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crypto.news 2025-05-16 08:17:03

Hyperliquid surges 260% from April lows as daily revenue hits $2M, open interest nears $1B

Hyperliquid’s native token $HYPE is trading at $26.73, up 8.6% in the past 24 hours and over 80% in the past month. Since hitting a low of $10.34 in April, the token has rebounded 260% and is now just 23% below its all-time high of $34.96. On-chain metrics point to a spike in trading activity, with 24-hour derivatives volume up 36% and open interest up 13% to $936 million, according to Coinglass data . Daily protocol revenue currently stands at about $2 million, while perpetuals volume over the last day alone reached $7.64 billion, as per DefiLlama data . Rising market dominance and a sharp increase in user adoption are the main drivers of this explosive growth. Hyperliquid ( HYPE ) has surpassed centralized firms such as Deribit in Bitcoin ( BTC ) perpetual open interest, as well as OI for some other tokens. Hyperliquid is quickly emerging as a major competitor in the perpetual trading sector, with a lifetime trading volume of over $1 trillion. You might also like: Hyperliquid unveils new fee discount system and account linking feature for May 5 Pseudonymous analyst Flood, in a May 16 post on X, estimates the protocol generates over $700 million in annual revenue, which would make it one of the most profitable businesses in the U.S. Most of those profits, according to Flood, are used to buy back HYPE on the open market. Where does Hyperliquid rank in terms of US companies by net profitability assuming 97% margin biz ($700MM+ net income) — Flood (@ThinkingUSD) May 15, 2025 Looking at the technical picture, HYPE is trading at $26.73, well above all major moving averages, suggesting that the market is still seeing bullish momentum. The relative strength index at 71 indicates overbought conditions, which could signal a short cooling off. Hyperliquid price analysis. Credit: crypto.news Immediate support lies at $24.76 and $22.32, while $20 offers a stronger psychological support. Resistance sits at $28.13, with a clear path to $30 and potentially the all-time high of $34.96 if momentum and volume holds. A more substantial decline toward $20 might result from a drop below $22. Even though the trend is still strong , the market’s reaction to this overbought stage will probably determine the next course of action. Read more: XRP dips as U.S. court rejects Ripple-SEC settlement bid over procedural misstep

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