Hyperliquid Surpasses Solana in Token Price as HYPE Hits Record $75

Hyperliquid’s HYPE token climbed to a record high above Solana’s price on Wednesday, a milestone for the fast-growing decentralised perpetuals exchange that defied a broader crypto market selloff and extended its strong monthly gains.

HYPE reached an all-time high of US$75.40 (AU$116.87) on Tuesday before trading near US$74 (AU$114.70) on Wednesday, edging above Solana’s roughly US$72 (AU$111.60) as SOL slid to its lowest level since late 2023.  

Over the past month, HYPE gained about 24% while Solana fell roughly 14%, and on a year-to-date basis, HYPE was up about 142%, according to DeFiLlama data.

The rally stood out against a sharp market-wide decline that erased billions in leveraged positions the same week. 

While most major tokens fell, HYPE pushed into what technical analysts described as a “price discovery” phase above prior resistance near US$75.80 (AU$117), with some flagging a psychological target around US$100 (AU$155).

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Perpetual Futures Dominance

Hyperliquid’s gains tracked its growing dominance in derivatives. The platform captured a record 6.63% of global perpetual futures trading volume in May, and its volume relative to Binance reached a new high during the month, with roughly US$181 billion (AU$280.6 billion) in 30-day perpetual volume.

DeFiLlama data showed Hyperliquid produced about US$53 million (AU$82.2 million) in network fees over 30 days, far ahead of Ethereum’s roughly US$5.1 million (AU$7.9 million) and Solana’s under US$2 million (AU$3.1 million), translating to annualised fees of about US$925 million (AU$1.43 billion).

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