Hyperliquid is accelerating strongly in the perpetual contract (perps) market, with newly deployed "equity perps" exceeding $1 billion in volume, directly catalyzing the recovery of the HYPE Token .
The surge in interest in stock and crypto perps is occurring against a backdrop of a generally subdued crypto market, raising the big question of whether the current liquidation pull and supply-demand structure will be enough to help HYPE break through key resistance levels.
- Hyperliquid's (HIP-3) equity perps have surpassed $1 billion in volume, indicating increasing demand for leverage in traditional stocks.
- HYPE surged 24% to the $28 region but faces short-term supply; a break above $30 could pave the way to $35.
- Selling pressure from unlocks and whales is believed to have eased, but a sustainable recovery still depends on increased revenue to support HYPE's acquisitions.
Hyperliquid gained significant traction in equity and crypto markets.
Hyperliquid has seen outstanding usage in perpetual contracts, particularly equity perps (HIP-3), exceeding $1 billion in volume, reflecting the growing demand for leveraged stock price speculation on the platform.
Perps are contracts that allow traders to bet on price movements without a fixed expiration date. With HIP-3, users can trade the upward or downward trend of traditional stocks using leverage, creating an additional product category beyond crypto.
According to the original report, the volume of equity perps (HIP-3) has surpassed $1 billion. At the same time, daily Open Interest (OI) is described as "approaching a record high of $800 billion," indicating strong demand to maintain positions despite the overall quiet crypto market.
Hyperliquid considers itself a top- liquidation , liquid "price discovery" platform.
The founder of Hyperliquid argues that the platform has become the best place for exploring crypto prices due to its liquidation , highlighting the thicker Order Book depth compared to Binance in some observations.
In Chia on Bitcoin perps, Jeff Yan stated that the platform has reached a significant milestone related to liquidation for price discovery. The main argument is the high "liquidity depth," evidenced by the thick Order Book .
“Hyperliquid has quietly reached a significant milestone: becoming the world’s most liquidation platform for crypto price discovery.”
– Jeff Yan, founder of Hyperliquid, in an X-rated post.
However, liquidation and trading experience do not automatically translate into Token price movements. The next key question is whether HYPE can break through the short-term supply zone, and whether the platform's revenue is strong enough to support buybacks.
HYPE is testing the $28 level after a 24% recovery.
HYPE surged 24% in 24 hours, from $22 to $28, but the $28 level is described as a short-term “hurdle” and could halt further gains if buyers fail to maintain momentum.
According to the original text, the $28 area (red zone) is a key short-term supply zone since mid-December and may continue to exert selling pressure. If momentum weakens here, the price may struggle to extend its rebound.
The optimistic scenario outlined is: if buyers surpass $28 and break through $30, the price could have a "clear path" toward $35. This assessment is based on the technical milestones mentioned and is not a guaranteed outcome.
Factors that could drive HYPE recovery are improving.
HYPE's recovery momentum may stem from the easing of monthly unlock concerns and whale selling pressure, while large buyers have accumulated significant holdings over the past 30 days.
HYPE is still down 52% from its all-time high of $59 in September 2025. According to Ericsson analysts, some of the previous bearish catalysts have weakened significantly.
Regarding unlocks, the figure cited is 9.92 million HYPE per month. The original content states that only about 10% of the supply from unlocks has been sold in the last two months, described as a “trickle” rather than a “cliff edge,” and somewhat reflects the pessimistic expectations already present in the late 2025 drop.
The bottleneck mentioned: Hyperliquid Strategies is accumulating team unlocks, which could limit the Treasury company's ability to purchase more HYPE directly on the spot market.
Selling pressure from large wallets is said to have eased, although some parties like Fasanara Capital, a "Tornado Cash player," and Continue Capital have still been net sellers. At the same time, the "top 10" buyers have accumulated nearly $200 million worth of HYPE in 30 days, contributing to keeping the price stable above $20.
Another structural factor: many leveraged Longing positions have been "swept," which could help the market become healthier for a rebound. However, the original content emphasizes that platform revenue remains "quiet" despite increased usage.
Revenue and Token buybacks are prerequisites for sustainable recovery.
For HYPE to make a sustainable recovery, Hyperliquid's revenue needs to increase again to generate more purchasing power through the HYPE buyback program.
The original content concluded that although trading momentum increased, revenue did not reflect this proportionally. If revenue reverses and increases, the platform could boost buybacks, thereby supporting the organic demand for HYPE.
In the event that revenue does not improve, the recovery momentum may rely primarily on sentiment and technical factors, easily disrupted at supply zones such as $28 and $30. Therefore, investors often monitor both price levels and operational indicators, including the platform's internal revenue.
Frequently Asked Questions
What are Equity Perps (HIP-3) on Hyperliquid?
It's a perpetual contract that allows traders to bet on price fluctuations of traditional stocks using leverage, with no fixed expiration date, similar to the perps mechanism in crypto.
Why is the $28 mark on HYPE XEM a key resistance level?
The original text describes the $28 level as a short-term supply zone that has existed since mid-December, where selling pressure could increase and slow the rebound if the buyers are not strong enough.
What could pave the way for HYPE to reach $35?
The scenario outlined is that HYPE needs to break above the $28 mark and then surpass $30; at that point, a move towards $35 is XEM more feasible based on the technical price levels mentioned in the article.
How much has HYPE's monthly unlock worry decreased?
The original article stated that monthly unlock sales were 9.92 million HYPE and indicated that in the last two months only about 10% of the supply from unlocks had been sold, suggesting that the actual supply pressure was lower than previously feared.
Why is Hyperliquid's revenue important to the HYPE price?
According to the article, a sustainable recovery requires increased revenue to fuel more HYPE buybacks. If revenue doesn't improve, the price support from buybacks may not be strong enough.
