The Hyperliquid price is showing strong volatility, with support forming near the $40.05 level and resistance around $43.00. After dipping sharply below support, the price rebounded and managed to recover, signaling renewed buying strength. Hyperliquid price fell 24.97% in the past week, while 24-hour trading volume stood near $747.8 million.
As of this writing, Hyperliquid is trading at around $42.44 with a 24-hour loss of 0.74%.
Source: CoinMarketCap
Hyperliquid falls to $10.1B daily volume
CryptoRank pointed out that Aster now leads the 24-hour perpetual DEX volume with $35.8B, while Lighter follows at $10.6B, both surpassing Hyperliquid at $10.1B. This shift highlights rising competition and may explain the 27% drop in $HYPE over the past week as traders shift their short-term activity elsewhere. The data signals that Hyperliquid’s once-dominant daily flow is no longer unmatched.
Yet, Hyperliquid still stands out with $13.2B in open interest — more than double the combined $6.5B of its next ten competitors. This shows the platform retains deep futures liquidity and a strong base of long-term positions even if its daily volumes lag. In essence, Hyperliquid’s strength has moved from topping spot flow to leading in sustained contract exposure.
Market analyst Husky said in a post that trading HYPE is tricky right now. He cited factors like whale offloading, token unlocks, and buybacks that skew the chart. Husky said he would be very selective with entries to avoid getting caught between market-moving players.
Traders now face a mix of falling spot prices and heavy open interest. This combination keeps volatility high and has many waiting for a clear direction before re-entering.
Bitwise ETF filing brings fresh focus to HYPE
Bitwise has filed for a Hyperliquid exchange-traded fund (ETF), according to ETF analyst James Seyffart, marking another step in bridging crypto assets with traditional markets. The move places HYPE under increased scrutiny as institutions assess its potential for mainstream exposure.
Analysts said the ETF could improve liquidity over time and open a pathway for inflows once approved, though regulatory timelines remain uncertain. For now, near-term trading remains focused on price recovery, with market participants closely watching buybacks as a tool to stabilize conditions during the current drawdown.
Open interest in Hyperliquid remains elevated, signaling that leveraged bets are still active despite the recent slide. Such positioning increases the risk of outsized moves in both directions, amplifying volatility around key price levels.
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