HYPE breaks $73 on Hyperliquid as SpaceX pre-IPO fuels perp rally
HYPE surges above $73 on Hyperliquid, extending a rally over 122% in three months and setting new records. The latest report frames this move as a potential “decoupling” from broader crypto, as traders rotate attention from Ethereum (ETH) and Solana (SOL) toward Hyperliquid’s perpetual futures “killer app.”
Key market metrics cited include Hyperliquid liquidity around $5.64B and rebuilding open interest still below $10B (vs. ~$14B in Oct 2025). Hyperliquid “mindshare” rises to 1.3% and daily active users are ~66K, with a notable share of whale/high-profile traders.
Derivatives data points to a short-squeeze dynamic. Open interest reaches an all-time peak near $2.66B; shorts remain dominant at 56% of open interest. The rally has liquidated over $20M in shorts, with liquidation zones roughly ~76 for shorts and ~66 for longs.
The core catalyst is pre-IPO trading demand for SpaceX via HIP-3 on Hyperliquid. SpaceX’s IPO is expected on June 12, with a valuation estimate up to $1.8B. HIP-3 has traded since May 18, and the article notes SpaceX-related contract activity is highly volatile.
Traders watch whether HYPE can push toward $100. Given the catalyst-driven nature and the crowded short positioning, volatility risk remains elevated even if the uptrend continues.
Bullish
HYPE is gaining momentum on Hyperliquid with a strong derivatives-driven narrative (shorts still heavy, but liquidations already triggered), which can sustain upside in the near term. The SpaceX pre-IPO/HIP-3 catalyst adds speculative flow and helps explain why traders are rotating away from ETH/SOL toward perp activity. However, open interest is not fully back to prior peaks and the rally appears catalyst-sensitive, so volatility and pullbacks are likely. Overall, the balance of flows, liquidation dynamics, and the market’s focus on HYPE perps supports a bullish bias for HYPE itself, with elevated risk of sharp swings.