Hyperliquid's HYPE trades around $40 as perps volume remains robust amid dilution risk

Hyperliquid’s HYPE token is trading at about $40.3 on April 10, 2026, according to data from CryptoRank and other price trackers, up roughly 3.9% over the past 24 hours and extending a climb from early April lows near $35.6. The move leaves HYPE about 32% below its all-time high of roughly $59.3 set in September 2025, but with a current market capitalization in the $9.6–$13.0 billion range and 24-hour spot volume between $225 million and $285 million, signaling persistent two-way flow rather than a thin meme spike. On TradingView, the HYPEUSDT chart shows price holding a broad uptrend from the 2025 lows, with recent weekly candles printing higher lows above the $35–$36 zone and intraday action clustering in the $38–$41 band. Short-term analyses on the platform highlight the $39–$40 area as a key demand zone, with some traders targeting initial upside toward $42–$44 if support holds. Momentum remains trend-positive but not yet in the classic parabolic danger zone: technical dashboards flag RSI as bullish but shy of the 70+ overbought threshold on higher timeframes, while MACD and other trend indicators remain in buy territory. Structural perps growth supports HYPE but dilution looms ======================================================== Fundamentally, HYPE tracks a real business rather than pure narrative. CoinStats’ April investment analysis notes that Hyperliquid has become a dominant decentralized perpetuals venue, with an estimated 66–73% share of on‑chain perps trading, roughly $50 billion in weekly volume and more than 100,000 weekly active users. That positioning is reflected in derivatives data, where aggregated futures dashboards show Hyperliquid open interest frequently in the $6–$10 billion range, with peaks near $9.7 billion during prior volatility spikes — a scale that tends to correlate with demand for the protocol token. At the token level, however, the growth story comes with a clear caveat. As of April 1, only about 24.8% of HYPE’s maximum 1 billion supply is circulating, with a circulating market cap near $8.7–$9.6 billion versus a fully diluted valuation around $35–$39 billion, implying roughly 4x potential dilution as remaining tokens unlock. That gap matters for medium‑term price predictions: as long as Hyperliquid’s share of perps volume and on‑platform open interest keeps growing, structural demand may offset some unlock pressure, but slower activity or venue competition could see new supply weigh more heavily on price. Near term, the technical and fundamental mix leans slightly bullish. The token is riding a constructive trend above key support in the high‑$30s, momentum is positive rather than euphoric, and platform usage metrics remain strong. A clean break below the $35–$36 area on rising volume would undermine that thesis and open room for a deeper mean‑reversion toward prior consolidation levels, while sustained closes above the low‑$40s, backed by continued growth in open interest and weekly volume, would keep $50+ back on the table as a medium‑term target. Read more: Ethereum meets the Strait of Hormuz as analyst bets on bears, will price go sub $2k again? Load More