Hyperliquid's native token HYPE has surged 101% year-to-date while Bitcoin dropped 12%, highlighting a decoupling driven by the platform's revenue diversification beyond crypto perps. Hyperliquid generated $255M in YTD revenue, more than the next two apps combined, with 97% accruing to HYPE holders via buybacks. The platform now captures 43% of all chain fees ($11M weekly). Bitwise and 21Shares have filed for HYPE ETFs, with Bitwise committing to hold 10% of management fees in Hyperliquid. The growth follows HIP-3, which processed $120B+ in pre-IPO volumes for companies like SpaceX and Anthropic, and HIP-4 targeting structured products. Real-world asset trading on Hyperliquid reached $2.6B in open interest, double from two months ago. Market observers compare HYPE to high-growth financial infrastructure, targeting the $600 trillion global asset market. Prediction market Myriad sees an 85% chance of HYPE reaching $52 by May.

Key facts

• HYPE up 101% YTD vs Bitcoin down 12%, driven by Hyperliquid's revenue diversification.
• Hyperliquid generated $255M revenue YTD, more than next two apps combined, 97% to holders.
• Bitwise and 21Shares filed for HYPE ETFs; Bitwise to hold 10% management fees in Hyperliquid.
• HIP-3 processed $120B+ pre-IPO volume; RWA open interest hit $2.6B.
• Hyperliquid captures 43% of all chain fees ($11M/week), dominating perp trading.
• Prediction market sees 85% chance HYPE reaches $52 by May, currently trading at $51.26.

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