Hyperliquid Token Hits Record $76.90 After 90% Monthly Surge

Hyperliquid’s native token hit an all-time high of $76.90 on June 16, capping a 90% rally over the past month. The surge, driven by institutional demand and rising trading volumes, has pushed the token deep into blue-chip territory among crypto derivatives platforms.

The move accelerated sharply after the token broke above $70. Data from 10x Research shows that roughly $11.5 million in short positions were liquidated during that breakout, fueling a classic short squeeze. That pattern – leveraged bears getting crushed – added rocket fuel to an already hot run.

Underlying metrics tell a similar story. Cumulative protocol revenue has now surpassed $1.16 billion, placing Hyperliquid among the highest-earning projects in Web3. Open interest on the exchange topped $6 billion on June 14, representing 8.3% of the global perpetual futures market – the largest share the platform has ever held. At those levels, Hyperliquid is directly contesting turf long dominated by Binance and OKX.

Much of the volume growth came from synthetic assets tied to non-crypto underlyings. A SpaceX perpetual futures product stood out, generating $1.4 billion in trading volume in a single day. That sort of demand from traders who want exposure to real-world assets through crypto rails is a key differentiator.

Institutional activity is visible on-chain. Grayscale accumulated roughly 682,000 HYPE over the past week – worth about $35 million at current prices. Meanwhile, Hyperliquid spot exchange-traded funds saw $172 million in net inflows on a single day. Coinbase has also joined as a key USDC liquidity provider for the platform. The project’s fee-based buyback-and-burn structure continues to draw investor interest, the report noted.

On the technical side, Hyperliquid completed its Layer 1 upgrade in May, boosting the validator set from 24 to 27. Total value locked now sits near $6.38 billion. “Hyperliquid is emerging as a new force in the crypto market, backed by perpetual futures tied to traditional financial assets, institutional inflows and growth in protocol revenue,” 10x Research said.

The next catalyst for traders to watch: whether Hyperliquid can sustain its open interest share above 8% and continue attracting institutional ETF flows – and whether the short squeeze dynamic has fully played out or still has room to run.