HYPE is the native token of Hyperliquid, a new-generation trading platform built around perpetual futures. Its appeal to U.S. stock traders is surprisingly intuitive.

Speed: instant settlement, not T+1.

Perpetuals let users choose direction, size and leverage across single names, commodities and indices — far more freedom than a single leveraged ETF.

Trading costs stay low — roughly 0.045% on perpetuals and 0.07% on spot — yet the economics are striking. Its daily fee income has at times exceeded the combined fees of several other major tokens.

Around $2 million of tokens are bought back and burned every day, and estimated annual revenue of about $587.5 million is almost entirely used to buy back HYPE. Low costs for traders,…