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HYPE 
SOL HYPE token hit a record high of around US$88.90. Hyperliquid's strong momentum has pushed the market value to nearly US$20 billion.
Hyperliquid's HYPE token price has climbed to a record high of nearly US$88.90. The rally pushed the asset more than 50% higher in a month and pushed its market value towards the $20 billion mark. On September 6, HYPE's highest offer at major trading venues reached $88.88, before falling back slightly. This breakthrough allowed the token to re-enter the price discovery stage after repeatedly testing the US$80 range in early September.
The fee engine effect behind HYPE's rise
This continued rise is strongly supported by the Hyperliquid trading economic model. Transaction fees flowing into the Assistance Fund are automatically converted into HYPE tokens, and these acquired tokens are permanently removed from the total circulation and total supply. Currently, approximately 47 million HYPE tokens have been accumulated in destruction locations, accounting for approximately 4.7% of the original maximum supply of 1 billion tokens. During periods of active trading activity, Hyperliquid's annual rate runs have exceeded US$1 billion, establishing a direct link between exchange utilization and open market HYPE purchases.
It was this mechanism that helped HYPE recover from a decline of less than $56 at the end of July. At the time, a $150 million release queue raised concerns about potential institutional sell-off. Since that low, HYPE has risen more than 55%, breaking the previous record of nearly $75 in June. With the latest breakthrough, the open interest in HYPE perpetual contracts has climbed to more than US$2 billion, and the positive funding rate indicates that the demand for leveraged bulls is still strong. The next primary market test level is about $90. If the price finds that the trend continues, the psychological level of $100 will be the next target.
Business expansion: Beyond cryptocurrency perpetual contracts The scope of activity of the
agreement has gone beyond the cryptocurrency contracts that originally laid the foundation for Hyperliquid transactions. In August, HyperCore launched the xStocks spot market, which includes Nvidia, SPY and QQQ, combining transferable tokenized stocks and ETFs with the network's growing HIP-3 perpetual contract market. The increase in traditional market products, commodities, pre-private equity assets, and equity-linked contracts has expanded the range of collateral and types of trading activity that compete for Hyperliquid's liquidity. In addition, HYPE, as a native Gas token of HyperEVM, can reduce transaction costs after pledge, making its role beyond the mere aid fund function.
HYPE has also acquired another derivatives trading venue outside of Hyperliquid. On September 3, Polymarket launched perpetual contracts with a maximum leverage of 20 times, and HYPE was included along with Bitcoin, Ethereum, Solana, major stock indexes and commodities. As continuous market demand goes beyond the scope of exclusive crypto exchanges, this launch provides another channel for traders to leverage long or short HYPE.
U.S. market access becomes new catalyst
A potential regulated U.S. market path has become one of Hyperliquid's most important recent developments. Kraken's parent company Payward and Hyperliquid Labs are exploring a structure to provide some Hyperliquid-related perpetual contracts to U.S. traders through Bitnomial, a move that would require regulatory approval. Bitnomial already holds the CFTC exchange, clearing house and futures commission broker licenses required for vertically integrated U.S. derivatives venues. At the same time, the recent US$30 million in capital flows related to the Lazarus organization through Hyperliquid has caused the platform to expand while also facing dual concerns of regulatory expansion and compliance review.
As of September 6, HYPE prices were still close to their new high. After rising more than 50% in the past month, breaking the $88 mark makes $90 the immediate price discovery level.
