Hyperliquid (HYPE) Price Today: Live HYPE to USD, Price History, Market Cap & All-Time High (2026)

HYPE trades around the level shown in the live widget on this page (current price: —), which as of September 23, 2026 is roughly $95, just below the all-time high of ≈$96 set on September 21, 2026. The Hyperliquid price has been one of the strongest performers of this cycle: the token launched near $3–4 on November 29, 2024, reached roughly $20–25 within a month, peaked near $59 in September 2025, and broke above $90 for the first time in mid-September 2026. This page explains the price history, what moves HYPE, how to read market cap versus FDV, and how to convert HYPE to USD or other currencies.

Key takeaways

• HYPE launched at ≈$3–4 (Nov 2024), hit ≈$20–25 by Dec 2024, a first-cycle high of ≈$59 (Sept 2025) and a new ATH of ≈$96 on Sept 21, 2026.
• At ≈$95 and ~340M circulating supply, the Hyperliquid market cap is about $32B and FDV about $96B.
• The price is driven by trading volume and revenue, Assistance Fund buybacks, monthly unlocks, competition, ETF flows and US-access news.
• Hyperliquid is not a stock; "hyperliquid stock price" searches usually mean Nasdaq: PURR or an ETF.
• Check the price on CoinGecko, CoinMarketCap, TradingView or directly in the Hyperliquid app.
• HYPE is highly volatile; drawdowns of 40–60% from peak have happened more than once.

Hyperliquid price today and how to read it

The live widget above pulls the HYPE/USD price from the exchange. When people search "hyperliquid coin price", "hyperliquid crypto price" or "price of hyperliquid", they are all asking for the same number: the current USD value of one HYPE token. On Hyperliquid itself the reference market is the HYPE/USDC spot pair, which is also where the Assistance Fund executes its buybacks, so it is the most liquid and usually the tightest quote in the world.

Because HYPE trades 24/7 across a dozen venues, quotes differ by a few cents at any moment. For a reference price, most data providers (CoinGecko, CoinMarketCap) compute a volume-weighted average across exchanges. For trading, use the order book you are actually trading on.

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HYPE price history: 2024 to 2026

The table below gives approximate reference levels for the Hyperliquid price by period. These are rounded historical ranges, not precise closes; use a chart for exact values.

Hyperliquid 2025: the breakout year

For most of 2025 the story was simple: revenue kept setting records and the Assistance Fund kept buying. Hyperliquid's share of decentralized perp volume peaked above 70%, monthly revenue crossed $100M in strong months, and mainstream financial media began covering the exchange as a serious competitor to centralized venues. That fundamental momentum carried HYPE from the low teens to nearly $59. The year ended on a weaker note: the October 10 crash, share losses to Lighter and Aster and the start of team vesting produced a drawdown of roughly 50% from the September high.

Hyperliquid 2026: the ETF and US-access year

2026 introduced new variables that ultimately pushed HYPE to a new record. Regulated ETFs from 21Shares (THYP) and Bitwise gave traditional investors an on-ramp and made ETF inflows and outflows a visible daily price driver. HIP-3 builder markets added equity, index, oil, gold and pre-IPO perps that diversified volume beyond crypto, and HIP-4 prediction markets opened in May. The decisive catalyst was the August 31 Bloomberg report that Hyperliquid Labs was negotiating with Kraken's parent to bring Hyperliquid perps to US traders through the CFTC-regulated Bitnomial exchange. HYPE broke above $90 in mid-September and printed ≈$96 on September 21, 2026.

Hyperliquid YTD

Year-to-date performance depends entirely on the starting and current prices, so use TradingView's HYPE chart or CoinGecko's "1Y" and "YTD" toggles for the exact percentage. With the token near $95 in late September 2026 versus a Q1 range in the $30s–$50s, HYPE is among the best-performing large-cap crypto assets of 2026. As a rule of thumb, HYPE has tended to outperform BTC in risk-on periods and underperform in risk-off periods because it is a higher-beta asset tied to trading activity.

What drives the Hyperliquid price

Unlike most tokens, HYPE has fundamentals you can actually measure. The main drivers as of September 2026:

1. Trading volume and revenue

Daily perp volume on Hyperliquid commonly runs $5–15B, generating roughly $80–120M of monthly fee revenue. Because ~97–99% of perp fees are routed to buybacks, revenue is the single most important input. Follow it on our revenue and valuation page or on DefiLlama.

2. Assistance Fund buybacks

The Assistance Fund buys HYPE continuously on the spot book. In strong months this is tens of millions of dollars of steady demand. When volume falls, the bid shrinks. The mechanics are explained in our HYPE token guide.

3. Token unlocks

Core contributor tokens began vesting monthly in late November 2025. The market watches the ratio of monthly unlocks to monthly buybacks; when unlocks exceed buybacks, the supply overhang tends to cap rallies. At a $95 price each month's vesting is worth considerably more in dollar terms than it was at $30, which is a reason to keep watching this ratio.

4. Competition

Hyperliquid vs Lighter and Hyperliquid vs Aster are the two rivalries that move the narrative. Market-share losses show up in the price within days because they directly reduce expected revenue.

