Overview
- HYPE has risen roughly 71% in two weeks to a recent high near $35, outpacing a market downturn that erased trillions from risk assets.
- DeFiLlama data shows 30-day perp volume around $216 billion with about $68 million in revenue and open interest above $6 billion.
- Hyperliquid routes nearly all trading fees to an Assistance Fund that buys HYPE, with ASXN tracking buybacks near $4 million per day and over $55 million for the month in recent windows.
- Institutional links broadened on Feb. 4 as Ripple Prime added access to Hyperliquid, while Hyperion said it plans to use HYPE as options collateral through a Rysk-powered vault.
- HIP-3 enabled permissionless builder markets with a 500,000 staked HYPE requirement, and HIP-4 testing introduces fully collateralized outcome contracts as a Feb. 6 unlock of about 9.92 million HYPE looms as a key near-term supply event.