Hyperliquid’s token, HYPE, has positioned itself as a meaningful competitor to Binance in the cryptocurrency market. Hyperliquid is currently the third largest in Bitcoins perpetual market with almost $3 billion trades as of June 2025. This is done while the price of Bitcoin is stable and volatility is low.
HYPE Token Performance
The HYPE token has registered spectacular appreciation, outpacing leading cryptocurrencies. It had appreciated by 12.4% in the past week alone, and month-on-month appreciation stands at a stunning 67.2%. HYPE currently stands at $39.76, having benefited from strong investor demand on the strength of its solid fundamentals and ecosystem growth.
The token has consistently been over 230% of Binance’s BNB token since April. The token’s success is due to the fact that Hyperliquid uses a revolutionary decentralized exchange (DEX) model that executes perpetual futures trading.
Market Position and Competition
Hyperliquid’s success in the perpetual Bitcoin market is proof of the same. In mid-May, it was in fourth place and then rose to third place in June after it surpassed OKX. Binance is still leading with approximately $8 billion open interest, followed by Bybit with approximately $5.5 billion. Experts point out that the perpetual market has the potential to become a $100 billion opportunity within a few days.
Dave Olsen, who is the CIO of Jump Trading, said that Hyperliquid is revealing the loopholes in the regulation, thereby bringing in more players to the U.S. market. The competitive advantage renders it a suitable alternative to centralized exchanges such as Binance.
Sustainability of Token Buybacks
Hyperliquid’s buyback program has amassed over $1 billion of HYPE tokens. Critics contend that buybacks are in the short-term unsustainable because they may be artificially propping up demand but without sustained growth. However, advocates believe that buybacks can stimulate user alignment and token price stabilization.
The fund that is funding these buybacks, The Assistance Fund, has seen a monolithic paper profits run-up. The analysts believe that while buybacks can give a short-term price pop, money is better invested in innovation and growth.
Hyperliquid’s HYPE token is solid in space. Its solidity against Binance is supported by solid performance numbers, focus on perpetual futures, and growing user base. Whatever its potential to maintain pace with the buyback program is as an argument source, total momentum heavily signifies a shiny future for Hyperliquid as a solid player in the space.
