Hyperliquid's HYPE Token Hits 2026 High Amid Mixed Demand Signals

The native token of the Hyperliquid platform, HYPE, recently re-tested the $45 level, marking its highest valuation since October 2025. This move represents a 108% increase from its yearly low of $21 recorded on January 21, although the asset remains 26% below its all-time high of $59. Despite the price appreciation, on-chain data reveals a concerning divergence between price action and spot buying. The spot cumulative volume delta (CVD) has gradually declined to -$41.48 million, suggesting that the current rally is being supported by passive demand rather than aggressive spot accumulation. Market participation has increased, with open interest climbing to $1.38 billion. However, the combination of flat futures CVD and rising open interest indicates that traders may be heavily leveraged without strong conviction in the bullish trend, potentially leaving the market vulnerable to sharp, liquidation-driven corrections. On the fundamental front, Hyperliquid reported a 30-day annualized revenue run rate of $843 million in March. The protocol maintains a direct link between trading activity and token demand by allocating up to 97% of its revenue to open-market HYPE purchases. Growth is further supported by the expansion into real-world assets (RWA), with open interest in this sector reaching $2.3 billion as of April 6—an increase of over 190% from March. Additionally, the HIP-3 protocol upgrade, which enables the trading of commodities like gold and oil, is expected to drive further revenue expansion.