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- HYPE surged 40% in a month, reaching a record $59.29.
- Traders are taking large leveraged positions on HYPE.
- New rival ASTER is rising quickly with CZ’s backing.
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Hyperliquid’s native token HYPE surged to an all-time high on Thursday, underscoring growing interest in decentralized derivatives as traders eye Fed-driven market shifts.
HYPE Outperforms Major Cryptos
HYPE climbed to $59.29 in early Thursday trading, up around 8% on the day and nearly 40% over the past month. That performance far outpaces the market’s largest assets — Bitcoin, Ether, and XRP — which have seen modest gains during the same period. Hyperliquid, a decentralized exchange for perpetual futures, lets traders speculate on crypto prices using leverage without owning the underlying assets.
Market watchers noted that HYPE’s market capitalization has now approached $16 billion, making it one of the strongest-performing altcoins during the recent rally sparked by expectations of U.S. Federal Reserve rate cuts
Traders Pile Into Leveraged HYPE Bets
On-chain analytics firm Nansen reported that one trader is running a $30 million leveraged long position on HYPE, with an unrealized profit of $1.39 million. The trader has been steadily adding to the position every 30 seconds, suggesting aggressive confidence in the token’s short-term momentum.
BitMEX founder Arthur Hayes, an early supporter of Hyperliquid, praised the milestone as an “All-time Hype,” reaffirming his belief from August that the token could see massive upside if stablecoin usage on the platform grows.
All time $HYPE pic.twitter.com/OO0xrOSM0u
— Arthur Hayes (@CryptoHayes) September 18, 2025
Rising Competition From ASTER
Just as HYPE hit its record, former Binance CEO Changpeng Zhao spotlighted ASTER, the native token of a new derivatives DEX backed by YZi Labs and PancakeSwap. ASTER has surged over 350% since launching on Wednesday, quickly positioning itself as a rival to Hyperliquid.
Also Read: Kintsu Launches sHYPE on Hyperliquid
Despite this emerging competition, Hyperliquid continues to eat into centralized giant Binance’s market share, though it still trails with $790 million in daily volume compared to Binance’s $34 billion.
HYPE’s record high signals rising confidence in decentralized derivatives platforms as traders chase high-yield opportunities. With competition heating up from ASTER, Hyperliquid’s next challenge will be sustaining its explosive growth in a fast-evolving market.
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Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
