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<a href="https://jpygbp.com/hype-usd/">HYPE</a> Hits New ATH Above $73 as ETF Inflows and CFTC Boost Rally

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Hyperliquid’s success is driven by key actors like 21Shares and Bitwise, launching spot HYPE ETFs on major exchanges
Grayscale joins the race with its own spot HYPE ETF filing, signaling intense institutional competition
KalshiEX secures CFTC approval for perpetual futures contracts, validating Hyperliquid’s underlying financial model

The price of Hyperliquid’s $HYPE token has hit a record high of $73.48, marking a significant increase and making it one of the best-performing altcoins so far this cycle.

Currently, the token is priced around $72.71, showing a gain of about 6.27% in the last 24 hours and over 17% for the week. Over $1.3 billion worth of the token has been traded in the past day.

HYPE’s value has soared this year, recently exceeding $18.4 billion and making it the ninth largest cryptocurrency. The token, which began 2026 around $25, has increased by almost 190% since the start of the year.

Spot HYPE ETFs Drive Institutional Demand

The recent price increase has largely been driven by the introduction of the first U.S. exchange-traded funds (ETFs) that directly hold $HYPE in mid-May. 21Shares started with their THYP fund on Nasdaq on May 12th, and Bitwise followed with BHYP on the New York Stock Exchange on May 15th.

The two new products generated a combined $6.11 million in trading volume on their first day, making it the most successful launch of any altcoin ETF in 2026. Over the next ten trading days, they attracted over $100 million in investments, which represents about 1.04% of the total value of $HYPE. Research from FalconX shows this level of early investment is actually higher than what was seen with ETFs for Bitcoin, Ethereum, and Solana.

Bitwise’s BHYP is the first U.S. cryptocurrency ETF that handles its own staking process internally, instead of relying on an outside company.

Grayscale has submitted plans to the SEC for a new investment fund focused on ‘HYPE,’ and intends to rebrand it as the Grayscale Hyperliquid Staking ETF when it begins trading on Nasdaq. This indicates continued strong interest from institutional investors in gaining exposure to $HYPE.

CFTC Perpetual Futures Approval Validates Hyperliquid’s Model

The U.S. Commodity Futures Trading Commission (CFTC) recently gave the green light to the first regulated perpetual futures contract in the country on May 29th. Although submitted by KalshiEX, this approval confirms the financial structure that Hyperliquid uses.

Perpetual futures trading volume surged from $28 trillion in 2023 to over $90 trillion in 2025, but U.S. institutions haven’t been able to fully participate—until now. The CFTC’s recent action reduces regulatory uncertainty for all decentralized derivatives and allows institutional investors to start getting involved.

Despite a small initial drop of 3% when the news first came out, $HYPE quickly bounced back and reached a record high, as investors realized the positive long-term potential.

Revenue Flywheel and Token Burns Continue to Accelerate

Hyperliquid is unique because it directly links revenue to the value of its $HYPE token. Almost all trading fees – 97% – go into a fund that buys and destroys $HYPE tokens, reducing the supply. Only a small portion, 3%, is distributed to those who provide liquidity.

Key on-chain metrics paint a clear picture of the protocol’s dominance:

  • Cumulative trading volume has crossed $4.4 trillion, per DefiLlama data.
  • Cumulative protocol revenue has surpassed $1.18 billion.
  • 30-day fee generation stands at roughly $56.9 million, annualizing to nearly $694 million.
  • Open interest across Hyperliquid L1 exceeds $9.6 billion.
  • The platform commands roughly 44% of all perpetual DEX volume globally.

A recent report from Grayscale, released on May 27th, praised Hyperliquid as a major success in the digital asset world. The report noted that, in 2025, the platform handled almost $2.9 trillion in perpetual futures trading – all without any funding from venture capital firms.

Ecosystem expansion beyond crypto perps

Hyperliquid has expanded beyond just offering cryptocurrency trading. Thanks to a new feature launched in late 2025, users can now create markets for real-world assets without permission. Trading in these real-world assets (RWAs) has become very popular on the platform, sometimes accounting for up to 44% of all trades. Specifically, commodities like oil and gold have seen increased trading activity during times of global uncertainty.

Coinbase is now handling the USDC reserves for Hyperliquid, a move experts believe could bring in $160 to $180 million in revenue for the decentralized exchange each year.

The system now includes prediction markets using HIP-4 outcome contracts, which helps create more ways to earn revenue.

What’s next for $HYPE?

Now that $HYPE’s price is rapidly changing, the big question is whether it can keep going up. Some analysts believe $100 is the next key price level, and Arthur Hayes even predicts it could reach $150 by August 2026, based on his detailed analysis.

On June 6th, a significant amount of $HYPE tokens – 9.92 million, worth around $674 million – will be released to the team members who built the project. This release represents about 1% of all $HYPE tokens and may cause the price to fluctuate in the short term.

As a crypto investor, I’m seeing a really strong positive vibe around this token – CoinMarketCap data shows about 67% of people are bullish on it. What’s exciting is that it’s not just hype; the project is actually generating real revenue, they’re actively reducing the token supply through burns, and there’s growing interest from institutional investors with the ETF demand. Plus, it seems like regulations are starting to work in its favor, which really makes it stand out from all the other altcoins out there.

While a small dip in price is still possible after such a large increase, the fundamental reasons why Hyperliquid is leading the on-chain derivatives market haven’t changed.

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2026-06-01 07:01