HYPE Token Surges to $40: Is Hyperliquid’s Growth Sustainable or Facing Major Dilution?

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Hyperliquid holds near $40 as perps growth keeps <a href="https://jpygbp.com/hype-usd/">HYPE</a> in a steady uptrend

As of April 10, 2026, Hyperliquid’s HYPE token is trading at approximately $40.30, a gain of around 3.9% over the past 24 hours and about 10% for the week. This follows a recovery from a low point near $35.6 earlier in April.

Summary

  • HYPE trades around $40.3, up roughly 3.9% on the day and about 10% over the week, with spot volume near $250M against a circulating market cap around $9B.
  • Hyperliquid controls an estimated 66–73% of decentralized perps flow, with ~$50B in weekly volume and $6–$10B in open interest, tying HYPE to real protocol usage.
  • Only ~24.8% of HYPE’s 1B max supply is circulating; its fully diluted value clocks in near $35–$39B, implying significant future unlock pressure.

Looking at Hyperliquid (HYPE) over the past four hours, the price is steadily increasing within a positive trend channel. While currently about 32% below its peak of around $59.30, the price is being supported by increasing trading volume and shows bullish momentum that isn’t yet excessive. Hyperliquid is a leading platform in decentralized perpetual futures trading, processing an estimated $50 billion weekly with over 100,000 active users. This suggests consistent demand for HYPE, especially if trading activity on the platform remains high between $6 and $10 billion.

As of April 10, 2026, Hyperliquid’s HYPE token is trading around $40.3, a roughly 3.9% increase from the previous day. This continues a rise from a low of around $35.6 earlier in April. While still about 32% below its peak of $59.3 in September 2025, HYPE currently has a market value between $9.6 and $13 billion, with $225 to $285 million worth of the token being traded daily, suggesting sustained and genuine trading activity rather than a temporary, speculative surge.

As I’ve been tracking the HYPEUSDT chart on TradingView, I’ve observed a consistent upward trend since the lows in 2025. Recently, we’ve seen a pattern of higher lows forming each week, generally staying above the $35-$36 level. Looking at shorter timeframes, the price seems to be consolidating between $38 and $41. Many traders, including myself, are watching the $39-$40 range closely as a key support level. If that holds, we could see a move upwards towards $42-$44. While the trend is definitely positive, momentum hasn’t reached overly exuberant levels yet. Indicators like RSI are bullish, but still below 70, which would signal overbought conditions. MACD and other trend indicators continue to suggest buying opportunities.

Structural perps growth supports HYPE but dilution looms

HYPE is different because it’s based on a real, functioning business, not just hype. CoinStats’ recent analysis shows Hyperliquid has quickly become a leading platform for decentralized perpetual trading. It currently handles around 66-73% of all on-chain perpetual trades, with roughly $50 billion traded and over 100,000 users each week. This strong position is also visible in derivatives data, which shows Hyperliquid consistently holding $6-$10 billion in open interest, even peaking near $9.7 billion during times of market volatility – a level often linked to increased demand for its token.

While HYPE shows promising growth, there’s an important consideration: only about 24.8% of its total 1 billion tokens are currently available. This means the current market value of around $8.7–$9.6 billion is much lower than its potential value of $35–$39 billion if all tokens were released. This could lead to a significant increase in supply as more tokens become available, potentially diluting the price. If Hyperliquid continues to grow its trading volume and user activity, this increased supply might be absorbed by demand. However, if growth slows down or competitors emerge, the new tokens could put downward pressure on the price.

In the short term, the technical indicators and underlying fundamentals suggest a slightly positive outlook. The token is currently trending upwards from a support level around $38-$39, with healthy momentum and strong platform usage. However, a decisive drop below $35-$36 with increased trading volume could signal a reversal and a return to previous price ranges. Conversely, if the price consistently stays above $40, supported by growing interest and trading volume, reaching $50 or higher could be a realistic medium-term goal.

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2026-04-10 19:01