HYPE up 101%, near record high

After 241 days away, HYPE is back at $57 – within striking distance of its all-time high. Year-to-date gains stand at 101%, and its fully diluted valuation has officially surpassed Solana.

The catalyst: the onchain Pre-IPO frenzy around AI giants, and institutions quietly building positions while the market catches up.

Why institutions are accumulating

Three things are driving the institutional conviction behind HYPE right now:

1. The AI Pre-IPO ecosystem is hot

Hyperliquid's Pre-IPO perps for SpaceX, Anthropic, and OpenAI have drawn significant demand. The Cerebras perp was priced within approximately 3% of the Nasdaq opening price – a level of accuracy that's pushing traders to use Hyperliquid as their primary price discovery venue for upcoming AI listings.

2. ETF trading volume is surging

21Shares' Hyperliquid ETF (THYP) has seen daily volume surge to tens of millions of dollars – roughly 8x the first-day figure.

3. Major names are buying and staking

a16z, Grayscale, Anchorage, and early Bitcoin whales have been accumulating and staking HYPE in size. Institutional consensus hasn't looked this aligned in a long time.

Earn yield while HYPE runs

If you already hold HYPE or are looking to build a position, there's a way to participate in the upside while also earning coin-denominated yield on top of it.

Our HYPE Earn product offers a stable yield channel paid in HYPE so you benefit from both price appreciation and interest accruing in the same asset.

Whales are stacking. Your HYPE can be working at the same time. Stake your HYPE and start earning seamlessly now.