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One of the best charts in all of crypto currently? Hyperliquid's. Indeed, HYPE hit a new all-time high over $62 today and is now up on the month (+49%), on the quarter (+97%), and year-to-date (+131%).
If you've been watching this action but not the fundamentals, you're likely wondering what this run's about. For anyone catching up, here's a quick refresher on the pillars that have been driving the surge.
A brave new perpetuals world
Perpetuals are among the fastest-growing categories in all of finance, and 
Hyperliquid has become the dominant onchain venue for this style of derivatives since launching in 2024.
At the moment, the platform boasts ~50% of total onchain perps market share, and this slice has been trending up and to the right since last fall and with no signs of slowing.
HIP-3
Preceding the current market share uptrend? The arrival of HIP-3 in October 2025.
The launch turned Hyperliquid into a permissionless derivatives platform. In other words, any team that stakes 500K HYPE can deploy their own market on HyperCore (Hyperliquid's execution layer), so now anyone can list perps for any asset with a price feed (from stocks and commodities to pre-IPOs and even physical collectibles).
David Christopher
Importantly, HIP-3 has already come to represent over a third of all Hyperliquid trading volume, with open interest in the billions of dollars. Tokenized stocks and commodities make up most of the top trading pairs on the platform today, and trade[XYZ], the first HIP-3 deployer, recently secured official licensing rights to use the S&P 500 ticker, which is nothing to sneeze at.
HIP-4
More recently, Hyperliquid activated HIP-4 in May 2026.
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This move added support for outcome contracts, i.e. fully collateralized binary markets that function like prediction markets, on HyperCore. Contracts share an account with a user's perp positions, so they're composable and let traders express views without leaving the platform.
David Christopher
Of course, HIP-4 is newer than HIP-3, so it hasn't gained the same level of traction yet. But the logic is to give users better tools to hedge exposure, which in turn and over time should pull more options-oriented traders onto the platform and introduce them to perps.
Is this a threat to Polymarket and Kalshi? Maybe not now. Yet if HIP-4 ever opens up to permissionless deployments and broader event categories, Hyperliquid would be the only platform in crypto offering spot, perps, and prediction markets natively on a single execution layer.
The USDC embrace
Last week, Native Markets sold USDH to Coinbase. In kind, Hyperliquid reinstalled USDC as its primary quote asset in exchange for 90% of the revenue flowing back to Hyperliquid.
Tether dominates Binance, but 
Coinbase just installed USDC on Hyperliquid. The battle for stablecoin distribution is intensifying.David Christopher
It might not seem like a big deal at first sight, but through it Hyperliquid gets improved revenue and regulatory alignment, while Coinbase and 
Circle get USDC distribution on the largest onchain perps venue in the world. This meld could pay off significantly for both sides going forward.
Mainstream tailwinds
The regulatory and institutional picture has also been moving in Hyperliquid's favor simultaneously.
The Hyperliquid Policy Center was in Washington earlier this month during the Clarity Act's advancement, making the case for onchain derivatives access in the US, with CFTC Chair Selig already publicly supportive of bringing perps stateside. The path ahead looks clear.
Moreover, spot HYPE ETFs from 21Shares and Bitwise recently launched on US exchanges, with 
Grayscale and VanEck reportedly close behind, while HYPE-focused digital asset treasuries like Hyperliquid Strategies Inc. (PURR) are starting to gain steam, too. Institutions are getting easier ramps in, so this is a thread to watch in the months ahead.
