HYPE Token Stalls Near $40 Despite Hyperliquid’s Record Growth

$HYPE token is struggling to break higher even as Hyperliquid records one of its strongest growth weeks. Open interest in commodities surged, trading activity increased, and new products were launched. However, the token remains range-bound near $40, showing limited reaction to the platform’s expansion.

$HYPE Token Stalls Near $40

As of 26 March, the $HYPE token continues trading between $38 and $42 despite rising activity across Hyperliquid. The token gained nearly 50% over the past 30 days but slipped around 2% in the last week. Meanwhile, the price also remains roughly 30% below its all-time high near $59.

Additionally, Hyperliquid recorded a surge in open interest across commodities, particularly oil and silver. Combined open interest in these markets reached approximately $1.7 billion, marking a new high for the platform.

The growth reflects expanding demand for on-chain trading of macro assets. Trading volumes in oil alone moved into the billions, signaling rising institutional-style activity

The Gap: Infrastructure versus $HYPE Performance

Though infrastructure growth and usage are exploding, $HYPE’s price action tells a more complicated story.

The token has held up pretty well compared to the rest of the market, up about 60% year-to-date, while Bitcoin and Ethereum have declined. It even briefly cracked the top 15 by market cap, sitting around $10 billion.

According to CoinMarketCap, $HYPE’s price rose by around 50% in the last 30 days, but declined by roughly 2% in the last 7 days.

As such, zooming out reveals a gap. $HYPE is still about 30% off its all-time high around $59. Lately, it’s been stuck in the $38 to $42 range, even with record activity.

Basically, the protocol is hitting new highs, and the token isn’t.

While Hyperliquid is pulling in serious fees from perpetual trading, there’s still no clear link between protocol revenue and token price. Even with buybacks, markets are questioning how much of that growth actually flows back to $HYPE holders.

What’s more, equity perpetuals, commodities, third-party apps, and the rest were expected, and the announcements might feel more like confirmation than a fresh trigger.

Additionally, big exchanges like OKX and Coinbase are rolling out their own equity and perpetual trading products. In February, Kraken also launched regulated perpetual futures for tokenized US stocks. All of this chips away at Hyperliquid’s first-mover edge.

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