Key points
- HYPE has surged 23% in the past 24 hours and is now trading above $27.
- The rally follows a rise in commodities trading amid growing interest in safe-haven assets such as gold and silver.
Commodities trading on Hyperliquid pushes HYPE past $27
HYPE, the native token of Hyperliquid’s decentralized exchange, is the best performer among the top 20 cryptocurrencies by market capitalization.
The token has climbed 23% in the past 24 hours and is trading above $27 per coin. The move coincides with a new milestone for Hyperliquid’s HIP-3 decentralized markets, as open interest rose to a fresh peak of $790 million.
That figure represents over 200% growth in the last month, although it remains below Hyperliquid’s aggregate open interest of $8 billion across all markets.
HIP-3, which launched on October 3, enables qualified developers to create 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 assets—is now possible on Hyperliquid.
Hyperliquid CEO Jeff Yan said on X that
“Hyperliquid has quietly achieved an important milestone in becoming the most liquid venue for crypto price discovery in the world. With the HIP-3 teams leading the way, Hyperliquid has also grown into the most liquid venue for tradfi asset makers.”
The rise in trading activity is largely driven by growing investor interest in gold and interest rate markets. 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 volumes as market participants seek protection against inflation and geopolitical risks.
Data from Flowscan shows HIP-3 recorded $1.29 billion in daily trading volume 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 constructive following the recent rally. The token has advanced 23% since Monday and is trading above the 20-period exponential moving average (EMA).
HYPE is currently around $27.40 and could push toward nearby resistance at $28.40 in the short term. A sustained break higher would open the door for a move toward the psychologically important $30 level.
The Relative Strength Index (RSI) and MACD are above neutral levels, indicating dominant bullish momentum.
However, if the $28 resistance holds, HYPE could retest Monday’s low near $21.60 in the short term.