Hyperliquid Still Rules the Perps Market, but HYPE Bulls Face Trouble

Hyperliquid’s HYPE token has retreated roughly 22% from its September record near $98, even as the decentralized trading platform commands approximately $7.7 billion in open interest. With a $17 billion market capitalization, billions in cumulative trading fees, and an aggressive token buyback program, Hyperliquid still remains a heavyweight. Yet shrinking market share in real-world asset (RWA) derivatives, fresh competition, and looming token unlocks have traders questioning whether HYPE’s best days are behind it. Hyperliquid has a peculiar problem: Its trading platform remains the dominant decentralized perpetual futures exchange, yet its native HYPE token is trading roughly 22% below its all-time high. On Oct. 25, 2026, HYPE’s price hovered around $76 to $77 , well beneath its Sept. 23 peak near $98.

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