Hyperliquid (HYPE): Price, Tokenomics, DEX & HIP-3

What is Hyperliquid? (hyperliquid crypto / hyperliquid exchange)

Hyperliquid is a purpose-built Layer-1 blockchain and the dominant on-chain perpetual futures exchange. VanEck reports it processed over $633 billion in total traded volume (perps and spot) during Q1 2026 on its own L1, with other sources putting Q1 2026 clearing at roughly $493 billion. Depending on the measure, Hyperliquid runs anywhere from 44% to 80% of all on-chain perpetual futures volume. Its order book, matching, and liquidation engines run entirely on-chain, and its HyperEVM layer gives full Ethereum Virtual Machine compatibility for developers.

Hyperliquid price today (hyperliquid price / hype price / hype coin / hype token)

As of early September 2026, HYPE trades in the $86–$89 range across major venues (snapshot timing varies by provider):

Key market data (CoinGecko, Sept 2026): market cap ≈ $19.40B, fully diluted valuation ≈ $83.30B, circulating supply ≈ 222.45M HYPE, total supply ≈ 955.31M HYPE, max supply 1B HYPE, 24h volume ≈ $1.39B. HYPE was up roughly +7.2% over 7 days and is up over 50% year-to-date in 2026, outperforming Bitcoin (which was down) per MEXC.

Hyperliquid tokenomics (hyperliquid tokenomics / hyperliquid token)

• Fixed max supply of 1 billion HYPE, with ~240M circulating (CoinGecko shows 222.45M circulating).
• Zero VC capital raised — Hyperliquid Labs took no external funding, and the November 2024 airdrop distributed 31% of HYPE supply directly to users, with no investor token-dump overhang.
• The 97% buyback mechanism: 97% of all protocol fees flow to the Assistance Fund, which uses the funds for open-market HYPE buybacks. The Assistance Fund has accumulated ~$1.3 billion in HYPE since launch (crypto.news). In 2025, Hyperliquid generated ~$1B in fees, with ~$970M/year directed to buybacks.
• Monthly unlocks: core contributors receive recurring tranches of 9.92 million HYPE on a vesting schedule running through 2026 (DEXTools).
• HYPE is used for staking, governance, gas fees, and trading fee discounts (hyperliquid.xyz).

Hyperliquid DEX (hyperliquid dex / hyperliquid exchange)

Hyperliquid offers 300+ perpetual and spot markets, fully on-chain, non-custodial, 24/7, covering crypto, commodities, indices, and more. Its low-latency design achieves roughly 0.2-second median end-to-end order latency for nearby clients. The platform's value-accrual loop — usage generates fees, 97% of which buy back HYPE — is among the most aggressive in DeFi.

HIP-3: Tokenized stocks (HIP-3 tokenized stock)

HIP-3 (Hyperliquid Improvement Proposal #3) lets anyone staking at least 500K HYPE (~$25M) launch their own perpetual futures markets on HyperCore. Deployers can launch their first 3 markets free; subsequent markets go through an auction. Deployers set parameters like leverage.

Growth has been explosive:

• HIP-3 open interest hit a record $1.43 billion (a ~100x rise in six months), then crossed $2 billion.
• HIP-3 markets now account for roughly 50% of Hyperliquid's daily perp volume, up from ~2% at the start of the year — and reached a record 71.18% of total trading volume.
• TradeXYZ (built by Hyperliquid's tokenization division Hyperunit) dominates, representing ~90% of HIP-3 open interest.
• Tokenized equities and commodities now make up 7 of the top 10 markets by volume; only 7 of the top 30 trade.xyz markets are crypto pairs.
• Live tokenized stock tickers include NVDA, TSLA, AAPL, MSFT, MSTR, SPACEX, plus the S&P 500 and Nasdaq-100, tradable 24/7 with up to 30x leverage via HIP-3 builders TradeXYZ and Felix.
• WTI crude oil's 24h volume hit $1.39B on Hyperliquid, ranking second behind Bitcoin and above Ethereum.

