Hyperliquid's HYPE Token Hits All-Time High Amid Binance Competition Concerns

Hyperliquid’s native token HYPE has hit an all-time high of $86 (approximately 115,960 KRW), fueled by a significant buyback program. According to CoinMarketCap Research Chief Alice Liu, over $400 million has been allocated to the buyback since its inception, with HYPE prices rising 47.5% in the past 30 days.

Liu emphasized that network transaction growth does not immediately translate into token price increases, stressing that sustained buybacks require ongoing trading activity and fee revenue. The key variable lies in the RWA-backed perpetual futures market, where Binance has reportedly captured nearly half of the volume over the past two months, shifting liquidity away from Hyperliquid.

While Binance holds a 74% share in ETF-based perpetual futures as of July and approximately 59% in traditional finance-linked markets by August, Hyperliquid remains dominant on decentralized exchanges. The platform’s official documentation states that a portion of trading fees is automatically used to buy back HYPE tokens, which are then burned.