DeFi
February 6, 2026
While the cryptocurrency market has been grappling with volatility this past week, Hyperliquid’s native token HYPE has emerged as the new standard-bearer. The Hyperliquid HYPE price has been surging and recorded a daily revenue of $6.84 million, its highest since the October downturn.
How Hyperliquid HYPE Price Tracks DEX Growth, Token Demand and Revenue
Hyperliquid’s decentralized exchange (Hyperliquid DEX) continues to assert itself as a powerhouse. Hyperliquid’s design centers on high-speed, order-book-style perpetual trading. The massive volume in perpetual contracts not only signals capacity and user interest in on-chain derivatives but also significantly increases fee generation for the protocol. Recent market data showed over $5.5 million generated in a single session, surpassing Ethereum.
The future seems bright for Hyperliquid. Hyperliquid hub had this to say on the recent surge:
Hyperliquid is now absolutely dominating the on-chain derivatives sector. At this point, people are only comparing Hyperliquid with major centralized exchanges like Binance, OKX, and Bybit.
Source: DeFiLlama
This surge in crypto trading revenue is directly linked to an explosion in perp DEX volume, as traders migrate away from centralized exchanges in favour of Hyperliquid’s low-latency, on-chain order book. But how does it work?
Through the conversion of trading revenue into HYPE buybacks and burns. A large proportion of protocol revenue (often cited near or above 90%) is used to repurchase HYPE tokens from the market and remove them from circulation. There have been at least $62.9 million buybacks over 30 days and 2.32 million HYPE tokens removed from circulation in that period.
Hyperliquid’s Future
Despite impressive metrics, Hyperliquid’s rapid rise has drawn criticism from some industry figures. Forward Industries chairman, Kyle Samani labelled Hyperliquid as:
Hyper liquid is in most respects everything wrong with crypto Founder literally fled his home country to build.
According to him, if the founder flees his home, HYPE loses its credibility. On the other hand, Jon Charbonneau, co-founder of DBA crypto, argues that:
If a founder actually needs to leave a country to build a project like Hyperliquid, that’s a sign of a problem with the country, not the founder.
Either way, the HYPE is just getting started and its trajectory is something worth watching. It will be a great space to monitor how it responds to both short and long-term market conditions.