Hyperliquid (HYPE) Price Rally: Advancements in Liquidity and On-Chain Usage Fuel DeFi Rebound

The notable rise in Hyperliquid’s native token, HYPE, has drawn widespread interest within the decentralized finance (DeFi) sector, as the token surpassed $40 after being listed on in November 2025 . This price rally is part of a larger trend, reflecting significant enhancements in liquidity systems, increased on-chain participation, and ongoing innovation from developers. As DeFi moves into a crucial recovery period after 2024, Hyperliquid (HYPE) has become a central figure, utilizing its two-tiered architecture and cost-cutting measures to reshape decentralized trading.

Liquidity Growth and Exchange Listings: Driving Price Acceleration

Expanding liquidity has been fundamental to Hyperliquid’s progress. The platform’s total value locked (TVL)

in November 2024 to $3.5 billion by June 2025, while staking balances , indicating renewed trust from token holders. This deepening liquidity was further boosted by key exchange listings. The most significant milestone occurred in November 2025, when HYPE was , resulting in an instant 10% price increase and pushing the token’s market cap close to $11 billion.

Such listings are vital for broadening retail access and enhancing liquidity.

that Hyperliquid’s HIP-3 growth mode, launched in October 2025, has accelerated this momentum by , encouraging market makers and addressing the initial liquidity challenge for perpetual contracts. This fee approach, together with the platform’s leadership in decentralized perpetual trading , has fostered a positive cycle of liquidity and user expansion.

Developer-Led Progress: HyperEVM and the Next Phase of DeFi Infrastructure

Technological breakthroughs have established Hyperliquid as a core layer for on-chain financial services. The introduction of HyperEVM in February 2025—a smart contract layer fully compatible with EVM—

while utilizing Hyperliquid’s efficient order book and liquidity pools. This advancement has attracted major projects like Kinetiq, Hyperlend, and , which now contribute $2.08 billion in TVL to the HyperEVM ecosystem .

Supporting this is the Unit layer, rolled out in February 2025, which

for assets such as BTC, ETH, and FARTCOIN. By connecting spot and perpetual trading, Unit has and enabled $8.4 billion in spot trading volume by June 2025. These layers, together with the HIP-3 protocol, have allowed Hyperliquid to offer a wide range of assets, including tokenized commodities and equity derivatives .

On-Chain Adoption Indicators: A Dynamic DeFi Ecosystem

Blockchain data highlights Hyperliquid’s influence in the DeFi rebound. Weekly trading activity reached $47 billion in the fourth quarter of 2025, with

since launch. Open interest (OI) in HYPE futures , showing ongoing speculative engagement. The platform’s user count , and active wallet addresses surged after the HIP-3 rollout.

The NVDA-PERP perpetual swap, introduced in November 2025, is a prime example of this trend. Within its first day, the market

and $5.8 million in open interest, reflecting a strong appetite for decentralized equity derivatives. These figures demonstrate Hyperliquid’s appeal to both individual and institutional traders, especially as it rivals centralized exchanges (CEXs), now representing 6.1% of CEX trading volume .

Looking Ahead: Maintaining Momentum in a Competitive Market

Hyperliquid’s upward path is fueled by both technical advancements and broader economic trends. The platform’s buyback approach—using 92% of fees to purchase HYPE—has

, with the token rising from $24.12 in January 2025 to $39.76 by June 2025. Forecasts indicate HYPE could climb to $53.30 by the end of 2025 and $71.00 in 2026, and ongoing technological progress.

Nonetheless, there are obstacles. The Jelly incident in March 2025 and the temporary halt of Popcat

. Still, Hyperliquid’s swift action and dedication to infrastructure improvements—such as adding Builder Codes to Phantom Wallet—showcase its adaptability .

Summary

Hyperliquid’s price rally demonstrates its success in merging liquidity innovation, on-chain growth, and developer-led infrastructure. By lowering fees, broadening asset choices, and integrating with leading wallets, the platform has transformed decentralized trading. As DeFi moves toward greater institutional involvement and regulatory certainty, Hyperliquid’s layered design and cost-saving strategies put it in a strong position. For investors, the combination of TVL expansion, strategic alliances, and rising user numbers makes a strong case for HYPE’s ongoing growth.