HYPE-USD: Research Summary (as of August 20, 2026)

Overview

HYPE is the native token of Hyperliquid, a purpose-built layer-one blockchain and decentralized exchange (DEX) specializing in perpetual futures trading [23][25]. It is the dominant on-chain derivatives venue, commanding 44%–80% of all on-chain perpetual futures volume depending on the measure, and clearing roughly $493 billion in trading volume in Q1 2026 alone [15]. As of early August, HYPE trades around $52–$57, with a circulating market cap of approximately $11.66–$14.56 billion, down roughly 29% from its all-time high [1][DOC-1][DOC-4]. Only about 23.3% of total supply (~254 million of ~1 billion HYPE) is currently circulating [1][DOC-4].

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Key Recent Catalysts (Last ~1–3 Months)