Hyperliquid’s HYPE token rose about 2% over the past 24 hours to around $86.05 on September 9, after dipping to an intraday low near $81.82 and rebounding toward its record high near $89. The recovery comes as open interest on Hyperliquid hit a new high and the protocol continues buying back HYPE, even after a large scheduled unlock earlier this month.
According to Hyperliquid market data cited in the report, total open interest across the platform reached a record $14.3 billion, up by roughly $3.57 billion over the last month. The increase was concentrated in Hyperliquid’s core crypto perpetual markets, while open interest tied to HIP-3 declined.
Key takeaways
- Price move: HYPE climbed about 2% in 24 hours to roughly $86.05 after recovering from a low near $81.82.
- Catalyst: Record platform open interest, continued buying tied to the core perpetual fee model, and limited immediate sell pressure from a prior token unlock.
- Protocol mechanism matters: Approximately 97% of fees from the core perpetual market are routed to HYPE buybacks, while HIP-3 deployment fees can accrue differently to builders.
- Implication for investors: The token is trading near record levels despite a scheduled unlock, suggesting demand from derivatives activity may be outweighing near-term supply concerns.
What drove the rebound
Hyperliquid’s derivatives growth appears to be underpinning the token’s bid. The report said open interest reached $14.3 billion, the highest level recorded on the platform, and that the rise was tied primarily to Hyperliquid’s core crypto perpetual markets.
A key feature highlighted in the coverage is Hyperliquid’s fee routing. According to the report, roughly 97% of fees generated by the core perpetual market are used for HYPE buybacks. In contrast, builders using HIP-3 can retain up to half of the fees generated by markets they deploy. That difference can influence how much trading revenue converts into token demand directly tied to the protocol.
The report also pointed to continued repurchase activity. Hyperliquid repurchased and burned 15,350 HYPE worth roughly $1.32 million in the latest 24-hour period, with an average buy price of $86.17. Cumulative burns were described as about 48.45 million HYPE, equivalent to 4.84% of the token’s maximum supply.
Because the buyback mechanism links trading activity to recurring purchases, the report said the token has continued to trade near record levels even after a scheduled unlock earlier in the month.
Why the unlock concern didn’t derail momentum
The price narrative also includes supply expectations following an earlier scheduled distribution. The report said roughly 9.92 million HYPE, valued at nearly $820 million at the time, was scheduled to unlock on September 6.
Market participants had raised concerns that a larger unlock could translate into more tokens reaching trading venues. However, the coverage said HYPE climbed toward the $89 area after the event.
Historical unlock behavior cited in the report suggests that only a small portion of previously unlocked HYPE was transferred to exchanges, limiting immediate selling from those distributions. That dynamic can reduce the immediate pressure typically associated with large unlocks, especially if the protocol’s buyback flow continues to absorb supply.
Access expansion and the broader US regulatory theme
Trading access has also expanded, according to the report, as Hyperliquid has attracted users from Base. It cited that Coinbase began directing Base App users toward Hyperliquid in mid-August, giving users another route to Hyperliquid’s perpetual markets.
The token’s momentum has further been linked in the report to Hyperliquid’s potential entry into the regulated US derivatives market. The protocol has explored ways for US companies to offer perpetual contracts that trade and settle on Hyperliquid, including discussions around regulatory guidance and potential no-action relief from the Commodity Futures Trading Commission and Securities and Exchange Commission.
While the regulatory pathway remains a separate development from near-term token mechanics, it has stayed in investors’ framing of the token’s longer-term optionality, according to the article’s description of the recent price narrative.
Technical picture as HYPE approaches resistance
Beyond fundamentals tied to open interest and buybacks, the report included a technical read suggesting the uptrend is still intact. It said HYPE’s daily chart has held around $86 after climbing from a close near $52 in early August. The move accelerated in the second half of August, taking the token through a prior June peak around $75 before reaching the $89 area.
The coverage referenced indicators consistent with a strengthening trend. It said the Average Directional Index (ADX) on the daily chart reached 54.58, which the report described as signaling a strong trend. It also reported Chaikin Money Flow remained positive at 0.15, suggesting buying pressure had not flipped into net selling despite the pullback from the $89 area.
On levels, the report identified resistance near $88 to $90, where HYPE has repeatedly stalled in recent sessions. It said a daily close above $90 could remove visible resistance and potentially open a path higher. Conversely, it flagged support around $82 to $83, near the September 9 intraday low and the lower end of recent consolidation.
On the 4-hour chart, the report said HYPE recovered above its 50-period simple moving average at $84.75, with the 100-period SMA around $83.23 as the next support if the lower moving average is lost. It also described the 200-period SMA at $72.15 as well below the shorter averages, preserving the bullish moving-average ordering built during the August advance.
The article added that at roughly $86, reaching $100 would require an increase of about 16%, framing the level as a psychological milestone rather than an immediate baseline expectation.
Bigger picture: crypto tape and what to watch next
HYPE’s recovery has unfolded while Bitcoin has traded below $80,000, according to the report. That matters because broad crypto direction often influences liquidity and risk appetite, but in this case the token’s move appears supported by Hyperliquid-specific dynamics—record derivatives open interest and the protocol’s fee-to-buyback design.
Investors may look next at whether HYPE can clear the $89–$90 resistance zone without a renewed selloff, and whether open interest continues to build in the core perpetual markets. The market will also likely monitor follow-through after the September unlock window, along with upcoming broader crypto catalysts and any regulatory or product updates tied to Hyperliquid’s potential US market expansion.
