Last updated on May 12th, 2026 at 08:19 pm
Hyperliquid’s native token, HYPE, surged more than 13% over the last 24 hours to reach an intraday high of $35.28 on Thursday, March 12, 2026. The price action followed a massive spike in on-chain commodity trading, where West Texas Intermediate (WTI) oil perpetuals generated $1.4 billion in daily volume, trailing only Bitcoin on the platform.
This growth is largely attributed to the successful implementation of HIP-3, which allows for permissionless listing of traditional assets, and the recent testnet launch of HIP-4 prediction markets.
What is driving the recent HYPE price surge?
The current rally is fuelled by a combination of high-volatility energy trading and a high-conviction price forecast from BitMEX co-founder Arthur Hayes. Hayes recently set a target of $150 for HYPE by August 2026, citing the protocol’s unique deflationary loop where 97% of trading fees are used to buy back and burn HYPE tokens from the open market. This mechanism has already seen the Hyperliquid Assistance Fund remove over 41 million tokens from circulation, valued at approximately $1.35 billion.
Additionally, the platform’s ability to offer 24/7 trading for tokenized oil and gold has attracted macro traders seeking exposure outside traditional market hours. As geopolitical tensions in the Middle East impacted energy prices, traders rotated from Bitcoin into oil perpetuals, which now account for roughly 18% of Hyperliquid’s total daily volume.
How do HIP-3 and HIP-4 impact Hyperliquid’s ecosystem?
Hyperliquid Improvement Proposal 3 (HIP-3) has transformed the network into a multi-asset hub by allowing users who stake 500,000 HYPE to launch perpetual markets for assets like the Nasdaq 100, silver, and crude oil. These non-crypto markets already contribute approximately 10% of the protocol’s total revenue. To further expand utility, the developers recently rolled out HIP-4 on testnet, introducing fully collateralized prediction markets and binary options, which are expected to drive higher user engagement without the liquidation risks associated with leveraged perps.
This institutional-grade shift, driven by tokenized oil/gold trading and Hayes’ forecast, positions Hyperliquid as a crucial hub. Offering hard asset and crypto exposure, it provides traders with essential tools to combat inflation and volatility.
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