HYPE Token Surpasses Dogecoin to Become Fifth Largest by Futures Open Interest
The HYPE token, associated with the decentralized exchange Hyperliquid, is now the fifth-largest digital asset by futures open interest.
- Current open interest in HYPE futures stands at $2.06 billion according to Coinglass.
- This positions HYPE above dogecoin (DOGE) with an open interest of $1.83 billion.
- Leading assets in this space include bitcoin (BTC), ether (ETH), and solana's (SOL).
- HYPE's market position reflects increasing interest in specialized blockchain products.
- Hyperliquid accounted for 60% of the total on-chain perpetuals trading volume of $94.3 billion last week.
- The HYPE token supports economic incentives, fee payments, and governance participation.
- 97% of trading fees are used to buy back HYPE, contributing to market demand.
- Hyperliquid Hub reported that 92.78% of protocol revenue goes towards HYPE buybacks, exceeding $1 billion annually.
- HYPE has experienced a rally to a record price of $44 over three months, driven by strong demand for leveraged bets.
