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HYPE token's 50% surge is a story of crypto-
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HYPE token's 50% surge is a story of crypto-
HYPE token's 50% surge is a story of crypto-traditional market convergence, treasury firm says
6 min read
HYPE token's 50% surge is a story of crypto-traditional market convergence, treasury firm says
HYPE has surged 50%, outperforming bitcoin, ether and the CoinDesk 20 index by a big margin.
By Omkar Godbole, AI Boost|Edited by Shaurya Malwa
Updated Jan 28, 2026, 10:49 a.m. Published Jan 28, 2026, 8:02 a.m.
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HYPE rally. (CoinDesk)
What to know:
- Hyperliquid's HYPE token has surged more than 50% to $34.57 this week, far outpacing bitcoin, ether and the broader crypto market, as trading activity on the platform accelerates.
- The token rally represents the merging of traditional assets with the crypto world, according to Hyperion DeFi, which is a HYPE treasury company.
- Originally a crypto perpetuals exchange, Hyperliquid has expanded into tokenized trading of equity indices, individual stocks, commodities and major fiat pairs via its HIP-3 upgrade.
When the crypto market emerged more than a decade ago, its proponents pitched it as "us vs. them" – a rebel fight against Wall Street and traditional markets.
Over time, the great divide slowly closed with the debut of popular traditional instruments like futures and ETFs tied to cryptocurrencies, and now the two worlds have merged on decentralized platforms.
STORY CONTINUES BELOW
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The market-beating rally in Hyperliquid's HYPE token, a decentralized exchange, reflects just that, according to Hyunsu Jung, CEO of Nasdaq-listed Hyperion DeFi. It's the first US publicly listed company building a long-term strategic treasury of HYPE tokens. As of late last year, it held over 1.4 million HYPE tokens.
The HYPE token has surged over 35% to $34 this week, leaving bitcoin BTC$89,347.10, ether ETH$3,017.15 and other major tokens far behind. Bitcoin has risen just 1.84%, while the CoinDesk 20 Index, a broader market gauge, has gained over 4%, according to CoinDesk data.
"This is a story of the convergence of all asset classes under the megatrend of tokenization in an increasingly financialized world - more and more of which is happening on Hyperliquid," Hyunsu said, explaining the HYPE rally.
While Hyperliquid started as a decentralized exchange for trading perpetual futures tied to cryptocurrencies, it has since expanded its product suite to include trading in equity indices, stocks, commodities, and major fiat currency pairs.
This shift stems from the Hyperliquid Improvement Proposal-3 (HIP-3), launched in October 2025, which allows anyone staking 500,000 HYPE tokens to freely create markets for non-crypto assets.
The timing couldn't have been better, as traditional assets, especially gold and silver, have gone bonkers since late 2025, driving huge trading volumes and fees in Hyperliquid's markets for those assets. The silver-USDC market has registered a trading volume of over $1 billion in the past 24 hours alone. The numbers look even more impressive on a broader scale.
"Within just 3 months of this upgrade, Hyperliquid’s HIP-3 markets have captured over $1B in Open Interest, ~$25B in total trading volume and over $3M in total fees, all transparently on-chain," Hyunsu noted. "Users globally are now able to access and trade equities (for example those in countries that could not access US equities) or get exposure to the incredible metals trade over the last few months."
The boom in fees translates into higher prices for HYPE via a token-burning mechanism. Hyperliquid burns HYPE based on protocol fees through an automated mechanism, with up to 97% of fee revenue used to buy back HYPE and remove coins from circulation.
"It's a deflationary mechanism not found in any other blockchain ecosystem, and an incredible structural tailwind for our treasury," Hyunsu said.
He explained that the nonstop 24/7 availability of traditional markets on Hyperliquid allows traders to react to global events, helping to achieve fairer spot prices outside regular hours and even on weekends when traditional markets are closed.
HyperliquidhypeMarkets
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
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Altcoins jump as dollar slides, bitcoin holds steady: Crypto Markets Today
The Dollar Index hit a four-year low, while altcoins surged led by HYPE, JTO and Solana memecoin PIPPIN.
What to know:
- Bitcoin held near $89,200 and ether topped $3,000, supported by a sharp drop in the U.S. dollar index (DXY).
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