$HYPE just hit a new all time high of $70, adding $11 billion in market cap in 2026 alone. Here is exactly why it keeps going up.
The US CFTC just approved the first American perpetual futures product, the exact model Hyperliquid is built on. That approval potentially opens access to a multi-trillion-dollar market that previously had no regulated US entry point.
The platform generates between $900 million and $1 billion in real fees annually. With 11 employees. That is not a typo.
98% of those trading fees are used to buy back $HYPE and permanently remove it from circulation. Buybacks have already surpassed $2 billion, meaning the supply keeps shrinking while demand keeps growing.
On top of that, $100 million has flowed in since the ETF launched, with funds like Bitwise using their own fee revenue to buy more $HYPE.
Shrinking supply. Rising fees. Institutional inflows. Regulatory tailwinds. The fundamentals here are not complicated.