Tech & Utility Focus:
Hyperliquid’s HYPE Token Overtakes DOGE in Futures Demand Amid On-Chain Derivatives Boom
HYPE, the governance and utility token of Hyperliquid, is now the fifth most traded crypto in the global futures market. Open interest in HYPE contracts has reached $2.06 billion, outpacing meme coin Dogecoin, and trailing only blue-chip tokens like BTC, ETH, SOL, and XRP, data from Coinglass shows.
The token’s rise reflects a broader trend toward high-performance decentralized finance infrastructure. Hyperliquid, built on a custom Layer 1 chain, dominates the decentralized perpetuals space, facilitating $94B+ in volume weekly and pioneering the use of a central limit order book (CLOB) on-chain.
The HYPE token supports fee payments, protocol governance, and incentivization. Crucially, 97% of protocol revenues are used to buy back HYPE, aligning token economics with trader activity and encouraging long-term holding.
With strong ecosystem growth and increasing institutional traction, Hyperliquid’s token is reshaping the futures landscape — showing how deep liquidity and economic alignment can outcompete older, more popular tokens in market structure relevance.
Share this content:
