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.

HYPE tokens surged over 5% on Monday after Bitwise’s spot ETF debut on NYSE Arca offset regulatory pressure instigated by CME and ICE.

Hyperliquid’s HYPE token has jumped as its HIP-3 pre-IPO perp marketplace heats up ahead of a series of high-profile tech IPOs.