The native token of Hyperliquide HYPE (THRESHING) retested $45 on Tuesday, marking its highest value since October 31, 2025. The rally extends a 108% rally from its yearly low to $21 on January 21.
As HYPE prices reach all-time highs, market demand signals remain mixed as weak spot buying activity threatens to slow the rally’s momentum.
HYPE Price Trend and On-Chain Data Diverge
HYPE is currently trading 26% below its all-time high of $59, with relatively thin resistance between current levels and its peak. The next liquidity zone is between $52 and $48 and could be reached if momentum continues. However, HYPE data on spot and futures trading suggests that the rally is not entirely driven by conviction.
The cumulative spot volume delta (CVD) gradually decreased to -$41.48 million, even as prices increased. This divergence suggests that the rally is supported more by passive demand without aggressive spot buying.
Meanwhile, the CVD of futures contracts remained broadly stable at nearly -$748 million over the past month, having recovered from a low near -$900 million.
Open interest (OI) increased steadily to $1.38 billion, near local highs and signaling increased market participation.
However, the rising OI along with the weak CVD of futures suggests that traders may be in positions without strong conviction in the upward price trend.
As a result, the market may become more vulnerable to sharp liquidation-related moves once the uptrend fades.
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BitMEX founder says HYPE could gain 200% by August
In March, Arthur Hayes, co-founder of BitMEX said HYPE could reach $150 if Hyperliquid expands its dominance in the futures market and its product line.
Hayes’ thesis focuses on continued market share gains from centralized exchanges and increased revenue for protocols.
Hyperliquid’s 30-day annualized revenue was $843 million in March and is expected to reach $1.4 billion by August. This implies an increase of 66% in five months.
Hyperliquide devotes up to 97% of its revenue to purchasing HYPE on the open market, creating a direct link between trading activity and demand for tokens.
HIP-3, a protocol upgrade enabling trading of non-crypto assets like commodities, contributes nearly 10% of revenue and could lead to further expansion, especially as assets like gold and oil gain traction on the platform.
RWA trading on Hyperliquid continues to reach new ATHs week after week, surpassing $2.3 billion in open interest. pic.twitter.com/R9uDCAx3fo
– Hyperliquid (@HyperliquidX) April 6, 2026
Real-world asset (RWA) trading activity on Hyperliquide also accelerated sharply, with open interest amounting to $2.3 billion on April 6. This represents an increase of more than 190% from March levels and almost 800% from the lows earlier this year.
This pace of growth of the protocol and its market share gains could play a key role in any prolonged price action for the altcoin.
Related: XRP Consolidation Could Turn into Explosive Rally If $1.40 Is Above: Data
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