Hyperliquid's HYPE surges 30% as crypto and tradfi worlds merge
Hyperliquid's HYPE token surged 30%, reflecting the convergence of crypto and traditional finance markets on decentralized platforms.Summary
The HYPE token, native to the Hyperliquid decentralized exchange, has surged over 30%, significantly outperforming major cryptocurrencies like Bitcoin and Ether. According to Hyunsu Jung, CEO of Hyperion DeFi, this rally signifies the broader trend of convergence between crypto and traditional finance (tradfi) through asset tokenization.
Hyperliquid initially focused on perpetual crypto futures but expanded its offerings following Hyperliquid Improvement Proposal-3 (HIP-3) in October 2025. This upgrade allows users staking 500,000 HYPE tokens to create markets for non-crypto assets, including equities, commodities like gold and silver, and fiat pairs. This expansion capitalized on recent volatility in traditional assets, leading to massive trading volumes, such as over $1 billion in 24 hours for the silver-USDC market.
This increased activity generates substantial protocol fees, which fuel a deflationary mechanism where up to 97% of fee revenue is used to buy back and burn HYPE tokens, structurally supporting its price. Jung noted that this 24/7 availability of traditional markets on Hyperliquid allows for fairer pricing outside standard market hours.
(Source：CoinDesk)