Hyperliquid's HYPE token surges into crypto's top 10 amid ETF buzz

Hyperliquid's native token, HYPE, briefly overtook Cardano (ADA) this week to enter the top 10 cryptocurrencies by market capitalisation. The surge follows a 21% price jump, with the token now trading between $40 and $43. Meanwhile, Grayscale has taken steps toward launching a spot Hyperliquid ETF, signalling growing institutional interest in the platform.

Hyperliquid has become the dominant decentralised perpetual futures exchange (Perpetual-DEX) by trading volume. The platform now handles around $500 million in daily trades, contributing to a broader market expansion. In 2025, total trading volume across all Perpetual-DEXs reached approximately $6.7 trillion—a 346% increase from $1.5 trillion the previous year.

The exchange's rapid growth includes a 100-fold rise in open interest over six months, with daily volumes peaking near $200 million. A key feature of its economic model is the allocation of 97% of revenue to buy back and burn HYPE tokens, reducing supply over time. Grayscale's recent filing for a spot Hyperliquid ETF, named GHYP, would list on Nasdaq with Coinbase acting as custodian if approved. This move follows similar applications from Bitwise and 21Shares, reflecting wider industry momentum. BitMEX founder Arthur Hayes has also set a bold $150 price target for HYPE by August 2026, further fuelling speculation.

The proposed ETF and Hyperliquid's trading dominance highlight its expanding role in decentralised derivatives. With HYPE's price climbing and institutional filings underway, the platform's influence in crypto markets continues to grow. If approved, GHYP would mark another milestone for regulated exposure to decentralised finance products.