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How HYPE Surged on Hyperliquid’s Growing Perpetual Futures Stardom
The decentralized exchange is trying to offer traders a transparent venue for making amplified bets.

HYPE, the native token of Hyperliquid, was a standout performer among altcoins in May, as traders flocked to the decentralized exchange’s perpetual futures offering, according to a report published by asset manager Grayscale on Monday.

HYPE was recently changing hands around $37.72, a 14% increase over the past day, according to crypto data provider CoinGecko. Over the past 30 days, the token’s price has soared 80%. HYPE reached an all-time high of $39.68 just over a week ago.

“Hyperliquid has seen consistently high organic usage and robust liquidity and should increasingly compete with centralized derivative exchanges like Binance and Bybit,” Grayscale’s analysts wrote, emphasizing Hyperliquid’s recent jump in market share.