investigations into exchanges with large liquidation volumes, which could impact market confidence.

What this means:
Regulatory actions might cause short-term price pressure. Still, Hyperliquid’s transparent approach could attract users who are wary of less transparent exchanges, potentially increasing long-term demand for Hyperliquid (HYPE).

2. DeFi Market Leadership & New Products (Positive Outlook)

Overview:
Hyperliquid controls about 70% of the decentralized finance (DeFi) perpetual contract market, with monthly trading volumes between $383 billion and $400 billion. The platform plans to launch USDH, a native stablecoin, and integrate with services like Rabby Wallet and FalconX custody to enhance its ecosystem (X). In August 2025, Hyperliquid generated $105 million in revenue, with 97% of that used to buy back HYPE tokens.

What this means:
New products and revenue-driven buybacks could reduce the circulating supply of HYPE, supporting price growth. However, maintaining high trading volumes is crucial, especially with competitors like Aster DEX in the market.

3. Token Unlocks & Large Traders (Potential Risks)

Overview:
Nearly 24% of HYPE tokens (238 million) are reserved for core contributors and will begin unlocking in 2027. Additionally, a large trader recently opened a $163 million Bitcoin short position on Hyperliquid (Cointelegraph), highlighting the risks of high leverage and market volatility.

What this means:
The unlocking of a significant number of tokens after 2027 could increase selling pressure and lower prices. High leverage positions, such as 40x long trades, may lead to rapid liquidations during volatile market conditions, adding to price swings.

Conclusion

Hyperliquid’s price will depend on how well it navigates regulatory challenges, continues to grow its ecosystem, and manages token supply changes. Its transparent model and strong position in DeFi provide advantages, but risks from high leverage and future token unlocks remain. The key question is whether the adoption of USDH can balance out selling pressure from token unlocks. Keep an eye on regulatory updates and monthly trading volumes to gauge future trends.


What are people saying about HYPE?

Hyperliquid’s HYPE token is hitting new record highs and leading the decentralized finance (DeFi) space, but some concerns about potential risks remain. Here’s the latest:

  1. $57 all-time high (ATH) sparks excitement – Supporters highlight strong revenue and active buybacks.
  2. Upcoming token unlocks raise concerns – $11.9 billion worth of team tokens will unlock starting in November, which might put downward pressure on prices.
  3. Growing institutional interest – Large investors and stablecoin partnerships are driving positive momentum.

In-Depth Look

1. @rayray1: New ATH at $57 is a positive sign

"HYPE hit a new ATH at $57... Paxos is bringing its stablecoin to Hyperliquid. Over 400 million PayPal and Venmo users can now buy $HYPE."
– @rayray1 (12.3K followers · 84K impressions · 2025-09-12 08:36 UTC)
View original post
What this means: This is good news for HYPE as the integration of Paxos’ USDH stablecoin could make it easier for many people to buy and use HYPE. However, the current buyback rate of 8.4% per year is lower than some competitors like PUMP, which might limit price support.

2. @MaelstromFund: $11.9B token unlock could weigh on price

"237.8 million HYPE tokens ($11.9 billion) start vesting in November... creating a monthly supply increase of $410 million after buybacks."
– @MaelstromFund (42K followers · 310K impressions · 2025-09-22 07:30 UTC)
View original post
What this means: This is a potential downside risk. When team tokens unlock, a large number of tokens could enter the market, increasing supply and possibly pushing prices down, despite ongoing buybacks.

3. @HYPEDailyTK: HYPE looks undervalued compared to Ethereum and Solana

"HYPE’s market cap to revenue ratio is 12.5x, compared to Ethereum’s 3,168x... under $100 is still a bargain."
– @HYPEDailyTK (28K followers · 189K impressions · 2025-09-17 07:38 UTC)
View original post
What this means: This suggests long-term potential. Hyperliquid currently generates a significant share of blockchain fees (35% in July), but its price doesn’t fully reflect this strength compared to other major blockchains.

