Hyperliquid HYPE Token Jumps 35% as Oil Perpetuals Hit $1.77B Volume

The Hyperliquid HYPE token has emerged as one of the standout performers in the crypto market 2026, recording a 35% surge in prices since the start of the year. The HYPE token started the year in the $24-25 range and now sits at $34.73, with a market capitalization of $8.93B.

The Hyperliquid token is also the best-performing among tokens with a market cap of more than $1 billion. At a time when the crypto market in 2026 is showing extreme volatility, with the prices of Bitcoin and Ethereum changing dramatically every week, HYPE has maintained a steady upward trajectory.

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How Hyperliquid HYPE Token Surged 35% on Rising Oil Perpetuals Volume

According to reports, the HYPE token’s surge is linked to the rising oil perpetuals trading on the platform. Due to the ongoing conflict in the Middle East and the rise in oil prices, traders are now looking for ways to capitalize on it through the derivatives market.

Hyperliquid, the exchange, is making that possible, and as a result, its native token HYPE is witnessing a massive demand, given its deep integration with the ecosystem. The token plays a major role in governance and staking on Hyperliquid.

On Hyperliquid, the tokenized West Texas Intermediate oil perpetual contracts recorded $1.77 billion in volume, second only to Bitcoin, which recorded $3 billion.

Data suggests that oil perpetuals trading alone accounted for 18% of the total trading volume of Hyperliquid in the past 24 hours.

According to CoinMarketCap, the community sentiment for now is bullish towards the token.

Apart from traders, HYPE has even caught the attention of seasoned crypto enthusiasts. Arthur Hayes, co-founder of BitMEX, recently predicted that HYPE will hit the $150 mark by Aug 2026. He wrote an entire piece explaining his reasoning behind it. Hayes wrote,

“Hyperliquid, the dominant perp DEX, is the largest revenue-generating project that isn’t a stablecoin. 97% of this revenue is used to buy back $HYPE tokens from the market. No other project in all of crypto hands as much money back to token holders as Hyperliquid.”

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While hitting the $150 mark seems like a dream for now, with the increased demand due to the conflict, $HYPE does seem to be on the right track. Apart from that, we will have to wait and watch how the token holds up once the situation in the Middle East stabilizes and oil prices drop to previous levels.