Key insights
- HYPE has climbed 23% over the past 24 hours and is now trading above $27.
- The rally follows a surge in commodity trading amid renewed interest in safe-haven assets like gold and silver.
Commodity trading on Hyperliquid pushes HYPE above $27
HYPE, the native token of Hyperliquid’s decentralized exchange, is the top performer among the 20 largest cryptocurrencies by market capitalization.
The token has risen 23% in the last 24 hours and is trading above $27 per coin. The rally coincides with Hyperliquid’s HIP-3 decentralized exchange product reaching a new milestone, as open interest climbed to a fresh high of $790 million.
That figure represents more than 200% growth over the past month, though it remains well below Hyperliquid’s total open interest of $8 billion across all markets.
Launched on October 3, HIP-3 enables qualified developers to launch their own perpetual futures markets on Hyperliquid’s HyperCore infrastructure.
Thanks to this framework, trading a broad range of assets beyond traditional cryptocurrencies—including commodities, equities, and other real-world instruments—is now live on Hyperliquid.
Hyperliquid CEO Jeff Yan said on X that
“Hyperliquid has quietly hit an important milestone to become the world’s most liquid platform for crypto price discovery. With the HIP-3 teams leading the way, Hyperliquid has also grown to be the most liquid platform for bridging tradfi assets.”
The surge in trading volume is partly driven by growing demand for gold and interest-rate plays. Investors have shifted capital into gold and silver as safe-haven assets amid rising global economic uncertainty.
Perpetual contracts for gold and silver have seen particularly high volume as traders seek protection from inflation and geopolitical risks.
Flowscan data shows HIP-3 recorded daily trading volume of $1.29 billion over the past 24 hours, with open interest at $693.8 million at the time of publication.
HYPE faces critical resistance at $28.40
The HYPE/USD 4-hour chart looks bullish and has strengthened as Hyperliquid surged over the past day. The token has gained 23% since Monday and is trading above the 20-period exponential moving average (EMA).
HYPE is currently trading around $27.40 and could push toward the short-term resistance at $28.40. A sustained breakout above that level would open the door to the psychologically important $30 mark.
The relative strength index (RSI) and MACD are above neutral, signaling prevailing bullish momentum.
However, if resistance near $28 holds, HYPE could retest Monday’s low around $21.60 in the near term.