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Why did the price of HYPE go up?

Hyperliquid (HYPE) increased by 1.62% to $40.08 in the last 24 hours, outperforming the overall crypto market, which rose 0.74%. The main factors behind this rise are:

  1. SPAC merger linked to Nasdaq – A $1 billion fundraising plan includes buying back HYPE tokens.
  2. Robinhood listing – Launching spot trading on Robinhood made HYPE more accessible to everyday investors.
  3. Technical breakout – The price moved above the 200-day simple moving average (SMA) and a key Fibonacci retracement level.

Deep Dive

1. SPAC Merger & Buyback Plan (Positive Outlook)

Overview:
On October 23, Hyperliquid Strategies Inc. filed an S-1 form with the U.S. Securities and Exchange Commission (SEC) to raise up to $1 billion through a merger with Sonnet BioTherapeutics, a company listed on Nasdaq. Part of these funds will be used to buy back and stake HYPE tokens (Cointribune).

What this means:

What to watch:
Keep an eye on the SEC’s approval process, expected by the fourth quarter of 2025, and how quickly the buybacks happen.

2. Robinhood Listing Momentum (Positive Outlook)

Overview:
On October 24, HYPE’s price jumped 10% after Robinhood added spot trading for the token, opening it up to over 23 million users. This follows a 30% price increase after it was listed on Bitrue in June.

What this means:

3. Technical Strength (Mixed Outlook)

Overview:
HYPE’s price moved above its 200-day SMA ($37.70) and the 61.8% Fibonacci retracement level ($35.84). The MACD indicator turned positive for the first time since September.

What this means:

Conclusion

HYPE’s recent price gain reflects strong strategic moves like the SPAC merger, improved retail access through Robinhood, and positive technical signals. The $1 billion buyback plan is a significant bullish factor, but traders should watch if trading volume picks up again to confirm the strength of this rally.

Key level to watch: Can HYPE stay above $39.66 (pivot point) to aim for $41.76 (38.2% Fibonacci retracement)?

{{technical_analysis_coin_candle_chart}}


What could affect the price of HYPE?

The price of Hyperliquid (HYPE) is balancing between strong growth in decentralized finance (DeFi) and challenges from market uncertainty.

  1. HIP-3 Upgrade – Launching permissionless perpetual markets could increase adoption (positive).
  2. Regulatory Engagement – Talks with U.S. regulators might influence institutional involvement (mixed).
  3. Tokenomics Changes – Buybacks versus token unlocks create supply pressure (neutral).

Deep Dive

1. Platform Growth & HIP-3 (Positive Outlook)

Overview: Hyperliquid’s HIP-3 upgrade, set for October 13, 2025, allows developers to create perpetual markets by staking 500,000 HYPE tokens. This move decentralizes the derivatives platform. Currently, open interest on the platform is over $1.4 billion, with monthly trading volume reaching $316 billion—comparable to major centralized exchanges like Coinbase (AMB Crypto).

What this means: More activity on the platform means higher fee revenue, 97% of which is used to buy back HYPE tokens. This could reduce the number of tokens available and support the price. However, the staking requirement might temporarily lock up some liquidity.

2. Regulatory Risks & U.S. Expansion (Mixed Outlook)

Overview: Hyperliquid Labs has submitted proposals to the U.S. Commodity Futures Trading Commission (CFTC) to promote DeFi-friendly rules for perpetual contracts. At the same time, Hyperliquid’s planned merger with Nasdaq-listed Sonnet BioTherapeutics could lead to a regulated stock listing in the U.S. (Cointribune).

What this means: Clearer regulations could attract institutional investors, but stricter rules—such as limits on leverage—might reduce trading activity. Listing on Nasdaq would add credibility to HYPE but also bring increased regulatory scrutiny.

3. Token Supply Dynamics (Neutral Outlook)

Overview: Nearly all fees (97%) go toward buying back tokens, resulting in an 8.4% annualized burn rate. However, 66% of the total 1 billion HYPE tokens are still locked. Team tokens, which make up 23.8%, will vest gradually until 2027–2028, potentially increasing selling pressure in the future (CoinMarketCap).

What this means: In the short term, buybacks help balance out new tokens entering the market. But large token unlocks could challenge price stability. Additionally, Hyperliquid Strategies Inc.’s $1 billion equity raise includes buying HYPE tokens, which adds demand.

Conclusion

Hyperliquid’s future depends on successfully balancing innovation in DeFi with regulatory requirements, while managing token supply carefully. Keep an eye on open interest trends after the HIP-3 upgrade: Will Hyperliquid maintain its 70% share of decentralized perpetual markets against competitors like Lighter?

{{technical_analysis_coin_candle_chart}}


What are people saying about HYPE?

