As of late October 2025, Hyperliquid's native token, $HYPE, is at a critical juncture in its dynamic development, poised for significant growth. As a leading decentralized perpetual swap exchange, Hyperliquid already commands a significant share of DEX derivatives trading volume, approximately 70-80%, and has generated over $1 billion in revenue to date. Driven by the continued expansion of its ecosystem and its one-way repo mechanism, several catalysts could drive $HYPE 's price further upward in the coming months. The following, based on recent analysis and market insights, explores these key events, extending from now until 2026.
November DAT release
One of the most immediate catalysts is the expected launch of the third DAT in November 2025. This event is expected to raise hundreds of millions of dollars for the purchase and staking of $HYPE . Specifically, this includes $305 million in time-weighted average price (TWAP) purchases from Hyperliquid Strategies Inc. following the final close, as well as ongoing purchases averaging $100 million per month from the support fund, driven by strong revenue trends. In total, approximately $405 million in $HYPE could be removed from circulation in November alone.
HyperEVM TGE Season
Building on Hyperliquid's Layer-1 technological progress, token generation events (TGEs) on the HyperEVM are accelerating, with several projects about to launch. Notable projects include: @kinetiq_xyz , @hyperlendx , @felixprotocol , @HypurrFi , @drip__trade , and @prjx_hl . As these TGEs unfold, users are likely to reinvest some of the airdropped tokens into $HYPE , boosting liquidity and demand within the ecosystem. This shift, which will continue until the end of Q4 2025 and beyond, marks Hyperliquid's transformation into a comprehensive DeFi hub similar to Solana and Ethereum.
Suppressed price performance
recently @Techno_Revenant was noted to have significantly depressed $HYPE 's price through a massive sell-off, and as @mlmabc mentioned in his post : Once the selling pressure from this entity subsides, combined with continued TWAP buying and overall demand at current levels, we expect price performance to improve significantly in the short term.
Token Unlock and Supply Dynamics
Starting November 29, 2025, a total of 237.8 million $HYPE tokens (worth approximately $11.9 billion at current prices) will begin to unlock over the next 24 months, creating significant supply pressure and raising concerns among investors and analysts, including Maelstrom, who see this as the token's "first real test." They worry that unlocking quotas could trigger a sell-off, diluting the market and putting downward pressure on prices amid broader macro uncertainty. However, if the team decides to hold on to these unlocked tokens, or better yet, stake them, the entire oversupply situation would seemingly disappear in an instant.
Relief Funds and Buybacks
The Assistance Fund continues to play a key role, having raised over $1 billion in $HYPE to date. We can only assume that even without the points program, platform revenue will continue to rise compared to other perpetual contract Dex competitors. At this rate, the Assistance Fund could repurchase the entire $HYPE supply in less than 10 years.
Understanding Hyperliquid's SWPE
As of mid-October 2025, the supply-weighted price-to-earnings (SWPE) ratio for Hyperliquid’s $HYPE token has fallen to around 2.25-2.50, marking its lowest point this year and suggesting it may be undervalued relative to the protocol’s strong earnings. SWPE is an important metric used in crypto analytics for tokens like $HYPE , adjusting traditional P/E ratios by weighting them based on the token’s effective supply or circulating supply (the circulating tokens available for trading, excluding any locked or staked amounts). Essentially, SWPE measures the “cheapness” of a token by dividing the circulating supply-adjusted market capitalization by the protocol’s annualized revenue. A low SWPE value indicates that the token price has failed to keep pace with earnings growth, presenting an attractive entry point for value-oriented investors. Thanks to @skewga_hyper for the information
ETF and Index Inclusion
$HYPE is preparing for an ETF launch and inclusion in the new S&P Cryptocurrency Index Fund, which would be attractive to traditional value/growth investors. The ARKK fund, led by Cathie Wood, may invest through a DAT to gain exposure.
Summarize
In summary, $HYPE is at a pivotal moment. Hyperliquid continues to dominate the decentralized perpetual swap space, leveraging impressive revenue performance and innovative extensions like HIP-3 and USDH. While the upcoming token unlock presents significant risks and is inciting investor caution, a robust buyback mechanism and the potential for re-locking unlocked tokens may transform these challenges into opportunities for continued growth and confidence. Combined with the prospects of ETFs and DATs, growing revenue, and long-term protocol upgrades, $HYPE 's performance suggests the potential for substantial future returns for investors who navigate volatility wisely. As always, investors should closely monitor execution and market dynamics. This article does not constitute investment advice.
