HYPE, Hyperliquid’s native token, climbed to $33.9 on January 28, up 27.6% in 24 hours after briefly exceeding $34. The rally coincides with rising commodities trading activity on the exchange, notably silver perpetual futures becoming the third busiest market and driving fee revenue toward HYPE buybacks via Hyperliquid’s Assistance Fund. Trading volume in HYPE reached $210 million over the period, reinforcing demand from elevated open interest and exchange participation.