Hyperliquid (HYPE) Price: Whale Activity Surges as Traders Eye $30 Level

TLDR

• Hyperliquid leads decentralized derivatives platforms with $7 billion in 24-hour trading volume and $8.79 billion in open interest
• The platform’s total value locked reached $4.17 billion, placing it ahead of competitors like GMX and dYdX
• HYPE token traded near $27.19 with a market cap of $9.22 billion and 339.34 million tokens in circulation
• Hyperliquid’s ecosystem grew from a small group to hundreds of development teams over the past year
• Technical indicators show HYPE attempting to break above the 50-day EMA at $29.29, with potential movement toward $40

Hyperliquid has taken the lead in decentralized derivatives trading based on recent market data. The platform recorded about $7 billion in 24-hour trading volume.

Open interest reached $8.79 billion. Total value locked stood at $4.17 billion.

These numbers placed Hyperliquid ahead of all competing decentralized exchanges. Platforms like Aster, Lighter, edgeX, GMX, and dYdX showed lower activity across the same metrics.

The data came from CoinGlass during a period of high derivatives usage across crypto markets. Many traders continue shifting activity away from centralized venues.

Higher open interest than daily volume suggests many positions remain open. This pattern often points to longer-term trading strategies rather than brief speculation.

The Hyperliquid (HYPE) price traded near $27.19 at the time of reporting. The token posted a 4.02% gain over 24 hours.

Market capitalization stood close to $9.22 billion. Trading volume reached about $290.84 million during the same period.

Total supply is capped at 961.67 million tokens. Circulating supply stands near 339.34 million tokens.

Fully diluted valuation was listed at around $26.14 billion. These figures frame current market expectations for the token.

Ecosystem Expansion

The project reported hundreds of teams now building on the network. One year ago, the HyperEVM was not live.

Development activity was limited to a small group of early builders. Regional communities have formed across different locations since then.

Local events and user groups have grown steadily over the past year. This expansion reflects wider developer interest in the platform.

Hyperliquid stated that growth occurred without external funding. Protocol fees are returned to the community.

Validators operate under a permissionless model. Several releases were completed in 2025, including the HyperEVM launch and HyperCore integration.

Native USDC support was added. Permissionless perpetual deployment followed through HIP 3.

Usage metrics rose sharply compared with the prior year. Daily trading volume peaked near $32 billion.

Open interest reached $16 billion at its highest point. TVL climbed to about $6 billion.

User count increased to around 1.4 million. These metrics show the platform’s growth over the past 12 months.

Technical Analysis

HYPE broke above a local resistance trendline connecting the November 18 and December 4 highs. The token rose nearly 6% on Sunday.

Despite an intraday pullback, the short-term recovery aims for the 50-day EMA at $29.29. This level roughly aligns with the Supertrend indicator line at $29.49.

Futures open interest surged over 7.06% in the last 24 hours, reaching $1.50 billion. This indicates an inflow of fresh capital building new positions.

Positive funding rates of 0.0045% indicate a bullish incline in the capital inflow. Traders are paying premiums to hold long positions.

Data from CryptoQuant suggests a surge in whale orders based on increasing average order size in HYPE futures. The Relative Strength Index at 53 hovers above the halfway line after crossing above it last week.

The Moving Average Convergence Divergence approaches the zero line, indicating a steady rise in bullish momentum. If the token clears the $30 round figure, it could trigger a buy signal from the Supertrend indicator.

An upward trend could target the 200-day EMA at $34.82. Some traders are watching whether the price could revisit the $40 level depending on broader market conditions.

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