Hyperliquid is drawing fresh attention across the crypto market after HYPE climbed above $73 and reached new records.
The rally has stood out as wider market sentiment remains mixed, with traders looking for networks that show real activity, fee growth, and stronger social activity across derivatives desks and online trading communities globally.
Hyperliquid has now become one of the strongest narratives in digital assets, helped by rising demand for perpetual futures and pre-IPO trading.
HYPE Gains as Market Attention Shifts
HYPE traded near $73.42 on June 1 after gaining more than 122% over the past three months. The move placed the token among the strongest large-cap performers, even as many crypto assets struggled to build clear direction.
The rally has also raised debate over whether HYPE is separating from broader market trends. Traders have shifted more attention toward fee-generating protocols, while interest in some speculative tokens has slowed. Hyperliquid has benefited from that shift because its core product supports active perpetual futures trading.
According to the provided market data, Hyperliquid has already moved ahead of Aave and Polymarket in daily fee generation. It now sits just behind Pump.fun on DeFi Llama rankings. The network also holds around $5.64 billion in total liquidity, close to levels seen in October 2025.
Derivatives Activity Supports HYPE Momentum
Derivatives traders have played a major role in the HYPE move. Open interest in HYPE reached a record $2.66 billion, while short positions accounted for 56% of open interest.
That setup increased liquidation risk for bearish traders. The rally wiped out more than $20 million in short positions and also liquidated a whale known as @loracle, removing about $42 million in unrealized gains from a short trade.
Liquidation levels on June 1 showed shorts extending toward $76, while long exposure reached as low as $66. That range suggests the token may still face sharp moves if leverage remains high.
Hyperliquid’s social presence has also grown. Messari’s mindshare metric placed the network at 1.3%, up more than 64% in one day. Although it remains behind Solana’s 7.3%, Hyperliquid has passed several other closely watched crypto assets.
HYPE broke above $73, setting new records on a mix of strong fundamentals, a short squeeze, and increased social media attention. | Source: Coingecko
HIP-3 and Pre-IPO Trading Drive Growth
HIP-3 remains a key driver behind Hyperliquid’s recent growth. The platform has attracted strong demand through pre-IPO contracts, including SpaceX-linked trading that began on May 18.
The SpaceX contract carried more than $60 million in open interest and traded near $204 on June 1. Its volatility has resembled high-risk crypto markets, which has helped attract active traders.
HIP-3 now makes up about 40% of the total Hyperliquid volume. S&P 500 contracts carry more than $500 million in open interest, while Brent and WTI oil futures lead daily volumes across major venues.
