Hyperliquid HYPE nears $74 as 3 new ETFs test $69B valuation

HYPE has surged 188% this year while Bitcoin and Ethereum have fallen, but new US regulatory approvals and a high-profile token sale by Arthur Hayes are testing the bull case.

HYPE rose to near $74 on June 4, up 188% year to date, as three spot ETFs began offering regulated exposure even as US regulators approved competing perpetual futures products that could erode Hyperliquid's core advantage.

"Hyperliquid's onchain order book processes roughly 200,000 orders per second, giving it centralized-exchange performance with permissionless access," Matt Hougan, chief investment officer at Bitwise, said. Bitwise launched its HYPE ETF, BHYP, on May 15.

Hyperliquid processed $2.9 trillion in trading volume in 2025, up more than 400% year over year, and commands roughly 60% of all onchain derivative open interest globally, DefiLlama data shows. The protocol holds $5.8 billion in total value locked and generates more than $800 million in annualized fees. The Assistance Fund has executed more than $1 billion in cumulative HYPE buybacks.

The question is whether HYPE's $69 billion fully diluted valuation — larger than Nasdaq Inc.'s $49.6 billion market cap — can hold as US regulators open the door for centralized competitors. The CFTC approved perpetual futures for retail customers of Kalshi at the end of May, following last July's approval for select Coinbase customers.

Three ETFs, One Trade

Three issuers now offer spot HYPE exposure. 21Shares' THYP launched May 12 and returned 62.78% through May 31. Bitwise's BHYP followed three days later. Grayscale's HYPG debuted June 3 at a 0.29% expense ratio with an approximately 2.2% annual staking yield, undercutting both competitors. All three funds are registered under the Securities Act of 1933, not the Investment Company Act of 1940, meaning standard ETF investor protections do not apply.

The Arthur Hayes Factor

The bull case suffered a blow on June 4 when BitMEX co-founder Arthur Hayes disclosed he had sold his entire HYPE position, transferring approximately $18 million to market maker Flowdesk, on-chain data shows. The sale came four days after Hayes publicly predicted HYPE would reach $150 and wagered $100,000 that the token would outperform every other top-ten cryptocurrency through year-end.

"Time to take profit," Hayes wrote on X, citing higher energy prices, inventory restocking, and expected AI IPOs. He said he would explain further in an essay due next week. The reversal drew comparisons to other controversial token sell-offs this cycle, though Hayes framed the exit as temporary.

What's at Stake

Hyperliquid's tokenomics remain a structural advantage. The founding team turned down outside venture funding and allocated more than 76% of the token supply to the community, with no VC unlock schedules. Staking yields come entirely from protocol revenue rather than token inflation. In a risk-off year for crypto — Bitcoin down roughly 40% from its all-time high, Ethereum down 60% — that distinction has driven capital toward HYPE.

But the competitive moat is narrowing. Hyperliquid runs on just 27 validators, far fewer than Ethereum or Solana, creating centralization risk. And the same disruption that Hyperliquid inflicted on dYdX could be turned against it by a faster competitor. At a $69 billion fully diluted valuation, HYPE prices in continued dominance of a market where the regulatory pendulum is swinging toward incumbents.

This article is for informational purposes only and does not constitute investment advice.