TL;DR:
- HYPE retested $45 this Tuesday, accumulating an impressive 108% rally since its annual low of $21 recorded on January 21.
- Open Interest (OI) climbed to $1.38 billion, while the platform’s annualized revenue reached $843 million in March.
- Arthur Hayes projects that the asset could reach $150 by August if Hyperliquid’s revenue manages to scale to $1.4 billion.
Market attention turned toward Hyperliquid’s native token, HYPE, after it reached its highest levels since October 2025. This bullish movement occurs amidst an expansion for the platform as it seeks to consolidate its dominance in the decentralized derivatives sector.
Despite the price increase, technical data reveals mixed signals that invite caution among investors. The Cumulative Volume Delta (CVD) in the spot market fell to -$41.48 million, suggesting a concerning divergence between price and actual buying conviction.
This lack of aggressive demand in the spot market indicates that the current move might be sustained by passive buying. Meanwhile, the futures CVD remains flat near -$748 million, reinforcing the idea that the market is vulnerable to sharp liquidations.
Nevertheless, the market structure shows little technical resistance between current levels and the all-time high of $59. The next relevant liquidity zone lies between $48 and $52, levels that could be reached if the ecosystem-driven momentum remains steady.
Hyperliquid Expansion and the Impact of RWAs
The network’s fundamental growth acts as the primary driver of optimism for HYPE holders. The implementation of the HIP-3 upgrade has enabled the trading of Real World Assets (RWA) such as commodities, diversifying the protocol’s revenue streams.
Thanks to this innovation, gold and oil trading on the platform already represent nearly 10% of total revenue. Open interest in the RWA segment saw a meteoric jump, surpassing $2.3 billion in early April—an 800% year-over-year growth.
Furthermore, the value accrual mechanism is highly aggressive, as the protocol allocates up to 97% of its revenue to purchasing HYPE on the open market. This constant buying pressure directly links the platform’s operational success to the token’s scarcity.
For his part, Arthur Hayes, co-founder of BitMEX, argues that the asset has the potential to triple in value if Hyperliquid continues to gain market share from centralized exchanges. For the $150 target to be viable, protocol revenue must grow an additional 66% over the next five months.
While on-chain indicators show cautious participation, the robust revenue model and expansion into new financial markets position HYPE as a serious competitor in the current 2026 bull cycle.
