Hyperliquid’s native HYPE token climbed to a fresh record of $88.06 on September 3, extending a sharp run that has pushed the asset into the upper tier of the crypto market by valuation.
HYPE was trading near $86 on September 4 after briefly touching the new high, leaving it only a small distance below the peak. Market data showed the token gaining roughly 4% to 6% over the preceding 24 hours, although exact readings varied across platforms because crypto prices are aggregated from different venues and products.
A new record during a broader rally
The move marks a clear break from HYPE’s earlier trading history. CoinGecko’s historical data places the previous cycle’s low at $3.81 in November 2024, meaning the token has risen more than twentyfold from that level. The rally has also lifted HYPE’s market capitalization into the tens of billions of dollars, with circulating-supply estimates differing between data providers.
That performance has come as Hyperliquid has expanded beyond its original identity as a decentralized venue for crypto perpetual futures. The network combines an on-chain order book with spot and derivatives markets, while its broader ecosystem includes HyperEVM applications and additional financial products.
Hype's heavy derivatives activity
The CoinDuck page supplied for this analysis is a derivatives-market dashboard rather than a conventional spot-token page. Its September 4 snapshot showed active trading around the record:
- HYPE perpetual last price: $86.2120
- Reported 24-hour volume: approximately $728 million
- Open interest: approximately $2.1 billion
- Eight-hour funding rate: 0.0100%
- Maximum listed leverage: 10 times
The funding rate was slightly positive, and CoinDuck’s derived positioning measure was close to balanced at 50.5% long versus 49.5% short. That combination points to substantial participation without an extreme directional imbalance in the snapshot. Open interest near $2.1 billion is particularly important: it indicates that a large volume of leveraged positions remained active while HYPE traded close to its record.
Read the dashboard carefully
CoinDuck’s figures should not be interpreted as a complete measure of HYPE’s spot-market capitalization or total token supply. The page is labeled for the Hyperliquid HYPE perpetual contract, and several raw fields—including circulating supply and market capitalization—were recorded as zero. It also displayed a mid-price and oracle price near $55.5 alongside a last trade near $86.2, a discrepancy that requires caution before using the page as a standalone price source.
What traders will watch next
HYPE’s next test is whether the token can hold above the former high after the initial breakout. Traders will also be watching open interest, funding, and liquidation activity. A record price supported by rising spot demand would suggest broader accumulation; a move driven mainly by leveraged contracts would leave the rally more exposed to sharp reversals.



