Hyperliquid (HYPE) price has historically fluctuated between $3.20 (November 11, 2024) and $94.44 (September 19, 2026). Hyperliquid (HYPE) is a smart contract platform, and its best-known app is the Hyperliquid exchange.
Hyperliquid (HYPE) price history
Hyperliquid (HYPE) price has historically fluctuated between $3.20 (November 11, 2024) and $94.44 (September 19, 2026). Hyperliquid’s price history begins in November 2024. This information is based on CoinMarketCap data.
Hyperliquid’s HYPE token was launched on November 29, 2024. Trading began on the same day on major cryptocurrency exchanges at $3.20. The HYPE token launch differed from many other crypto launches, as 310 million tokens were distributed via an airdrop.
Hyperliquid’s price began to rise immediately after its launch. Just a week later, the HYPE token was trading at $13—a fourfold increase. By December 21—about three weeks after launch—the price exceeded $32, marking a tenfold rise.
Hyperliquid’s price surge was driven by favorable timing, as the broader cryptocurrency market rallied in November and December 2024 following Donald Trump’s election victory.
The crypto market saw a slight decline in late December 2024 as the initial frenzy subsided. Hyperliquid’s price closed the year 2024 at approximately $24.40, marking a rise of over 660 percent in just over a month.
Below is a price chart for Hyperliquid.
In 2025, Hyperliquid’s price tracked the broader cryptocurrency market. A major correction occurred in the first quarter, as both stock and crypto markets fell in tandem for several months. Hyperliquid’s price fell as low as $9.30, down more than 61% from the start of the year.
The market rebounded in early April, and Hyperliquid followed an upward trend until the end of September. Hyperliquid reached a new all-time price of approximately $59.40. The entire crypto market shifted to a downtrend in October 2025, and Hyperliquid’s price followed suit. By the end of 2025, Hyperliquid’s price was about $25.50, marking a 4.5% gain for the year.
What is Hyperliquid (HYPE)?
Hyperliquid (HYPE) is a smart contract platform, and its best-known app is the Hyperliquid exchange. As a result, many beginners mistakenly believe Hyperliquid is just a trading app, but that is not the case. Hundreds of different DeFi applications have been built on the Hyperliquid platform.
Hyperliquid’s reputation and media attention largely stem from the Hyperliquid exchange. Although the exchange launched as a crypto derivatives platform, the HIP-3 update—implemented in late 2025—propelled its popularity to a whole new level.
The HIP-3 update enabled non-crypto markets on Hyperliquid. In 2026, the trading of precious metals and commodities, in particular, drove the exchange to immense popularity. As a result, the HYPE token repeatedly hit new all-time highs, even while the broader crypto market remained in a downtrend.
The HYPE token is not even used to pay trading fees on the Hyperliquid exchange. The exchange’s native asset is the USDC stablecoin, which serves as the quote currency for all trading pairs. However, traders earn trading fee discounts by holding HYPE, which helps explain the token’s growing popularity.
As a Proof-of-Stake smart contract platform, Hyperliquid validators also stake the HYPE token. The HYPE token is also used to pay transaction fees for using other apps in the ecosystem, excluding the Hyperliquid exchange.
Another significant factor behind the HYPE token price rise is that Hyperliquid has used up to 99% of trading fees to buy back HYPE tokens from the market. This has created additional buying pressure, allowing the price to rise even while the broader crypto market has declined.