Hyperliquid’s HYPE Token Hits Record High as Altcoins Outperform Post-Fed Cuts

Quick Breakdown:

• HYPE token hit record highs, gaining 40% in a month to near $16B market cap.
• Arthur Hayes and Nansen spotlighted the rally, citing bullish upside and aggressive leveraged trading.
• Native Markets secured the USDH ticker, stirring debate in DeFi’s derivatives race.

The native token of decentralized derivatives exchange Hyperliquid surged to record highs on Thursday, extending a month-long rally as altcoins outpaced the broader market in the wake of the U.S. Federal Reserve rate cuts.

HYPE climbed 8% in the past 24 hours, hitting a new peak of $59.29 before easing to $58.51 at press time. With a market capitalization just under $16 billion, the token has soared nearly 40% over the past month, outperforming Bitcoin, Ether, and XRP despite their broader strength.

Traders and analysts react

The rally drew widespread attention from market veterans. Arthur Hayes, co-founder of BitMEX, dubbed the move an “All-time Hype,” reiterating his long-term bullish thesis. Hayes has previously argued the token could achieve a 126x upside, fueled by stablecoin adoption that could lift Hyperliquid’s annualized fees to $258 billion, far above its current $1.2 billion revenue run rate.

All time $HYPE pic.twitter.com/OO0xrOSM0u

— Arthur Hayes (@CryptoHayes) September 18, 2025

Analytics firm Nansen highlighted aggressive trading activity behind the surge. One trader, who opened a $30 million leveraged long in HYPE, was sitting on $1.39 million in unrealized gains on Thursday. Data showed the trader steadily increased exposure, adding 123 HYPE every 30 seconds in the hours leading up to the rally.

Competitive spotlight on derivatives DeFi

The surge also came amid competitive signals in the decentralized derivatives sector. Changpeng Zhao, former Binance CEO, posted a chart referencing ASTER, the native token of a rival exchange, just hours before Hyperliquid’s move. While Zhao did not mention Hyperliquid directly, the timing underscored the growing spotlight on perpetual-focused DeFi platforms as trading volumes accelerated.

Hyperliquid specializes in perpetual futures, enabling leveraged positions without direct asset ownership. Its rapid growth and expanding fee base have solidified its reputation as one of DeFi’s leading derivatives platforms.

In parallel, Native Markets secured the USDH ticker in Hyperliquid’s ongoing stablecoin race, a controversial outcome that has ignited debate across the crypto industry.

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