Hyperliquid Defies Market Jitters With 18% HYPE Surge – DeFi’s Latest Anomaly

While traditional markets wobble, Hyperliquid’s HYPE token rockets 18%—because nothing says ’hedge against volatility’ like an unregulated crypto moonshot.

DeFi’s perpetual pumps defy gravity (and common sense) as traders chase the next dopamine hit. Liquidity protocols now outperform legacy finance like a scalpel outperforms a butter knife—until the next cascade, of course.

Bonus jab: Wall Street analysts still can’t decide if this is genius or a high-frequency Ponzi scheme wrapped in a DAO.

Recent price performance

HYPE traded at around $21.28 at press time, and was up more than 18% from its local bottom earlier this month.

On a recent 5-minute chart, the HYPE token showed a classic accumulation-to-expansion breakout, with bulls repeatedly defending the $19.5-$20 range.

Source: X

Despite the rally, the absence of a blow-off top in volume suggests the trend may still have legs. It’s not euphoric yet — just strong, consistent bidding and solid liquidity support.

Hyperliquid’s fee generation now tops BNB Chain, Ethereum, and even Bitcoin — an impressive feat for a protocol often dismissed as a DeFi underdog.

Its TVL has climbed past $840 million, rising nearly 2% on a daily basis. At the same time, the protocol has raked in $1.36 million in daily revenue and processed a staggering $4.47 billion in daily perpetuals volume.

Bridged capital stood at $2.63 billion, showing deep cross-ecosystem migration into the protocol.

Source: DeFiLlama

Fee hikes as a litmus test

The team’s decision to raise protocol fees mid-bear market shows great confidence. Market makers and funds must now buy and stake HYPE to remain competitive — driving real demand.

Source: Artemis

But this isn’t without risk. Higher fees could deter volume in a jittery market, resulting in weaker buybacks and a potential short-term price retreat.

Still, flipping Ethereum and Bitcoin in fee revenue during such a move is a powerful validation.

Possible scenarios

If trading volumes stay strong despite Hyperliquid’s recent fee hike, analysts suggest that HYPE could grind toward $50.

The daily chart showed bullish momentum, with RSI NEAR 67 and MACD trending up — signs of strong buying pressure.

Source: TradingView

The fact that users are sticking around even as fees rise mid-cycle signals deep liquidity and ecosystem strength.

But if the broader market turns risk-off, higher fees could dent volumes, reduce buybacks, and trigger a cooldown. A reversal wouldn’t be surprising with RSI nearing overbought levels.