Convert between HYPE and US dollars at the live rate.
$76.87
−29.40% from current
$3.81
+1324.41% from current
Independent editorial ranking. Score is 0–10 across six criteria: Security, Fees, UX, Features, Support, Reputation.
US and EU users who prioritise a spotless security record — no major hack since 2011 — and want a serious pro-grade trading terminal.
Institutions and funds requiring an SEC-registered venue with segregated qualified custody and audited on-chain reserves.
Active spot traders chasing the deepest global liquidity and the widest listing catalogue outside the US perimeter.
Traders who mix spot and on-chain — the Web3 wallet, DEX aggregator and Ethereum L2 X Layer sit inside the same account as CEX pairs.
Long-horizon EU holders who want the oldest continuously-operating exchange (2011) with conservative listings and full MiCA licensing.
Derivatives-first traders who want tighter perp funding and a maker-friendly fee schedule; accept offshore regulatory footprint.
Top coins in the same category, ordered by market cap.
Hyperliquid is a Layer-1 blockchain purpose-built for on-chain derivatives trading, primarily perpetual futures. Launched in mainnet form in 2023 and reaching escape velocity through 2024, Hyperliquid combines a native central-limit order book (CLOB) — running fully on-chain — with a proof-of-stake consensus optimised for financial applications. The HYPE token, distributed via one of the largest airdrops in crypto history in November 2024, is the network's native asset.
In 2026, Hyperliquid is the largest on-chain perpetual futures venue by daily volume, consistently trading tens of billions of dollars in perp volume during active market conditions. It has effectively displaced dYdX and older perp DEXs as the on-chain perpetual leader, and increasingly competes for market share against centralised exchange perpetual venues (Binance Futures, Bybit, OKX).
HyperEVM, launched in 2025, added EVM-compatible smart contract execution alongside the native perp CLOB. This positioned Hyperliquid as both an L1 for general-purpose DeFi and the settlement chain for its own dominant derivatives market — an unusual full-stack architecture.
The core Hyperliquid innovation is running a proper central-limit order book fully on-chain. Traditional AMMs (Uniswap, Curve) use pool-based liquidity that produces price impact proportional to trade size. CLOBs match specific bids and asks at exact prices, producing much more efficient execution for professional traders and market makers. Legacy on-chain attempts at CLOBs (dYdX v3 on StarkEx, various Cosmos CLOBs) had capital efficiency and UX limitations that Hyperliquid overcame with its custom consensus and matching engine.
Consensus runs on HyperBFT, a proof-of-stake consensus tuned for financial application latency requirements. Block times target one-third of a second, with practical finality under 1 second. Approximately 30 active validators run the network, chosen by HYPE stake weight.
Trading fees are competitive with major centralised venues — typically 0.02-0.05% for takers and near-zero or negative for market makers. Fee revenue accumulates to the Hyperliquid Assistance Fund, which conducts ongoing HYPE buybacks — a direct value-accrual mechanism that most L1 tokens lack.
HYPE launched in November 2024 via an airdrop to Hyperliquid protocol users based on trading volume and platform activity. The airdrop distributed roughly 31% of total supply and was the largest single distribution to actual product users in recent crypto history — with a median individual airdrop value in the tens of thousands of dollars at post-launch prices.
Total HYPE supply is 1 billion tokens. Distribution breakdown:
The Hyperliquid Assistance Fund accumulates protocol trading fees and uses them for ongoing HYPE buybacks — a genuinely rare token value-accrual mechanism that produces measurable structural demand independent of price speculation.
HyperEVM launched in 2025 as an EVM-compatible execution layer alongside the native perp CLOB. This enabled Solidity-based DeFi, tokens, and applications to deploy on Hyperliquid while remaining tightly integrated with the underlying perp liquidity.
Emerging HyperEVM ecosystem:
The HyperEVM ecosystem is early-stage compared to Ethereum L2s or Solana, but the combination of a dominant perp CLOB plus expanding EVM DeFi creates a unique full-stack value proposition. Traders can execute perp strategies, deploy capital in DeFi yield opportunities, and settle across both without leaving the Hyperliquid ecosystem.
Hyperliquid's 2026 setup is one of the strongest in crypto: dominant on-chain perp venue by volume, ongoing fee-driven buyback mechanism, expanding HyperEVM ecosystem, and one of the largest and most successful user-driven token launches in recent history.
The bull case is continued market share growth against centralised perpetual venues combined with HyperEVM ecosystem maturation into a genuinely diverse DeFi chain. The bear case is that perp volume cycles are inherently cyclical and value accrual to HYPE remains tied to trading activity that can slow materially in bear markets.
The key catalyst to watch in H2 2026 is HyperEVM adoption depth: whether third-party developers build genuine breakthrough applications on HyperEVM rather than treating it as an appendage to the perp venue.
For a comparison of on-chain perp DEXs including Hyperliquid, GMX, Drift, and Jupiter, see our independent rating of perpetual DEXs.
Analysis last updated:
Hyperliquid (HYPE) trades at $54.27 with a 24-hour volume of $488.31M and a market capitalization of $12.07B. The asset is currently ranked #10 among all tracked cryptocurrencies.
In the last 24 hours, the HYPE price has fallen +5.97%. On a seven-day window, Hyperliquid has retraced +13.24%, under sustained selling pressure on both windows. Short-term moves are often amplified by liquidity, news flow, and derivatives positioning, so confirm signals across multiple indicators before acting.
Hyperliquid's all-time high of $76.87 was set on June 16, 2026. The current price sits +29.40% below that peak. Distance from the all-time high is a common reference point when evaluating long recoveries and macro support or resistance.
Buying Hyperliquid (HYPE) is a five-step routine once you have picked the right venue and pair. The steps below mirror what most investors do today.
You can also use the Hyperliquid converter above to estimate how much HYPE you would get for a given dollar amount before placing the order.
Whether Hyperliquid is a good investment depends on your goals, time horizon, and tolerance for volatility. Like all cryptocurrencies, HYPE carries real market risk: prices can rise or fall sharply in a day, and past performance is not a reliable indicator of future returns.
This page provides data and analysis for educational purposes only. It is not financial advice. Always do your own research, diversify, and never invest more than you can afford to lose.
