Hyperliquid (HYPE) reached a new all-time high, getting a boost from the BTC trading frenzy. The platform’s token entered price discovery territory above $45. HYPE traded at a new all-time high, driven by demand for derivative trading. The token rallied to $45.91, getting closer to the $50 milestone predicted in the past few weeks. HYPE rallied above $45, expanding more rapidly after the launch of its Bybit spot trading pair. | Source: Coingecko HYPE open interest also expanded to an all-time high of over $1.85B , becoming the most traded token in the Hyperliquid ecosystem . Most of the HYPE activity is on-chain, hinging on the activity of whales. However, HYPE is also rising based on its tokenomics, which require extensive staking. HYPE is one of the assets with minimal selling pressure, allowing holders to share in the Hyperliquid fee generation. The token’s price is expected to rise based on a predictably shrinking supply through token burns. Additionally, some of the HYPE available will be locked for liquid staking. The token rose just as Hyperliquid entered the top 5 of fee-generating apps. The perpetual futures DEX achieved $4.19M in daily fees, close to the upper range for the past few weeks. Days with over $4M in fees are considered peak activity on Hyperliquid. The DEX carries around $61B in futures trading volumes, trying to catch up to Binance’s spot market with $115B in volumes for the month so far. The price records in July may put the month on track to repeat the peak performance from May and June. Hyperliquid keeps attracting whales , while growing its open interest and liquidity. HYPE trading opens on Bybit The recent HYPE rally followed weeks of expanding open interest on the platform. The short-term trigger for the hike to nearly $46 came from the recent Bybit listing. HYPE has achieved its success so far by mostly relying on its own chain and decentralized activity. Now, HYPE is working on listing on major exchanges, expanding beyond its initial community. 📣 $HYPE is officially listed on BybitSpot with @HyperliquidX ! 🌐 Learn more with Lens: https://t.co/xJw2I6Xloy 📈 Trade now: https://t.co/awMtO5oM48 pic.twitter.com/u8yYIypnEC — Bybit (@Bybit_Official) July 11, 2025 Bybit will list HYPE directly on the spot market, as part of its main trading zone. The price record for HYPE was reached just two hours after the listing. Hyperliquid whale sees big payday with HYPE long HYPE has been one of the markets to attract whales for both spot and derivative positions. One of the whales that went long on HYPE achieved over $14.54M in unrealized profits from a 5x long position. However, the rush to long HYPE led to negative funding, aiming to balance the positions on Hyperliquid. Previously, whales also tracked the HYPE rally above $38 . The recent record arrives after days of accumulation, as traders swapped out of SOL or other assets to move into HYPE. The token is creating scarcity-based demand, as it is still held by around 141,000 owners. The HYPE community remains relatively small, with expectations for mass adoption and a much higher price range. The trend of owning HYPE as an exposure to market activity is gaining traction. HYPE has been one of the tokens with the most significant airdrop returns, as the average recipient stake is now valued at over $28,000. The token expanded additionally following the expectation for another airdrop season. Cryptopolitan Academy: Tired of market swings? Learn how DeFi can help you build steady passive income. Register Now