Conclusion

The overall outlook for HYPE is positive but cautious. Record-high trading interest ($10.6 billion), growing institutional adoption (including Nasdaq-listed treasury involvement), and revenue-sharing features support further gains. However, the large token unlock scheduled for November is a key risk factor to watch. The $52–$53 price range is an important support level—if it breaks, we could see profit-taking pushing prices toward $49. For now, Hyperliquid’s momentum remains strong, but investors should stay alert as the unlock date approaches.


What is the latest news about HYPE?

Hyperliquid is navigating market turbulence and conflicts with centralized exchanges (CEXs) while facing increasing regulatory attention. Here are the key updates:

  1. CEX Transparency Clash (October 13, 2025) – Hyperliquid’s founder accuses Binance of hiding liquidation data, sparking a public debate.
  2. Whale’s $163M Bitcoin Short (October 13, 2025) – A large trader profits from a market crash, raising insider trading concerns.
  3. Zero Downtime During Volatility (October 13, 2025) – Hyperliquid handled $50–70 billion in trades without losses during a $19 billion liquidation event.

In-Depth Look

1. CEX Transparency Clash (October 13, 2025)

Summary:
Jeff Yan, co-founder of Hyperliquid, criticized centralized exchanges like Binance for not fully reporting liquidations during the market crash on October 10–11. Hyperliquid prides itself on full transparency because all liquidations happen on the blockchain and can be publicly verified. Binance’s CEO, Changpeng Zhao (CZ), responded by saying Binance spent “hundreds of millions” to protect users from losses.

Why it matters:
This disagreement highlights Hyperliquid’s advantage in transparency but could strain its relationship with big exchanges. The debate might encourage traders to move toward decentralized platforms like Hyperliquid, but it could also lead to more regulatory scrutiny of centralized exchanges. (Cryptonews)

2. Whale’s $163M Bitcoin Short (October 13, 2025)

Summary:
A trader known as 0xb317 opened a massive $163 million short position on Bitcoin through Hyperliquid just minutes before a major tariff announcement by former President Trump. This trader had already made $192 million in profits from earlier trades. The timing has led to rumors of insider trading, with some suggesting this whale’s actions triggered a chain reaction of liquidations.

Why it matters:
This shows Hyperliquid’s ability to handle very large trades but also raises concerns about potential market manipulation in decentralized trading platforms. Traders and regulators may watch Hyperliquid’s on-chain data closely for similar high-risk moves. (Cointelegraph)

3. Zero Downtime During Volatility (October 13, 2025)

Summary:
During the market crash, Hyperliquid stayed online without interruption, using its Auto-Deleveraging (ADL) system for the first time in two years. This allowed the platform to liquidate billions in positions without creating bad debt, unlike Binance, which experienced technical outages.

Why it matters:
This shows Hyperliquid’s strength and reliability during extreme market conditions, which could attract traders who want a stable platform. However, some may criticize the use of ADL because it shifts losses onto profitable traders if overused. (NullTX)

Conclusion

Hyperliquid is proving itself as a strong decentralized platform during market chaos. Its focus on transparency and handling of large trades draws both praise and skepticism. As regulators look more closely at exchange liquidations, Hyperliquid’s role could either grow or face new challenges.


What is expected in the development of HYPE?

Hyperliquid is making progress with these key updates:

  1. USDH Stablecoin Expansion (Q4 2025) – Launching a regulated stablecoin that uses buybacks to support its value.
  2. HIP-3 Permissionless Markets (2026) – Allowing the community to create new perpetual markets without restrictions.
  3. CoreWriter Integration (Q4 2025) – Improving compatibility with Ethereum-based apps to boost development.

In-Depth Look

1. USDH Stablecoin Expansion (Q4 2025)

What’s happening:
Hyperliquid is launching USDH, a stablecoin designed to meet regulatory rules under the GENIUS Act. They’re partnering with Paxos and Frax Finance. Paxos will use 95% of the interest earned on reserves to buy back Hyperliquid’s native token, HYPE. Frax Finance suggests using all the yield to benefit the Hyperliquid community.

