
Hyperliquid’s HYPE token surges amid record HIP-3 open interest, booming precious metals trades, and forthcoming Kraken listing, highlighting strong DEX liquidity and market dominance.
Hyperliquid’s HYPE token rose over 58% in the past week, with its price reaching around $34 after a 27% daily gain. The surge comes alongside HIP-3 open interest hitting a record $790 million, up from $260 million a month ago, driven by a boom in commodities trading, particularly silver, which saw over $1 billion in daily volume. Co-founder Jeff Yan stated the DEX is now the most liquid venue for crypto and TradFi perps. Stakeholder Henrik cited diminished selling pressure, strong demand—including from Hyperliquid Strategies—and an upcoming Kraken listing as bullish factors. The DEX ranks in the top five globally by daily fees, most of which fund HYPE buybacks.