On-chain proof: the AI/NVDA trading pair on the Hyperliquid EVM chain (chain 4663) confirms tokenized NVDA exposure is actively traded on-chain, with ~$4.8M 24h volume and ~$3.35M in pool reserves.

Bottom line

Hyperliquid has evolved from a perp DEX into a full on-chain financial infrastructure play. Its HYPE token combines a fixed 1B supply, a 31% community airdrop, a 97% fee-to-buyback engine (~$1.3B accumulated), and a HIP-3 framework that is pulling tokenized equities and commodities onto-chain — now the majority of its trading volume. The main risks to flag: recurring monthly unlocks (9.92M HYPE/tranche through 2026) add sell pressure, and the buyback's sustainability depends on continued fee generation.

⚠ We were unable to verify the security of HYPE (Hyperliquid) and the AI/NVDA pair token — the security provider does not support the Hyperliquid chain. Caution advised.

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Evidence Snippets

Claim: HYPE price ~$86–89, market cap ~$19.4B, FDV ~$83.3B, circulating 222.45M, max supply 1B

• Evidence snippet: "current_price: 87.19 | market_cap: 19.40B | fully_diluted_valuation: 83.30B | circulating_supply: 222.45M | total_supply: 955.31M | max_supply: 1.00B | total_volume: 1.39B"
• URL: https://www.coingecko.com/en/coins/hyperliquid

Claim: HYPE live price $86.87 with 24h volume $1.43B

• Evidence snippet: "The live Hyperliquid price today is $86.87 USD with a 24-hour trading volume of $1426324920.69 USD."
• URL: https://coinmarketcap.com/currencies/hyperliquid/

Claim: HYPE price $86.17, ATH on Sept 6, 2026

• Evidence snippet: "The Hyperliquid price is $86.17... HYPE reached this all time high on September 6, 2026"
• URL: https://www.kraken.com/prices/hyperliquid

Claim: HYPE price $89.27, +4.42% in 24h

• Evidence snippet: "Hyperliquid's price today is $89.27, with a 24-hour trading volume of $1.13B. HYPE is +4.42% in the last 24 hours."
• URL: https://crypto.com/en/price/hyperliquid

Claim: Hyperliquid processed $633B in Q1 2026; 97% of fees fund HYPE buybacks

• Evidence snippet: "Hyperliquid is the dominant on-chain perpetual futures exchange, processing over $633 billion in total traded volume (perps and spot) during Q1 2026... With over 97% of protocol fees funding direct HYPE token buybacks"
• URL: https://www.vaneck.com/pl/en/blog/digital-assets/exploring-hyperliquid-redefining-derivatives-trading/

Claim: HYPE fixed 1B supply, 31% community airdrop, zero VC

• Evidence snippet: "HYPE has a fixed 1B supply with 240M circulating... The November 2024 airdrop distributed 31% of HYPE supply directly to users. There's no Paradigm cliff coming, no a16z enable, no investor token dump."
• URL: https://www.crawlux.com/compare/hyperliquid-vs-gmx/

Claim: Assistance Fund accumulated ~$1.3B in HYPE via 97% buyback

• Evidence snippet: "a continuously running, on-chain, automated mechanism that takes 97% of Hyperliquid's protocol revenue and converts it into open-market purchases of HYPE. The Assistance Fund has accumulated $1.3 billion in HYPE since launch."
• URL: https://crypto.news/why-hype-is-different-inside-hyperliquids-buyback/

Claim: Monthly unlocks of 9.92M HYPE through 2026

• Evidence snippet: "The July 6 release is 9.92 million HYPE... this is one of a series of monthly unlocks to core contributors on a vesting schedule that runs through 2026, each tranche the same 9.92 million"
• URL: https://www.dextools.io/news/hyperliquid-hype-unlock-july-2026-buyback-fund-onchain-data

