Hyperliquid's HYPE token nears its all-time high as derivatives open interest hits $9.4B, fee revenue dominates crypto, and short squeeze conditions build.

Hyperliquid's HYPE token has decoupled from Bitcoin with 101% YTD gains as the platform's revenue explodes across multiple sectors.

Hyperliquid's HYPE token crossed $50 on Wednesday for the first time since September 2025, fueled in part by a high-profile call from Bitwise's chief investment officer.