Hyperliquid's native token HYPE has surged 73% in the past month and 196% in 2026, reaching a new all-time high of $75.96. Three newly launched HYPE ETFs have accumulated net inflows of nearly $172 million since May, starkly contrasting with Bitcoin ETFs which shed over $5.6 billion in the same period. Bitwise's BHYP leads with $106.6 million, followed by 21Shares' THYP with $60 million and Grayscale's HYPG with $8.6 million. The divergence reflects growing institutional appetite for protocol-generated fees rather than speculative non-yielding assets. Key drivers include Hyperliquid's Assistance Fund mechanism, which routes 97-99% of trading fees into token buybacks, and the Coinbase-managed $5 billion USDC program that yields 4% with 90% redirected to the fund. The platform's HIP-3 framework enabled SpaceX's SPCX perpetuals to attract $1.4 billion volume in a single session. Options markets imply a 10-15% chance HYPE reaches $100 by end of July. Institutional investors view HYPE as a tech equity based on protocol revenue, outperforming macro-driven Bitcoin ETFs.

Key facts

• HYPE ETFs attracted $172M net inflows since May, while Bitcoin ETFs lost $5.6B.
• HYPE token surged 73% in a month, hitting $75.96 all-time high.
• Bitwise BHYP leads with $106.6M inflows; Trump-themed DJT ETF lags.
• SpaceX SPCX perpetuals saw $1.4B volume in a single session via HIP-3.
• Assistance Fund burns 97-99% fees, creating buyback pressure on HYPE.

KeyAudit data perspective