Why it matters:
This is good news for HYPE holders because USDH could increase liquidity (making it easier to trade), attract big investors, and reduce the total supply of HYPE through buybacks, which can support the token’s price. However, there are risks like regulatory challenges and competition from well-known stablecoins such as USDC.

2. HIP-3 Permissionless Markets (2026)

What’s happening:
HIP-3 will let anyone list new perpetual markets by staking 1 million HYPE tokens. Creators can earn up to 50% of the trading fees from their markets. This opens up the platform for more diverse trading options driven by the community.

Why it matters:
This could increase platform activity and revenue, which is positive. But there’s a chance of low-quality or too many listings, which could overwhelm the market. Success depends on active community involvement and good governance.

3. CoreWriter Integration (Q4 2025)

What’s happening:
CoreWriter will connect Hyperliquid’s own blockchain (HyperCore) with Ethereum-compatible smart contracts. This makes it easier for decentralized finance (DeFi) apps to work across different blockchains.

Why it matters:
This strengthens Hyperliquid’s ecosystem by attracting developers and enabling new financial strategies, like delta-neutral trading. The impact depends on how well the technology works and how popular Ethereum-compatible networks remain.

Conclusion

Hyperliquid’s roadmap aims to boost its usefulness (with USDH and HIP-3), grow its ecosystem (through CoreWriter), and attract institutional users. These steps could help it become a leader in decentralized derivatives trading. However, navigating regulations and competing with rivals like Aster will be key challenges. The big question is how Hyperliquid will balance decentralization with the need to scale as it grows.


What updates are there in the HYPE code base?

Hyperliquid is making big improvements to grow its platform and handle more users smoothly.

  1. HyperEVM Integration (February 2025) – Added support for Ethereum-style smart contracts.
  2. HIP-3 Protocol Launch (August 2025) – Allowed anyone to create new markets with rewards for doing so.
  3. Dynamic Traffic Throttling (July 2025) – Improved system reliability during heavy traffic spikes.

Deep Dive

1. HyperEVM Integration (February 2025)

Overview: Hyperliquid added HyperEVM, a system that works like Ethereum’s smart contract platform, directly into its main blockchain. This lets developers create and run Ethereum-style smart contracts right on Hyperliquid.

This upgrade connects Hyperliquid’s fast trading system with Ethereum’s large developer community. Projects like @hyperlendx and @felixprotocol can now build decentralized apps (dApps) on Hyperliquid’s blockchain. The system can handle up to 20,000 transactions per second with very low delay (0.2 seconds).

What this means: This is good news for Hyperliquid (HYPE) because it attracts more developers and encourages new decentralized finance (DeFi) ideas, like tokenized perpetual contracts, while keeping transaction fees low. (Source)

2. HIP-3 Protocol Launch (August 2025)

Overview: HIP-3 lets anyone create new trading markets on Hyperliquid by staking 1 million HYPE tokens. Market creators can earn back up to 50% of the fees generated.

This change makes market creation more open and rewards those who add liquidity and new assets, such as upcoming tokens like LINEA-USD. Since the launch, over 180 teams have started building on Hyperliquid.

What this means: This is positive for HYPE because it encourages more people to use and stake the token, helping the platform grow and generate more fees. (Source)

3. Dynamic Traffic Throttling (July 2025)

Overview: After an API outage caused by a sudden surge in traffic in July 2025, Hyperliquid upgraded its infrastructure. They added systems to manage traffic dynamically and set up backup API clusters.

These improvements reduce the chance of downtime during busy periods, like when daily trading volume reached $30 billion, and make order processing more reliable.

What this means: This is neutral for HYPE. It improves platform stability but fixes a problem rather than introducing new features. (Source)

Conclusion

Hyperliquid is focusing on making its platform faster, more decentralized, and more reliable. With over 510,000 users and $3.56 billion in total value locked (TVL), these technical upgrades support growing interest from big investors. The big question is how other decentralized exchanges will respond to Hyperliquid’s dominance in the perpetual contracts market, where it holds 70% market share.