Hyperliquid HYPE

What HYPE actually is on-chain

Hyperliquid is a HIP-1 deployed on Hyperliquid, at contract address 0x0d01dc56dcaaca66ad901c959b4011ec. That address, not the ticker HYPE, is what uniquely identifies this asset: anyone can deploy a second token calling itself HYPE, but the contract is unforgeable. Verify it against app.hyperliquid.xyz before sending funds or approving a spend.

Transfers of HYPE are paid for in HYPE, and the on-chain liquidity that exists for it is concentrated in the Hyperliquid on-chain order book.

For HYPE the project publishes a whitepaper and an active account as @HyperliquidX. That is a partial paper trail — enough to check claims against, not enough to audit. None of it is a quality judgement about the asset; it is simply what can be independently checked before the chart is worth looking at.

Where HYPE sits in the market

At #13, Hyperliquid sits in the top of the large-cap band, near enough to the leaders to be quoted like one of them. This close to the leaders the book behaves like a major most of the time: HYPE quotes continuously on the large venues and the spread is rarely the reason a trade goes wrong. What separates it from the top ten is reflexivity — it takes the benchmark's direction and amplifies it, so drawdowns arrive faster than the rank suggests.

CryptoPingAi is currently streaming 4 live HYPE order books (Binance, Gate.io, MEXC, HTX). That is thinner coverage than a #13 ranking would normally imply — a move on one of these books is close to the whole market for HYPE, with no deep second venue to arbitrage it back. None of the books we see for HYPE are regulated US or Korean venues, so this is an offshore-quoted asset — availability, and the price itself, depend on which jurisdiction you trade from.

HYPE against its all-time high

HYPE is trading within 57.5% of its all-time high of $59.30 (on 2025-09-18). This is price discovery: there is no overhead supply from earlier buyers and no horizontal resistance with any historical basis, because the asset has never traded here before. Support levels drawn from the chart are the only structure that exists, and momentum readings — an overbought oscillator, an exhausted volume profile — carry more information than any level you could draw above spot. That high was set about a year ago, recently enough that it still anchors how most current holders frame the asset.

HYPE across its historical range

The recorded range runs 15.6x, from $3.81 to $59.30 — wide by the standards of traditional assets, moderate for this one's class.

Spot is about 24.5x above the all-time low of $3.81 (on 2024-11-29) — a substantial recovery, but one where a meaningful share of the holder base still has a cost basis within the visible range rather than far beneath it.

HYPE supply structure

HYPE is capped at 1.00 billion HYPE, of which only 238.4 million is circulating — 23.8% issued, leaving 761.6 million still to come. At that ratio the emission schedule is a primary driver of the supply story, not a footnote: new supply arrives continuously and has to be absorbed by new demand before price can hold a level.

What kind of asset HYPE is

Hyperliquid is a base-layer network, so HYPE is simultaneously the chain's security budget and its unit of account rather than a claim on a business. Only 40 tracked tokens are tagged to its ecosystem, so this is not primarily an application platform. Assets like this are valued on the base network's own use — settlement, payments or monetary demand — rather than on app-layer activity, which makes the app-ecosystem metrics people quote for smart-contract chains largely irrelevant here. It is secured by proof of stake, so a portion of the supply is bonded to validators at any moment and the float genuinely available to trade is smaller than the circulating figure implies; unstaking queues, not order books, set how fast that can change.

CoinGecko files HYPE under 10 categories, including Decentralized Exchange (DEX), Exchange-based Tokens, Decentralized Finance (DeFi), Derivatives, Perpetuals.

How to set a Hyperliquid alert that is worth receiving

Hyperliquid is the HIP-1 at 0x0d01…11ec on Hyperliquid — quoted on 4 venues we stream — high dated 2025-09-18 — rank #13. On this profile the condition that carries signal is a two-sided price threshold beyond the recent band plus a 4-hour or daily RSI condition.

Full alert-design method: thresholds, RSI/MACD and volume conditions →