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\n\t\t\t\t\t\t\t\t\tSocial media activity around HYPE surged as multiple catalysts, including US policy changes and exchange integrations, hit in the same week.\t\t\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n
HYPE climbed to around $48 on May 19, after synthetic SpaceX perpetual contracts launched on the Hyperliquid-linked platform Trade.xyz, bringing the token just $11 away from its September 2025 record high near $59.<\/p>\n
The rally has also tracked rising interest in tokenized real-world assets and a string of institutional moves tied to the Hyperliquid ecosystem.<\/p>\n
According to data shared by Santiment, the token has gained roughly 24% from its May 13 low near $38.\u00a0The on-chain analytics firm said<\/a> social dominance around HYPE spiked as traders reacted to several developments landing within the same week, including the passage of the CLARITY Act on May 14 and Coinbase becoming<\/a> an official USDC deployer on Hyperliquid.<\/p>\n But the latest trigger behind HYPE\u2019s move higher was the May 18 debut of SPCX, a synthetic SpaceX pre-IPO perpetual market on Trade.xyz, which helped add another 7% to the token\u2019s price per Santiment\u2019s data.<\/p>\n The product launched with an implied SpaceX valuation of about $1.8 trillion, giving crypto traders exposure to a private company that is still inaccessible through public equity markets.<\/p>\n \u201cThe rails-phase thesis usually runs one way: TradFi brings its products onto chains,\u201d Santiment wrote. \u201cThis time it\u2019s running backwards \u2014 crypto rails are creating TradFi-adjacent products the regulated system can\u2019t.\u201d<\/p>\n<\/blockquote>\n At the time of writing, data from CoinGecko showed HYPE had risen 6.7% in the last 24 hours and nearly 17% during the past week. Meanwhile, monthly gains stood above 11%, while the token is still about 19% below its all-time high, reached eight months ago.<\/p>\n The move has also come as Hyperliquid continues to dominate on-chain perpetual futures trading. According to DefiLlama, the network has maintained<\/a> at least double the perpetual trading volume of the next-largest chain every month this year, even as overall perp activity cooled from earlier 2026 peaks.<\/p>\n The crypto community is also paying attention to Hyperliquid\u2019s revenue generation, with Bitwise researcher Cam Khosravi pointing out<\/a> that it has generated more than $255 million in protocol revenue so far this year, which is more than the next two crypto applications combined.<\/p>\n According to Khosravi, nearly all of that revenue has come from perpetual trading fees, with around 97% directed toward automated HYPE buybacks.<\/p>\n More data shared by Hyperliquid Daily showed<\/a> that real-world asset open interest on the chain has reached a record $2.6 billion, doubling within two months as trading activity in tokenized stocks and commodities picked up.<\/p>\n Meanwhile, institutional interest has also started spilling into traditional markets, as asset manager Bitwise launched<\/a> its HYPE exchange-traded fund, BHYP, on May 15, only days after 21Shares introduced its THYP fund.<\/p>\n The 21Shares ETF posted<\/a> roughly $1.8 million in debut trading volume and has since attracted more than $12 million in cumulative inflows.<\/p>\n\n
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Revenue Growth and ETF Launches Are Adding to Bullish Sentiment<\/h2>\n