Hyperliquid Hits New ATH Amid $3.4B Record Spot Volume

Hyperliquid (HYPE) price surged 9.9% during the past 24 hours to reach a new all-time high (ATH) of $50.99. This recent price rally follows record highs in the decentralized exchange’s trading volume and heavy accumulation among whales. 

Hyperliquid Breaks Above $50 On Renewed Investors Demand

HYPE price surged to a new ATH amid demand from whale investors, both on the spot market and through derivatives trading. According to market data analysis from CoinGlass, the Hyperliquid token experienced a 53% surge in spot volume today, reaching a value of around $3.52 billion.

The majority of HYPE’s spot volume over the past 24 hours was on the Hyperliquid platform, amounting to approximately $1.27 billion. Top crypto exchanges, including Binance, Bybit, MEXC, and OKX, followed with spot volumes of approximately $760 million, $512 million, $268 million, and $254 million, respectively.

The HYPE price surge today was also thanks to a 15.7% increase in its Open Interest (OI) to about $2.29 billion. The majority of this OI is on the Hyperliquid trading platform. Bybit and Binance recorded $292 million and $167 million in HYPE’s OI during the past 24 hours. 

Meanwhile, on-chain data analysis has signaled a rising demand from whale investors. For example, two different whales bought 358,279 HYPE tokens, valued at about $18.23 million, earlier today. Notably, 52.9% of Hyperliquid traders are long HYPE tokens compared to 47.1% who are betting on a price retrace.

Two whales bought 358,279 $HYPE($18.23M) in the past 12 hours.https://t.co/JRC9VKho6whttps://t.co/PwHnsKC5rU pic.twitter.com/9mxE4n8y2v

— Lookonchain (@lookonchain) August 27, 2025

Robust Fundamentals For The Token

The Hyperliquid platform has gained significant organic traction since its inception, largely due to its blockchain transparency and deep liquidity. Earlier this week, Hyperliquid announced that its spot volume peaked above $3.4 billion, fueled by the growth in Bitcoin (BTC) and Ethereum (ETH) deposits facilitated by the Unit platform, a decentralized asset tokenization layer built exclusively on Hyperliquid.

The DEX’s growing market share is one of the reasons why BitMEX co-founder Arthur Hayes predicts a 126x upside for the HYPE price. He also expects the global stablecoin supply to reach $10 trillion by 2028, with Hyperliquid capturing a 26.4% share of the associated trading volume. The stablecoin market cap on the Hyperliquid chain has surged from $2 billion in early April to hover about $5.5 billion today.

BitGo’s custody for HYPE has also contributed to the bullish sentiment towards the token. Notably, BitGo announced support for HyperEVM, an Ethereum-compatible smart contract layer for the Hyperliquid ecosystem, enabling its institutional clients to safely custody assets on HyperEVM, including HYPE.

Meanwhile, market data analysis from DeFiLlama shows that the Hyperliquid chain’s Total Value Locked (TVL) has increased exponentially from $311 million in early April 2025 to approximately $2.6 billion at the time of this writing.