Hyperliquid Rallies 260% From April Lows, Daily Revenue Hits $2 Million

After falling to a low of $10.34 in April, Hyperliquid has surged over 260%, now trading just 23% below its all-time high. The sharp recovery is supported by robust on-chain metrics and growing user participation.

The daily protocol revenue now exceeds a striking $2 million, with derivatives trading volume rising sharply across the board. The market looks bullish for now, but investors are still questioning how long the momentum will last.

Strong Rebound for HYPE

Not long ago, HYPE appeared to be under serious pressure. In early April, it dropped to nearly $10, catching many investors by surprise. Since then, however, the recovery has been steady and impressive.

According to Coinglass, open interest has increased by 13% to $936 million, while 24-hour derivatives volume rose 36%, reflecting heightened market activity. This alignment of rising price, volume, and open interest is often interpreted as a sign of sustained bullish sentiment rather than short-term speculation.

More to that, this kind of synchronized activity usually signals new capital entering the market. It’s not just existing holders reinforcing their positions; new traders are getting involved. The transition from stagnation to heightened activity reflects a broader development, positioning Hyperliquid as a growing influence in decentralized derivatives rather than merely a speculative asset.

Rising Revenue and Volume Drive Growth

Despite the emphasis on price appreciation, Hyperliquid’s key metrics reveal a more substantial development. According to DefiLlama data, the platform now earns about $2 million in daily revenue, fueled by a surge in perpetuals trading that reached $7.64 billion in volume in the last 24 hours.

More notably, Hyperliquid has surpassed established competitors like Deribit in Bitcoin perpetual open interest, highlighting its growing strength. Its success is not limited to BTC markets, as similar growth is seen across multiple trading pairs.

With lifetime trading volume now over $1 trillion, Hyperliquid operates on a scale similar to major centralized exchanges. Pseudonymous analyst Flood estimates the protocol could generate more than $700 million annually, placing it among the top technology firms in the U.S. A large part of this revenue, Flood notes, is used to buy back HYPE tokens on the open market, supporting price stability and benefiting the community.

This buyback strategy may help maintain the token’s strength by setting a demand floor, which appeals to traders looking for both growth potential and protection in volatile markets.

Momentum Is Strong, But Some Risks Remain

From a technical perspective, HYPE is exhibiting clear signs of strength. Currently trading at $26.62, the token sits well above its key moving averages and has gained 7% in the past 24 hours. Daily trading volume is up more than 20%, further supporting the bullish case. However, the relative strength index (RSI) has reached 71, indicating that the asset may be approaching overbought territory.

While overbought conditions can sometimes precede a reversal, they can also signal strong momentum, especially in trending markets. Thus, the market’s next move will likely be shaped by how it responds to this overextended phase. Immediate support levels sit at $24.76 and $22.32. A clean break below $22 could set the stage for a pullback toward $20, which also acts as a psychological floor.

On the upside, resistance is forming around $28.13. A break above this level could pave the way for a move toward $30 and potentially a retest of the all-time high at $34.96—provided volume and open interest continue to rise in tandem. A failure to hold above $22, on the other hand, might invite a broader correction.

What to Expect from Hyperliquid?

Hyperliquid's dramatic rally is backed by more than speculative enthusiasm. Strong fundamentals, growing user adoption, and accelerating revenue make a compelling case for continued growth. The protocol’s ability to compete with, and in some areas surpass, established players suggests that this is more than a passing trend.

Nonetheless, market cycles are rarely linear. Overbought technical conditions and the presence of key resistance levels may introduce volatility. In the short term, HYPE’s trajectory will depend on its ability to maintain this level of performance while navigating market saturation risks. For now, the data remains in its favor.