Why Is HYPE’s Price Up Today, and Can It Reach $50?

• HYPE rose as silver trading volume topped $1 billion on Hyperliquid.
• HIP-3 markets pushed open interest to record levels.
• Fee-funded buybacks continue to reduce circulating HYPE supply.

Hyperliquid’s HYPE token rose sharply today amid increased trading activity on the platform. The gains were driven by record volumes in commodities markets, led by silver contracts. Fee-based buybacks linked to this activity supported the price move.

HYPE Outperforms as Broader Market Remains Cautious

Hyperliquid’s native token, HYPE, extended its rally today, posting one of the strongest performances among large-cap cryptocurrencies. The token trades at $34.45 at press time, gaining more than 24% in the past day and over 60% in the past week.

The move came as the broader crypto market showed modest gains. Total market capitalization rose by roughly 1.4%, while bitcoin and ether recorded limited advances. Macro concerns, including currency market volatility and fiscal uncertainty in the United States, continued to weigh on risk sentiment.

Despite this backdrop, HYPE trades as a clear outlier, supported by activity specific to the Hyperliquid platform rather than broader market momentum.

Silver Trading Drives Surge in Platform Activity

The primary catalyst behind HYPE’s price increase was a steep rise in commodities trading on Hyperliquid. Exchange data showed that the silver-USDC perpetual contract recorded between $1 billion and $1.2 billion in trading volume over a 24-hour period. This made silver one of the most actively traded assets on the platform, alongside bitcoin and ether.

Gold and other metal contracts also attracted increased interest, contributing to higher overall trading volume and fee generation. The surge reflects growing trader demand for exposure to macro assets during periods of global uncertainty.

HIP-3 Expands Markets Beyond Crypto

This activity follows the rollout of Hyperliquid Improvement Proposal 3, known as HIP-3, in October 2025. The upgrade allows users to create perpetual futures markets tied to non-crypto assets, including commodities, equity indices, stocks, and major currency pairs. To deploy a market, users must stake at least 500,000 HYPE tokens.

Since the launch of HIP-3, open interest across these markets has risen steadily. Protocol data shows open interest climbed from about $260 million one month ago to between $790 million and $900 million, setting new highs. Trading volume across HIP-3 markets has also grown rapidly over the same period.

Fee Structure Links Trading Activity to Token Demand

Higher trading volumes have direct implications for HYPE’s supply dynamics. Hyperliquid directs up to 97% of its trading fees to an assistance fund that buys HYPE tokens from the open market. These tokens are then removed from circulation.

As commodities trading expanded, fee generation increased, raising expectations of larger and more frequent buybacks. This mechanism ties platform usage closely to token demand and has supported HYPE’s recent price gains.

Derivatives Data Signals New Positioning

Data from CoinGlass indicate that the rally is largely derivatives-driven. Derivatives volume surged nearly 175% to $5.3 billion, while open interest rose over 21% to $1.84 billion. 

This suggests new speculative positions are being opened rather than traders simply closing short positions, contributing to the token’s upward momentum. Such activity can amplify short-term price moves but also increases the likelihood of volatility if sentiment shifts.

Can HYPE Reach $50?

HYPE remains well below its peak near $59 reached in September 2025. A continued rise in trading volumes and sustained fee generation could keep upward pressure on the token towards the next resistance zone that lies in the $34–$36 range.  A move toward the $40 to $50 range would require continued growth in platform activity and stable broader market conditions.

However, elevated momentum levels suggest the possibility of short-term consolidation. A pullback toward the $28.82 or $30.50 range would be consistent with recent price behavior if buying slows.

Related: Hyperliquid Price Prediction: Silver Volume Surge Drives HYPE To Test Four-Month Trendline