Hyperliquid’s HYPE Token Surges to Record High Amid Trading Boom and Buybacks

Hyperliquid's native token HYPE soared to an all-time high above $50 early Wednesday, extending its parabolic rally this year. The decentralized exchange's perpetual trading platform has attracted unprecedented activity, driving the token's 430% surge since April and a 15-fold increase since its November debut at $3.

August derivatives volume hit $357 billion, up from $319 billion in July and nearly ten times year-ago levels, according to DefiLlama. Spot trading volumes also set records, exceeding $3 billion for the week ending Aug. 24. The protocol generated $105 million in fees last month, its highest this year.

Hyperliquid's automated buyback mechanism continues to fuel the rally. The Assistance Fund channels trading fees into open-market HYPE purchases, creating sustained demand while reducing circulating supply. This structural support underscores the exchange's growing dominance in on-chain derivatives trading.