HYPE Price Explodes as ETF Inflows and SpaceX Perps Boost Hyperliquid

Hyperliquid’s native cryptocurrency, HYPE, is one of today’s best performers, charting a double-digit move as trading activity accelerates across multiple verticals.

At the time of this writing, HYPE is trading at around $72, very close to its all-time high.

This marks an increase of around 10% in the past 24 hours, lining it up as one of the best performers during the period. The move is driven by accelerated ETF buying and fresh momentum around its ecosystem, fueled by the success of SpaceX perps trading.

ETF Demand Adds Fresh Optimism

ETF data from SoSoValue suggests that regulated products around HYPE are becoming a powerful part of the token’s market structure. The three products currently listed and operated by Bitwise, 21Shares, and Grayscale hold a combined total of $209M worth of HYPE, accounting for around 1.4% of its total market capitalization.

During this fresh rally, net inflows over the past 24 hours surpass $17 million, bringing the cumulative total to $171M, suggesting strong structural interest in Hyperliquid’s underlying cryptocurrency.

By contrast, BTC ETFs recorded outflows of around $64M, suggesting risk appetite is shifting towards altcoins, a trend further supported by positive flows into ETH, SOL, and XRP ETFs.

SpaceX Perps Strengthen the HIP-3 Narrative

The other key driver is Hyperliquid’s growing role in non-crypto markets through HIP-3.

As seen in the chart below, SPCX-USDC is currently trading with a 24-hour trading volume of more than $1.12 billion. Open interest is approaching $300 million, while the contract trades near $212.

This follows broader market attention around SpaceX-linked perpetuals. In fact, during the initial burst after the listing, SPCX became the most-traded asset on the venue, with trading exceeding $1.3 billion.

This adds more weight to the idea that Hyperliquid can host liquid markets far beyond standard crypto pairs. Previous examples include gold and oil. After all, it has become one of the preferred exchanges to trade oil with crypto. 

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