Hyperliquid’s HYPE token has gained 274% since the start of the year and is approaching the psychologically important $100 level as activity in the platform’s tokenized-asset markets accelerates. Traders are now watching whether the token can establish support above that threshold and move toward a projected $115 target.
The rally has coincided with strong growth in Hyperliquid’s HIP-3 markets, which allow developers to launch permissionless perpetual futures linked to cryptocurrencies and other assets, including real-world assets. According to Hyperliquid Analytics, HIP-3 processed approximately $115 billion in trading volume during June.
Open interest points to broader participation
Open interest in HIP-3 markets later reached nearly $4 billion. The metric tracks the value of outstanding derivatives positions and can provide a clearer indication of continuing market exposure than transaction volume alone.
Higher open interest suggests that traders are maintaining positions in the markets rather than simply generating short-term turnover. It also creates additional liquidation risk, particularly if leveraged long positions become crowded.
Hyperliquid has expanded beyond conventional crypto derivatives by offering perpetual contracts tied to real-world assets. These products can provide price exposure without requiring traders to own the underlying asset, but they do not convey ownership rights and depend on external price feeds. Leverage can also amplify losses.
Regulators focus on tokenization and 24-hour markets
The growth of tokenized markets is occurring alongside increasing interest from US regulators. Speaking at the 2026 Treasury Market Conference, CFTC Chairman Michael Selig said the agency is preparing financial markets for large-scale tokenization, onchain finance and continuous trading.
“Just as the transition from hand signals to digital trading evolved our financial system, I believe tokenization can do the same for all asset classes,” Selig said. He added that the CFTC intends to develop clear, rules-based policies that support innovation while preserving market integrity.
The SEC has also announced a Rapid Innovation Exemption for eligible platforms testing certain tokenized securities products under specified conditions. However, the policy discussions do not amount to approval for Hyperliquid or confirm that the platform can serve US customers. Any regulated US offering would still need to meet applicable derivatives, securities and customer-protection requirements.
HYPE faces resistance at $100
From a market perspective, $100 is the next major test for HYPE. Round-number price levels often attract profit-taking, making a pullback possible if traders sell into the token’s approach to the threshold.
The previous resistance area around $88 could become the first significant support zone during a correction. Holding that level after a breakout would strengthen the case for a move toward $115, which represents an additional gain of about 15% from $100.
A break below $88 would weaken the current bullish structure and could lead to a longer consolidation period. With HYPE’s year-to-date gain nearing 300%, the token will need sustained demand and continued activity across Hyperliquid’s markets to extend its advance.
