Key Takeaways
- HYPE rose 23% over the past 24 hours and is now trading above $27.
- This rise followed increased commodity trading driven by growing interest in safe-haven assets such as gold and silver.
Commodity Trading on Hyperliquid Pushes HYPE Above $27
HYPE, the native token of the decentralized exchange Hyperliquid, is one of the best performers among the top 20 cryptocurrencies by market capitalization.
The token jumped 23% in the last 24 hours and is now trading above $27 per coin. The rally coincides with Hyperliquid’s decentralized HIP-3 markets hitting a new milestone, with open interest climbing to a record $790 million.
That figure represents more than 200% growth over the past month, though it remains below Hyperliquid’s total open interest of $8 billion across all markets.
HIP-3 launched on October 3 and allows qualified developers to deploy their own perpetual futures markets on Hyperliquid’s HyperCore infrastructure.
Thanks to this framework, trading a broad range of assets beyond conventional cryptocurrencies — including commodities, equities, and other real-world assets — is now available on Hyperliquid.
Hyperliquid CEO Jeff Yansaid on X that
“Hyperliquid has quietly reached an important milestone, becoming the most liquid venue for price discovery in crypto globally. Under the leadership of the HIP-3 teams, Hyperliquid has also become the most liquid venue for pricing certain traditional assets.”
The surge in trading volumes can be attributed to growing demand for gold and interest-rate hedges. Investors are allocating funds to gold and silver as safe-haven assets amid rising global economic uncertainty.
Perpetual contracts for gold and silver are showing especially strong volume as traders 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 $28.4
The HYPE/USD 4-hour chart remains bullish and effective as Hyperliquid gained momentum over the past day. The token has rallied 23% since Monday and is trading above the 20-period exponential moving average (EMA).
HYPE is currently trading around $27.4 and could test resistance at $28.4 soon. A sustained breakout above that level would open the way for the token to challenge the psychological $30 mark.
The Relative Strength Index (RSI) and MACD sit above their neutral levels, indicating dominant bullish momentum.
However, if resistance near $28 persists, HYPE may retest Monday’s low near $21.6 in the near term.