- Market Growth: Perp trading surpasses $1 trillion, with new platforms gaining significant market share.
- HYPE Price: The token fell 13%, struggling below major moving averages despite platform dominance.
- Trader Activity: Open interest and liquidity remain strong, showing confidence despite price hesitation.
Perps trading is hitting a milestone this year, surpassing $1 trillion in total volume. Yet Hyperliquid’s HYPE has not followed the surge. Investors and traders are watching closely as sentiment appears disconnected from the strong market activity. The platform continues to lead in users and open interest, but the token price has struggled to find momentum. Understanding why this gap exists can shed light on the current market dynamics.
Perp Market Gains Ground
The perpetual futures market is growing more competitive. Platforms like Lighter and ASTER have quickly gained significant shares of trading volume. Lighter now handles roughly 28% of activity, while ASTER accounts for around 19%. Despite these new players, Hyperliquid maintains a dominant position, controlling over half of the user base and total open interest.
Even with a strong platform presence, HYPE token has struggled to reflect the market growth. Prices fell about 13% over the past week and remain below key moving averages. Candlestick patterns show repeated failed attempts to push higher, while the RSI remains in a low range. This suggests that the decline is driven more by sentiment than by fundamental changes to Hyperliquid’s market strength.
Hyperliquid’s merger with Sonnet was expected to support HYPE. The deal allows access to U.S. public markets and forms one of the largest crypto treasuries in the space. A $265 million bid briefly lifted HYPE by 17%, though the price stalled near $35 after rejection. Despite this, open interest has stayed steady between $1.28 billion and $1.29 billion, showing that traders have not exited positions or reduced exposure.
Price Disconnect Highlights Market Sentiment
Funding rates remain slightly positive, indicating a tilt toward long positions. Traders are active, liquidity is stable, and Hyperliquid’s perp market continues to function efficiently. The current dip in HYPE seems more like hesitation than a long-term trend reversal. Strong participation from the DAT community could help stabilize the token and support a potential recovery.
The gap between platform dominance and token performance highlights a sentiment-driven market, where HYPE’s price fails to match underlying strength. Traders will need to watch price action closely to see if bullish momentum returns or if hesitation persists. In short, the perp market’s growth shows robust engagement from traders and investors.
For now, HYPE remains the market leader despite the temporary price slide. Sentiment appears cautious, but liquidity and open interest suggest confidence remains high. While the token price may need time to align with market activity, Hyperliquid’s platform continues to demonstrate strength and resilience.