Hyperliquid's HYPE token is gaining attention thanks to big investors and key platform developments, but not everyone is convinced. Here’s what’s happening:

  1. Big investors (whales) are buying HYPE as it hits a $57 all-time high and buybacks pick up 🐋
  2. Concerns about token unlocks releasing $410 million worth of tokens monthly 🔓
  3. Technical analysis shows a battle between a $73 price target and signs of a possible pullback 📉

Deep Dive

1. @rayray1: HYPE vs. PUMP Buyback Comparison – Positive Outlook

"HYPE’s monthly buybacks are 0.7% (8.4% yearly), lower than PUMP’s 3%, but the Paxos partnership could bring 400 million PayPal and Venmo users. The $57 all-time high shows HYPE’s strength."
– @rayray1 (12.3K followers · 284K impressions · 2025-09-12 08:36 UTC)
View original post
What this means: This is a positive sign for HYPE. Even though buybacks are smaller, the partnership with Paxos could lead to widespread adoption, keeping traders interested.

2. @MaelstromFund: $11.9 Billion Token Unlock Risk – Negative Outlook

"Starting November 29, 237.8 million HYPE tokens (worth $11.9 billion at $50 each) will unlock, adding $410 million in monthly selling pressure after buybacks. The market hasn’t factored this in yet."
– @MaelstromFund (8.7K followers · 1.2M impressions · 2025-09-22 07:30 UTC)
View original post
What this means: This could put downward pressure on HYPE’s price, especially if the overall market weakens. However, staking rewards of 55% annual percentage yield (APY) might help reduce selling.

3. @mkbijaksana: Price Targets Between $58 and $73 – Mixed Signals

"If HYPE breaks above $57 resistance, it could reach $58 (based on Fibonacci levels) and potentially $73. But the Relative Strength Index (RSI) shows signs of a possible pullback."
– @mkbijaksana (43.2K followers · 891K impressions · 2025-08-27 02:32 UTC)
View original post
What this means: The outlook is mixed. While the price structure looks bullish, there’s a risk of a short-term drop. A close above $57.30 could trigger more buying, but failure to hold this level might lead to a retest of support around $44.

Conclusion

The general view on HYPE is optimistic but cautious. Growth in platform revenue (35% of blockchain revenue in July), accumulation by large investors, and listings on major exchanges like Robinhood and Binance.US support the positive case. However, risks from upcoming token unlocks and debates over valuation remain. Keep an eye on the $57 resistance level—breaking above it could push prices toward $70 or higher, while a rejection might test investors’ patience. For those skeptical, Hyperliquid’s validator setup—only 21 nodes compared to Ethereum’s 14,000—raises concerns about centralization and security.


What is the latest news about HYPE?

Hyperliquid is gaining momentum thanks to big moves from institutions and growing market presence. Here’s the latest:

  1. DeFi Perpetuals Reach $1 Trillion in Monthly Volume (October 25, 2025) – Hyperliquid leads with $316 billion, competing with major exchanges.
  2. Robinhood Listing Drives 10% Price Jump (October 24, 2025) – HYPE token breaks $40 after becoming available for spot trading.
  3. SPAC Merger Aims for Nasdaq Listing (October 24, 2025) – Plans to raise $1 billion to buy back tokens and expand the ecosystem.

In-Depth Look

1. DeFi Perpetuals Reach $1 Trillion in Monthly Volume (October 25, 2025)

What happened:
Decentralized perpetual futures trading — a type of financial contract that lets traders bet on price movements without owning the asset — surpassed $1 trillion in monthly volume. Hyperliquid captured 31.6% of this, handling $316 billion. Its platform now processes nearly $45.7 billion daily, thanks to very low fees (after a recent upgrade called Dencun) and strong stablecoin liquidity.

Why it matters:
This shows Hyperliquid is becoming a top destination for derivatives trading, attracting users who might otherwise trade on centralized platforms like Coinbase. High trading volume can lead to more fee-generated buybacks of HYPE tokens, which reduces the number of tokens available and can support the price.
(AMBCrypto)

2. Robinhood Listing Drives 10% Price Jump (October 24, 2025)

What happened:
After Robinhood added HYPE for spot trading (buying and selling the token directly), the price jumped 10%, breaking a downward trend. The token reached $40.89, with open interest (the total value of active leveraged trades) exceeding $7.5 billion, showing strong demand.

Why it matters:
Being listed on Robinhood makes HYPE more accessible to everyday investors, supporting broader adoption. However, the price faces resistance around $45, and technical indicators suggest the price might pause or consolidate before moving higher.
(CoinGape)

3. SPAC Merger Aims for Nasdaq Listing (October 24, 2025)

What happened:
Hyperliquid Strategies Inc. announced plans to merge with Sonnet BioTherapeutics through a SPAC (Special Purpose Acquisition Company) deal to list on Nasdaq. The company aims to raise $1 billion to buy back HYPE tokens and develop new tools like HyperEVM, which will enhance the platform’s capabilities.

Why it matters:
Going public could bring more institutional investors and credibility. However, it also means some tokens will become unlocked and available for sale starting November 2025, which could affect supply. The company plans to use a treasury strategy inspired by MicroStrategy to manage token supply and support the price.
(Cointribune)

Conclusion

Hyperliquid is making strong moves in trading volume, retail adoption, and institutional growth, positioning HYPE as a major player in decentralized finance (DeFi). While short-term price action may pause, the Nasdaq listing could significantly impact its value. The key question is whether on-chain activity will keep growing after token unlocks or if increased supply will limit price gains.

