Hyperliquid Soars 170% From April Lows—Can Bitcoin Perps Propel HYPE to $40?

Hyperliquid’s native token HYPE has rocketed 170% since its April 2025 trough, outpacing major altcoins. The surge coincides with record Bitcoin perpetual futures open interest—now dominating 78% of derivatives volume. Traders are betting big on HYPE as the platform’s zero-gas L2 architecture cuts costs for leveraged positions.

But here’s the rub: while retail traders chase the pump, institutional whales are quietly rotating into staked ETH. Will Hyperliquid’s perps-driven hype defy gravity, or is this just another degens’ casino before the next rug pull? Only volatility knows for sure.

Hyperliquid growth

BTC perps are popular derivative instruments with retail, given their simplicity tied to Funding Rates. The market is heavily dominated by Binance, Bybit, OKX, and Deribit — all centralized platforms. 

But Hyperliquid, a DEX (decentralized exchange) operating on its blockchain, is eating the CEXes’ market share.

A source in the Bloomberg report linked Hyperliquid’s growth to a user-centric approach, especially for those seeking to trade anonymously. 

“It consolidated a fragmented DeFi trader userbase with good UX, kept the advanced retail around with DEEP liquidity and solid tech, then made everyone an owner with airdrops, creating an organic, but cult-like following.” 

According to Velo data, Hyperliquid BTC’s OI (open interest), or money inflows, topped $1.8 billion, surpassing Deribit’s $1.14B. 

OKX’s $2.56 could be the next to be flipped if the growth trend continues. In fact, Hyperliquid’s total OI was at an all-time high of $5.6 billion for all listed tokens, including SOL and ETH. 

In terms of total trading volumes since its debut, the DEX has done over $1 trillion. 

Source: Hyperliquid 

The rate of adoption has been astonishing, too. Since the April market rebound, new daily users have grown from 200 to over 2000, marking a 900% adoption rate. 

Over the same window, HYPE, a native token to the DEX and its overall ecosystem, rallied over 170%.

Interestingly, HYPE holders are entitled to fee discounts. Besides, an ongoing deflationary program (buyback) reduces supply, collectively creating demand and value appreciation. 

On the daily price chart, the price action was on the verge of forming a bullish inverted head and shoulders pattern.

If the pattern is validated, HYPE could surge to a new high of $45. However, the neckline at $27 and the overhead at $35 must be cleared first before such an ascent. 

Source: HYPE/USDT, TradingView

On the downside, the 50-day EMA of $19.6 (Exponential Moving Average) could act as a potential support in case of a sharp pullback.