Claim: HIP-3 requires 500K HYPE staked to launch perps

• Evidence snippet: "HIP-3 enables anyone with a stake of at least 500K HYPE (~$25M as of writing) to launch their own perps markets on HyperCore. A deployer... can launch their first 3 markets for free, with any following markets subject to an auction process"
• URL: https://www.falconx.io/newsroom/the-transformational-potential-of-hyperliquids-hip-3

Claim: HIP-3 OI hit $1.43B (100x in six months), then $2B

• Evidence snippet: "Hyperliquid HIP-3 aggregated open interest surged to a record $1.43 billion, a 100x rise in six months."
• URL: https://www.mexc.com/news/954336
• Evidence snippet: "Hyperliquid HIP-3 market just crossed $2B in open interest... seven of Hyperliquid's top ten markets by volume are now tokenized equities or com…"
• URL: https://www.tradingview.com/news/99Bitcoins:63836da26094b:0-hyperliquid-s-hip-3-open-interest-tops-2b-why-24-7-tokenized-equity-trading-is-turning-heads

Claim: HIP-3 ~50% of daily perp volume, up from ~2%; TradeXYZ ~90% of OI

• Evidence snippet: "HIP-3 markets now account for roughly 50% of Hyperliquid's daily perpetual futures volume, up from about 2% at the beginning of the year... TradeXYZ has become the largest venue inside that growth."
• URL: https://finance.yahoo.com/markets/crypto/articles/hyperliquid-hip-3-volume-nears-130300748.html

Claim: HIP-3 reached record 71.18% of total trading volume

• Evidence snippet: "HyperliquidNews posted on X that HIP-3 accounted for 71.18% of Hyperliquid's total trading volume, a record high."
• URL: https://www.binance.com/en/square/post/07-29-2026-hyperliquid-hip-3-share-of-total-trading-volume-reaches-record-71-18-350027066443761

Claim: Tokenized stocks NVDA, TSLA, AAPL, MSFT, S&P 500/Nasdaq-100, up to 30x leverage

• Evidence snippet: "Trade NVDA, TSLA, AAPL, MSFT and the S&P 500 / Nasdaq-100 as perpetual contracts on Hyperliquid. 24/7 markets, on-chain settlement, self-custodial, up to 30x leverage via HIP-3 builders TradeXYZ and Felix."
• URL: https://usekeel.io/perps

Claim: WTI crude 24h volume $1.39B, second behind Bitcoin

• Evidence snippet: "WTI crude oil's 24-hour volume hit $1.39B on Hyperliquid, ranking second behind Bitcoin and above Ethereum."
• URL: https://www.mexc.com/news/954336

Claim: On-chain proof of NVDA tokenized stock trading (AI/NVDA pair, chain 4663)

• Evidence snippet: "AI (Artificial Inu) — Trading pair AI/NVDA on chain 4663 (Hyperliquid EVM)... 24h volume: $4,839,752... Reserve in USD: $3,352,588"
• URL: (Codex on-chain data, get_trending_coins response)

Claim: HYPE up over 50% YTD 2026, outperforming Bitcoin

• Evidence snippet: "HYPE token is up over 50% year to date in 2026, outperforming Bitcoin which is down roug…"
• URL: https://www.mexc.com/news/954336

Claim: Hyperliquid 300+ markets, 24/7, non-custodial

• Evidence snippet: "Trade crypto, commodities, indices, and more on Hyperliquid: 300+ perpetual and spot markets, fully onchain, non-custodial, 24/7."
• URL: https://app.hyperliquid.xyz/

Claim: HYPE used for staking, governance, gas, fee discounts; max supply 1B

• Evidence snippet: "HYPE is the native token of the Hyperliquid blockchain, with a maximum supply of 1 billion. It is used for staking, governance, gas fees, trading fee discounts"
• URL: https://hyperliquid.xyz/

Security note: The contract security check returned unsupported_chain for both HYPE (0x0d01…4011ec) and the AI/NVDA pair token (0x2e8c…111e18) because no provider supports the Hyperliquid chain — verification could not run, hence the caution note above.