{{technical_analysis_coin_candle_chart}}


What is expected in the development of HYPE?

Hyperliquid is making significant progress with these key milestones:

  1. Raising $1 Billion for Institutional Growth (Q4 2025) – Raising funds to support HYPE token buybacks and expand the ecosystem.
  2. Launching USDH Stablecoin (Q4 2025) – Introducing a compliant stablecoin that shares revenue with HYPE holders.
  3. Integrating HyperEVM & CoreWriter (Q4 2025–2026) – Improving compatibility for decentralized finance (DeFi) applications.
  4. Growing DeFi and NFT Ecosystem (2026) – Expanding decentralized apps (dApps) and NFT projects on the platform.

In-Depth Look

1. Raising $1 Billion for Institutional Growth (Q4 2025)

Overview: On October 23, 2025, Hyperliquid Strategies filed an S-1 registration with the U.S. Securities and Exchange Commission (SEC) to raise $1 billion through a public offering. The funds will be used for buying back HYPE tokens, supporting staking programs, and developing DeFi projects after merging with SPAC Rorschach I LLC. The combined company plans to list on Nasdaq, marking a big step toward institutional adoption (Cryptopotato).
What this means: This is positive for HYPE because buybacks reduce the number of tokens available, potentially increasing value. It also signals growing interest from large investors. However, market conditions could impact how effectively the funds are used.

2. Launching USDH Stablecoin (Q4 2025)

Overview: Paxos and Frax Finance are working on USDH, a stablecoin designed to comply with regulations. Most of the interest earned on USDH reserves (95%) will be used to buy back HYPE tokens, which could help increase liquidity and align incentives between users and holders (HYPERDailyTK).
What this means: This development supports wider adoption and adds value to HYPE by potentially reducing token supply. On the downside, regulatory challenges could delay the launch or reduce the expected benefits.

3. Integrating HyperEVM & CoreWriter (Q4 2025–2026)

Overview: CoreWriter will allow HyperEVM smart contracts to directly interact with Hyperliquid’s orderbook. This integration will make it easier for DeFi applications, such as lending platforms and yield vaults, to work together smoothly (RedStone).
What this means: This is generally positive for the ecosystem’s growth, making it more versatile. However, technical issues like smart contract bugs could slow down adoption.

4. Growing DeFi and NFT Ecosystem (2026)

Overview: Hyperliquid plans to expand HyperEVM to support NFT projects like Hypurr and introduce new DeFi strategies, including delta-neutral approaches. Currently, over 180 development teams are building on Hyperliquid, showing strong community engagement (DU09BTC).
What this means: This growth is promising for the platform’s long-term usefulness if user activity increases. Still, competition from other platforms like Aster DEX remains a challenge.

Conclusion

Hyperliquid’s roadmap focuses on attracting institutional investors, expanding its ecosystem with USDH and HyperEVM, and encouraging community participation. While there are risks like delays and regulatory hurdles, the project’s builder-first strategy could help it stand out in the competitive derivatives market.


What updates are there in the HYPE code base?

Hyperliquid recently rolled out HIP-3, a major update that lets anyone create perpetual markets without needing approval.

  1. Permissionless Perps via HIP-3 (October 13, 2025) – Developers can now launch perpetual futures markets by staking HYPE tokens.
  2. HyperEVM Integration (October 13, 2025) – Added smart contract support and security features for validators.

Deep Dive

1. Permissionless Perps via HIP-3 (October 13, 2025)

What’s new? HIP-3 lets developers build perpetual futures markets on HyperCore without needing the team’s permission. To do this, they must stake 500,000 HYPE tokens and set key details like leverage limits and price sources.

This change removes centralized control, allowing creators to launch specialized markets—like those for smaller cryptocurrencies or custom indexes—directly. To keep things safe, validators can be penalized for mistakes, and limits are set on how much trading can happen to prevent risky behavior.

Why it matters: This is good news for HYPE holders because staking tokens reduces the number available to sell, which can support the price. Plus, more market options could attract new traders. On the flip side, some lower-quality projects might appear, which could temporarily affect the platform’s reputation. (Source)

2. HyperEVM Integration (October 13, 2025)

What’s new? HIP-3 also brings in Hyperliquid’s custom Ethereum Virtual Machine (EVM) layer. This means smart contracts can now automate how markets are managed—like changing fees or adjusting leverage based on market conditions.

Developers can create decentralized apps (dApps) that interact directly with HyperCore’s order book, making it easier to build complex financial tools and strategies.

Why it matters: In the short term, this update won’t have a big impact on HYPE’s price since it depends on how many developers build on it. But over time, it could make Hyperliquid a more powerful platform for advanced decentralized finance (DeFi) products. (Source)

Conclusion

HIP-3 pushes Hyperliquid closer to full decentralization by letting builders create new markets while keeping safety checks in place. The big question now is whether the increased demand for staking HYPE will balance out any potential split in liquidity across these new markets.