Hyperliquid (HYPE) Hits Record Highs as TVL Soars to $2.7B and DEX Volume Surges

Sean Williams
Hyperliquid

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  • HYPE breaks $57 as TVL hits $2.7B and DEX volume jumps 87%.
  • Circle joins as stakeholder while USDC support boosts ecosystem.
  • Price structure shows strong bullish momentum and FOMO-driven demand.

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Hyperliquid’s native token HYPE is surging to record levels, driven by a wave of capital inflows and accelerating ecosystem growth. On September 17, HYPE broke past its previous $57 ceiling, climbing 6.15% in a single day and briefly flirting with the $60 mark. While the token has cooled slightly since, its trajectory remains pointed firmly upward.

Liquidity Surge Pushes Hyperliquid Into the Spotlight

Hyperliquid’s rise isn’t just a price story — it’s backed by deepening fundamentals. The network’s total value locked (TVL) has surged to a record $2.7 billion, with nearly $300 million added in September alone. For context, XRP added only $13 million in the same period.

That kind of capital acceleration underscores heavy on-chain activity and growing confidence in Hyperliquid as a rival Layer-1. Smart contracts are busier than ever, and capital is rotating in at a pace few competitors can match.

HYPE TVL
Source: DeFiLlama

Major Players Are Backing the Ecosystem

Big liquidity is taking notice. Circle, the issuer of USDC, has stepped in as a stakeholder. Hyperliquid also integrated native USDC and CCTP V2 on its HyperEVM, a key move that enhances stablecoin interoperability and boosts user confidence.

As a result, Hyperliquid’s decentralized exchange (DEX) volume exploded 87% month-over-month to $1.3 billion, while Ethereum’s saw a 42% drop. Traders are shifting activity to where the momentum is.

Price Structure Signals More Upside Ahead

Technically, HYPE has posted over 30% monthly ROI in Q3, its best streak since May — five times stronger than Ethereum over the same span. Since bottoming at $37 in early August, the token has built a clean bullish structure with higher highs and higher lows, signaling sustained buyer demand.

Also Read: Kintsu Launches sHYPE on Hyperliquid

HODLers aren’t cashing out despite being in profit. Instead, they’re adding to positions, reinforcing the trend. With on-chain strength supporting price action, the path to higher levels looks open.

Hyperliquid’s rally isn’t fueled by hype alone — it’s anchored in real liquidity, strong fundamentals, and visible market conviction. If capital keeps flowing at this pace, the $60 threshold may be just the beginning.

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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.

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