HYPE rallies 30% as Hyperliquid tops Ethereum in app revenue

• HYPE hits record high following breakout and $57.9M revenue milestone
• Hyperliquid triggers large short squeeze and attracts institutional inflows

On June 1, 2026, Cointelegraph reported that HYPE, the native token of Hyperliquid, surged more than 30% in five days to a record high near $74. The rally followed confirmation of a bullish breakout, with soaring derivatives activity and a pronounced short squeeze supporting the move. These developments coincided with Hyperliquid surpassing Ethereum in monthly app revenue for the first time, marking a milestone for the protocol amid favorable US regulatory momentum and institutional interest.

HYPE confirmed a breakout from a classic bull pennant as it rose above $74, setting a technical price target of $100–$105 for June–July. Derivatives data showed heightened market activity, with open interest climbing to a record $3.5 billion. Funding rates remained positive while $126 million in short liquidations since May 20 signaled intense pressure on short sellers.

Hyperliquid generated $57.9 million in monthly app revenue, surpassing Ethereum. The protocol routes 99% of fees into HYPE buybacks, reinforcing token demand and scarcity. Recurring buybacks, together with record revenue, have solidified bullish fundamentals, according to Cointelegraph.

US regulatory progress provided additional momentum. The CFTC’s formal recognition of perpetual futures in late May, alongside the May 12 launch of US-listed HYPE spot ETFs, drove $122 million in net inflows. These developments signaled strong institutional and broader market interest.

Technical indicators pointed to short-term overheating, with HYPE’s RSI at 77. However, the outlook remains bullish if current momentum persists and the 20-day EMA ($58.32) holds as support.

As of June 1, 2026, 21:09 UTC, Hyperliquid (HYPE) trades at $72.47, logging a 3.22% change in 24-hour trading volume, based on the latest market data.