While major cryptocurrencies remain mired in a prolonged slump, the native token of the decentralized exchange Hyperliquid has surged to a record high.

Data from CryptoSlate showed that $HYPE crossed $60 for the first time, reaching as high as $62. This marks a 120% year-to-date gain and propels its market capitalization above $15 billion.

This comes as DeFiLlama data shows that the total value locked on the platform surpassed $5 billion for the first time since October 2025. At the same time, its open interest reached a six-month high of nearly $10 billion.

Market observers noted that this breakout was driven by a fundamental structural shift, with Hyperliquid rapidly evolving from a niche decentralized finance application into the…