Hyperliquid Called Oct 20, 2026 at $79.75. Since then: 0% against bitcoin. Score today: 50 out of 100 under our published rule.
| Track record | −5 |
|---|---|
| Size (top 20) | +10 |
| Trading activity | +10 |
| Coins still to come | −20 |
| Distance from peak | +5 |
What would change it: It would move up to Buy at 78 (28 points higher) and down to Reject below 42 (9 points lower). Every call is tracked on the Scorecard.
Research, not financial advice. A verdict rates the coin's health under a fixed rule; it is not a price prediction or advice for your situation. Crypto can lose most or all of its value.
What it is
Hyperliquid is a blockchain built mainly to run one trading venue: an on-chain exchange for perpetual futures and spot tokens that uses an order book, much like a centralized exchange. Users deposit stablecoins and trade, often with leverage, without handing their funds to a company. HYPE, the native token, launched in November 2024 with a large airdrop to early users and no allocation to venture investors.
The chain uses its own proof-of-stake system, HyperBFT, run by a few dozen validators: 27 as of mid-2026, five of them operated by the Hyper Foundation. A second environment, HyperEVM, lets developers build Ethereum-style apps that connect to the exchange. HYPE is used for staking, gas fees on HyperEVM and trading-fee discounts, and most exchange fees go to an 'Assistance Fund' that buys HYPE on the market.
Maximum supply is 1 billion HYPE, and much of it is still locked or reserved. A 238 million token allocation for core contributors began unlocking in late 2025 and is expected to keep releasing coins every month into 2027 and 2028.
What can go wrong
- Control is concentrated. Validators run closed-source node software, and foundation-run validators held close to half of all staked HYPE in mid-2026.
- In March 2025 a trader manipulated the thinly traded JELLY token in a way that threatened the exchange's shared liquidity vault. Validators delisted the market within minutes and settled it at a price they chose, which protected the vault but showed a small group can override markets.
- Monthly unlocks from the 238 million HYPE core contributor allocation add steady new supply into at least 2027.
- Leverage is the main product. Fast price moves can wipe out positions in seconds, and losses from very large liquidations can fall on the vault that depositors fund.
- Fake websites, look-alike domains and malicious token approvals on HyperEVM have been used to drain users' wallets.
Bookmark the real Hyperliquid site and never sign anything from links in direct messages or ads. If you trade there, start without leverage until you fully understand how liquidation works.
Safety checks
- Track recordCautionTrading since 2024, about 2 years. It hasn't been through a full market cycle yet, so treat its history as short.
- Trading activityGood$683.4 million traded in the last 24 hours, 3.9% of its market value. That's enough activity that a normal-size order shouldn't move the price.
- Coins still to comeRed flag222.4 million of 1.00 billion maximum coins are in circulation, so about 78% are still to be released. A large share hasn't been released yet. Unlocks for insiders and early backers are a common reason prices fall.
- Distance from its peakGoodDown 19% from its all-time high of $97.96 in September 2026.
- Past yearFor context+112% over the past year, against −25.3% for bitcoin. It has held up better than bitcoin.
History of trouble and big events
- 2024: HYPE launched on November 29 with about 31% of supply airdropped to users.
- 2025: In March a whale's oversized ETH trade cost the shared vault about $4 million, and weeks later validators delisted JELLY after a price-manipulation attack.
Holding a token on a smaller network, or got sent one you don't recognize? Run its address through the free checker. Copycat tokens often borrow big names.