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Hyperliquid’s HYPE token has reached a new all-time high in a trading pair against Coinbase stock, with daily volume surging to $8.28 billion—an indicator of growing dominance in on-chain derivatives and tokenized commodities.
According to a TradingView chart, HYPE set an all-time high not against the U.S. dollar, but in the HYPE/COIN pair. The token traded at 0.2514 HYPE per COIN share.
The move reflects a broader shift in market leadership, with Hyperliquid’s capitalization growth outpacing the performance of Coinbase as a major public, centralized crypto-finance representative.
The rise in the HYPE/COIN pair is attributed not only to speculative demand for HYPE, but also to structural changes in derivatives trading.
As of the end of the first 10 days of April, Hyperliquid held more than 70% of open interest across all decentralized perpetual contracts.
Hyperliquid’s activity has accelerated sharply. Its daily volume reached $8.28 billion in the last 24 hours, exceeding the combined figures of its four closest competitors.
Hyperliquid’s token economics also differ from traditional models. The platform directs 97% of its revenue toward token buybacks, which can create deflationary pressure.
The article notes that the market appears to be pricing this dynamic alongside record trading volumes.

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