5. ETF flows

Since the 21Shares Hyperliquid ETF (THYP) and Bitwise product launched in 2026, net creations and redemptions are published daily. Large inflows coincided with the summer 2026 rally; outflows have coincided with weakness. Details are on the ETF and stock page.

6. US market access

On August 31, 2026, Bloomberg reported that Hyperliquid Labs was in talks with Kraken's parent Payward to bring Hyperliquid perps to US traders through the CFTC-regulated Bitnomial exchange. The US remains geo-blocked on the main app, so any credible path to US volume is a major catalyst, and the report is widely credited with the run to the September ATH. Our KYC and US availability guide tracks the status.

7. Macro and BTC

Like every altcoin, HYPE moves with Bitcoin and risk appetite. Its beta to BTC has generally been above 1.5, meaning it amplifies both rallies and selloffs.

Kenapa Hyperliquid turun? Why HYPE drops

Indonesian-speaking readers frequently search kenapa hyperliquid turun ("why did Hyperliquid drop"). The honest answer is that HYPE drawdowns are rarely caused by a single event. The typical combination is: a quiet market where perp volume falls and buybacks shrink; a monthly unlock adding supply; a competitor announcing a points program or fee cut; a large whale liquidation or an incident like the March 2025 JELLY manipulation that raises decentralization questions; ETF redemptions; and a broader BTC correction that hits high-beta assets hardest. Because HYPE's demand is mechanically tied to volume, any period of low trading activity removes the biggest buyer from the market, which is why the token can fall sharply even when nothing is "wrong" with the protocol. The Q4 2025 drawdown of roughly 50% from $59 is the clearest example. Risk note: a move of that size from the ≈$96 ATH would take HYPE back below $50; use position sizing accordingly.

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Hyperliquid market cap vs FDV

"Hyperliquid market cap" is one of the most searched phrases in this cluster, and the answer depends on which supply you use.

At the ≈$96 ATH, Hyperliquid's FDV briefly touched ≈$96B, larger than Coinbase's market capitalisation for much of 2025 and comparable to some of the largest listed exchanges, while its circulating market cap of ≈$32B placed it firmly in the top ten crypto assets. To sanity-check any headline, divide the quoted valuation by the price and see whether the implied supply is closer to 340M or 1B.

HYPE to USD conversion examples

Use these formulas with the live price (P) from the widget:

"Hyperliquid $100" searches usually mean one of two things: how much HYPE $100 buys (divide by the price), or whether HYPE can reach $100. With the token at ≈$95, the second question is nearly answered; our price prediction page runs the market-cap math for $100, $500 and $1,000. For hyperliquid yen, euro or other currencies, multiply the USD price by the current FX rate, or use the currency toggle on CoinGecko.

Hyperliquid stock price: not a stock

Hyperliquid is a blockchain and DEX, not a publicly traded company, so there is no "hyperliquid stock price" in the equity sense. Hyperliquid Labs is private and self-funded with no IPO planned. If you want stock-market exposure, the options are the treasury company Hyperliquid Strategies Inc. (Nasdaq: PURR), which holds ~12.6M HYPE, and spot ETFs/ETPs from 21Shares, Bitwise and others. Their prices track HYPE loosely but include management fees, NAV premiums or discounts and market-hours gaps. Full details in our Hyperliquid ETF and stock guide.

Where to check the Hyperliquid price chart

• In the app: app.hyperliquid.xyz shows the HYPE/USDC spot book and HYPE perp with full depth. This is the source of truth.
• CoinGecko / CoinMarketCap: aggregated price, market cap, FDV, volume and unlock data. See CoinGecko's Hyperliquid page.
• TradingView: HYPE/USD and HYPE/USDT charts with indicators; our TradingView charts guide shows how to load Hyperliquid data.
• DefiLlama and Dune: fundamentals (revenue, buybacks, TVL) that explain the chart.
• Whale trackers: HyperDash and Hypurrscan show large HYPE positions; see the whale tracker guide.

How to buy at the current price

The tightest HYPE quote is on Hyperliquid spot; bridge USDC from Arbitrum, place a limit order and you are done. Centralized alternatives include Kraken, Bybit, KuCoin, Bitget and Gate, and Coinbase has listed HYPE products (check current status). Our how to buy Hyperliquid guide compares fees and steps, and our Hyperliquid app guide walks through the interface. If you would rather trade HYPE with leverage, the HYPE-PERP market on the Hyperliquid app DEX offers up to 20x, though leverage sharply increases liquidation risk, especially near all-time highs where volatility tends to expand.

Bottom line

The Hyperliquid price reflects a token with unusually transparent fundamentals: revenue, buybacks and unlocks are all public and measurable, which is why HYPE moved from ≈$3 at launch to ≈$59 in 2025 and to a new all-time high near $96 on September 21, 2026. Use the live widget for the current level, CoinGecko or the app for the chart, and the revenue dashboards to understand the moves. Remember that HYPE's demand is mechanically tied to trading volume, so it is a high-beta asset that fell roughly 50% after its last peak and could do so again. Nothing here is financial advice.