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Hyperliquid has quickly become a main character in the crypto space after it became the leading decentralized finance (DeFi) exchange for perp trading. As its popularity has grown, so has the price of its native HYPE token. This has seen it rally even at a time of bearish divergence in the crypto market, moving up by more than 50% in one week to reach new all-time highs.
Factors Driving The Hyperliquid Price
The main driver behind the Hyperliquid price pushing to new all-time highs has been the rise in attention being paid to the platform. As crypto investors are pivoting toward more decentralized platforms for their perpetual trading activities, HYPE’s mindshare has grown exponentially over the last few months.
This rising interest translated to a major surge in the platform’s trading volume over the last few weeks. Most notable were the billion-dollar bets placed by James Wynn, who has quickly risen to become the most popular crypto trader on Hyperliquid. His trades garnered the interest of thousands, putting more eyes on the platforms as onlookers stood by to see the outcome of his trades.
In particular, over the last week, the platform recorded its highest weekly volume since it was launched, reaching $78.672 billion in trading volume between May 11 and May 18, 2025. Daily trading volumes have also not been left out, consistently crossing the $2 billion mark daily.
Its highest daily trading volume yet was recorded on May 21, 2025, with $17.731 billion trade on the platform. Cumulatively, the Hyperliquid platform has reached $1.156 trillion in volume in three years of operation, DefiLlama data shows.
Other major developments that the platform has seen is the rise in the open interest. The platform celebrated a new all-time high after open interest crossed the $10.1 billion mark on the platform. The amount of USDC locked on the platform also climbed to $3.5 billion, with $5.6 million in fees generated in only a 24-hour period. In one week, the platform was able to generate over $22 million in fees alone.
On its own, the HYPE price is still showing a lot of bullish momentum despite already rising 50% in one week. Daily trading volumes crossed $460 million on May 26, according to data from CoinMarketCap. Crypto whales have been especially active during this time, as Lookonchain reported three whales spending $5.33 million to buy HYPE on Monday.
With volumes rising and prices going up, it suggests that a lot of the volume is actually from buyers. If this buying pressure continues, then it is likely that the price sees further upside before putting in a correction.
Featured image from Rigzone, chart from TradingView.com
Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott’s dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.
Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.
With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.
Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.
Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.
Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.
Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.
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