Hyperliquid

Today's state: Hyperliquid is trading at $64.48 with a $14.3 billion market capitalization (rank #11). The price moved -2.72% over the past 24 hours and is -1.86% over 7 days; the 30-day move stands at -1.26% and the 90-day at +79.06%.

Position vs cycle: Close to its record high, the asset is in the choppy zone where the market repeatedly tests whether new highs can hold.

Volatility and structure: 30-day realized volatility of 114.5% annualized is extreme for an asset this size. Our composite multi-horizon Price Strength reads Neutral (55/100), with the timeframes pulling in different directions and no clean directional read.

To place HYPE in the wider market, its 90-day return correlations against the two other largest layer-1s show whether it trades as crypto-market beta or on its own drivers. The Pearson figures across daily log returns:

• Bitcoin reference: +0.52 — a moderate positive relationship.
• Ethereum reference: +0.57 — a moderate positive relationship.
• Solana reference: +0.58 — a moderate positive relationship.

Strong correlation to multiple references typically indicates that the asset trades primarily as crypto-market beta — moves in BTC/ETH/SOL drive most of the price action, and stand-alone alpha is harder to capture. Weak or negative correlations indicate idiosyncratic drivers (project-specific news, sector rotation within crypto, or narrative shifts) that can produce returns uncorrelated with the broader market.

Hyperliquid (HYPE) is a cryptocurrency, traded on global digital-asset markets. It trades at $64.48 as of the latest update, with a 24-hour move down 2.72%, placing it at rank #10 by market capitalisation among all listed digital assets. Hyperliquid's current market cap stands at $14.34B, a figure used by traders, analysts and institutional desks to gauge relative liquidity and risk exposure across the crypto market.

On this page you'll find a live, daily-refreshed dashboard tracking Hyperliquid across multiple data sources — price history going back several years, on-chain activity where available, fundamentals like circulating supply and dilution, top exchanges by volume, technical analysis using moving averages and RSI, and an algorithmic short, mid and long-term forecast. All figures are pulled from public APIs and cached locally; nothing here is investment advice.

Hyperliquid is a base-layer blockchain built to host other applications. What ultimately drives it is not a single headline feature but durable demand — whether builders keep deploying and users keep transacting on it versus the many competing Layer-1s.

Hyperliquid (HYPE) is a top-25 asset, ranked #11 among all tracked tokens by capitalisation. Only about 22% of the eventual HYPE supply is circulating so far (222.45M of 1.00B), so future unlocks remain a meaningful dilution variable. It currently trades about 16% below its all-time high of $76.76 set in June 2026, while sitting roughly 2.4× above its record low.

Hyperliquid secures a Layer-1 network through proof-of-stake: rather than mining, validators bond the native token, take turns proposing and confirming blocks, and are slashed if they misbehave. The asset doubles as the gas that pays for computation and as the unit of staking and governance.

Hyperliquid (HYPE) is a top-25 asset, ranked #11 among all tracked tokens by capitalisation. Only about 22% of the eventual HYPE supply is circulating so far (222.45M of 1.00B), so future unlocks remain a meaningful dilution variable. It currently trades about 16% below its all-time high of $76.76 set in June 2026, while sitting roughly 2.4× above its record low. Its fully-diluted valuation of $64.48B is about 4.5× the circulating market cap of $14.34B, a gap that signals issuance overhang to factor into any longer-term thesis.

Primary use cases: hosting decentralized applications, native staking for yield, securing the network through validator participation, paying gas for transactions, and serving as base-layer collateral for the DeFi protocols built on the chain.

Daily volume runs at about 4.5% of market capitalisation ($641.51M in the last 24 hours), in the normal band for a coin of this size and supportive of orderly entries and exits.

To read Hyperliquid's tokenomics, look at the issuance schedule, the share of supply already in circulation, and the gap between market cap and fully-diluted valuation. Only 22.2% of maximum supply is currently circulating, meaning future emissions remain a meaningful source of structural sell pressure. Issuance velocity and unlock schedules become important variables in any longer-term thesis. The fully diluted valuation (FDV) of $64.5 billion stands at 4.5× the current circulating market cap of $14.3 billion. The wider this ratio, the more issuance overhang the asset faces — a structural headwind on valuation that mature assets like Bitcoin do not face but that early-cycle assets typically do.

For thesis-building, the relevant question is whether the structural value-accrual mechanism (fee burns, staking-yield reinvestment, deflationary supply mechanics, ecosystem TVL growth) outpaces the structural emission pressure. When it does, the price tends to grind higher over multi-quarter windows even without speculative momentum; when it does not, the asset typically requires consistent narrative-driven demand to absorb the issuance.

At the macro level, the variables that move this asset class most are the direction of US interest rates, the supply of dollar liquidity, and the state of global risk appetite. Crypto has behaved like a long-duration, high-beta risk asset: it tends to rally when real yields fall and the dollar softens, and to sell off when liquidity tightens.

Several traditional markets serve as useful cross-checks: a strong dollar (DXY) has tended to weigh on crypto; rising 10-year Treasury yields raise the cost of holding risk; gold occasionally trades as a parallel hard-money hedge; and US equities frequently move in sympathy with crypto when the driver is liquidity rather than fundamentals.

Narrowing to Hyperliquid, the cleanest leading signal has usually been crypto-native liquidity — the combined trend in stablecoin supply, futures open interest and exchange turnover. When that pool of on-chain capital grows, HYPE has tended to advance with it; when it drains, the move has typically gone into reverse. Given the 90-day BTC correlation of +0.52, HYPE's near-term macro sensitivity will be similar to Bitcoin's — driven primarily by the same liquidity conditions and risk-asset flows.

Specific risks: validator centralisation, smart-contract risk in the application layer, competitive pressure from rival L1s, regulatory uncertainty around staking rewards, MEV (maximal extractable value) concerns, and dependence on continued developer and user adoption to sustain network value.