🚨 The hype of $HYPE is real

PLUS: Hyperliquid flipped Dogecoin, reached all-time high, and the CEO of NYSE said it is "bigger than Nasdaq"

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Cryptopolitan News
June 01, 2026 • Estimated Reading Time: 4 minutes

Hyperliquid flipped Dogecoin, reached all-time high, and the CEO of NYSE said it is "bigger than Nasdaq"

This is something quietly brewing away in crypto since the start of this year and it became noisy on June 1.

The closer of HYPE was the new ATH at $73.64, having recently overtaken Dogecoin in market cap, it is now the ninth largest cryptocurrency on earth. It has done 122% in three months when most things have been going sideways.

This bull run should end with HYPE taking over Solana's full market cap, wrote Arthur Hayes in a note. The New York Stock Exchange through the lens of trade volume is about Hyperliquid would be bigger than Nasdaq, according to a man running that company.

Six months ago, none of that would have mattered much. Now it is hitting different because the platform under the token has actually been building something.

A brief introduction to Hyperliquid and why it suddenly matters.

Hyperliquid is a perpetual futures decentalized exchange on a chain-only mechanism. So how do serious crypto traders transfer money? By using perpetual futures. No expiry, leveraged and round the clock. It is the most buoyant product in digital finance, and until recently almost entirely taking place on centralised exchanges such as Binance and Bybit.

Hyperliquid brought that product on-chain, at centralised platform speeds (but better), and created an economy around it. Cumulatively, the protocol has generated $1.16 billion in revenue. Not a projection. Already earned. And those fees automatically purchase HYPE on the market, and get burned. Every transaction that occurs in Hyperliquid permanently removes a bit more of the supply from circulation. More volume means less HYPE. More price pressure upwards by Less HYPE. The protocol is the best self-consuming protocol.

The CFTC sign off on the nations first regulated US perpetual futures contract this week. That is what changed the conversation. A regulatory stamp from the same agency that could have shut down Hyperliquid essentially approves the startup's whole business model. The timing was not subtle.

The money moving in right now

The HYPE ETFs in the US yesterday saw more than USD 9 million of net inflows, bringing the current run to eight consecutive days. The ETF industry total assets topped $135 million. In total, Grayscale is reportedly negotiating an investment in its own HYPE fund, a $115 million valuation. Bitwise, upon itself buying HYPE with its management fees Now, the institutional bid that has built behind Bitcoin and Ethereum for the past year is a making its three asset entry, Hyperliquid.

Loraclethey, an infamous on-chain trader, set up one of the biggest HYPE short positions in history. He gained that much, he has already booked giddy losses over $22 million, and sold more than half the trade. He retains 843,232 HYPE shorts at current prices worth ~$62 million. With each rise in HYPE, that position bleeds out a little bit more. Covering, itself, pushes the price higher every time he covers. This is one of those messy no rinse and repeat scenarios in front of a whole market.

That's part of why the rally has had that grinding feeling to it. Short squeezing does not last forever but while they run, you cannot fight them.

Two events that will shape the next two weeks

A token unlock of $684M occurs on June 6. This is HYPE's biggest supply event ever, bringing 9.92 million tokens to the market in one go. The actual test of how deep this rally really is, will be whether those are sold immediately or absorbed by the buyback machine and the ETF inflows?

SpaceX goes public through Nasdaq on June 12. Pre-IPO SpaceX contracts have traded on Hyperliquid (where holders of ForeSight shares can trade, with over $60 million in open interest at around $204 a share). The SpaceX IPO has the most anticipated public offering in years. When it lands right, all of the speculative energy slowly rolling up on Hyperliquid remains and compounds. If disappointing, some of it will head for the exits.

POLL: Have you ever used Hyperliquid?

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1️⃣ Prediction markets posted an all-time-high volume of $28.4 billion.

The signal is four monthly records in a row. One record is a spike. Four means that the baseline continues to climb no matter what is on the news calendar. Kalshi alone accounted for $17.3 billion of that, which marks its own best month on record giving it 61% of total industry spend and almost double Polymarket's $8.4B.

One year ago that split appeared a lot more like this, in reverse. The category has been dominated by Polymarket, who created it and held that dominance until the vast majority of 2024. It flipped over in September 2025, and it has not unflipped.

2️⃣ Nvidia just came out with a chip built for AI agents to compete in the CPU space. That space has been held by Intel and AMD for decades.

Vera's CPU hit production on May 31, outfitted with 88 custom Olympus cores and bragging about having an effective memory bandwidth of 1.2 TB per second, along with performance Nvidia claims is running at "1.8 times faster than top x86 chips" in agentic workloads such as code compilation, Python execution, database management.

Early adopters include Anthropic, OpenAI, SpaceXAI, Oracle, ByteDance and CoreWeave. Vera will be paired with Redpanda and HPE to run the New York Stock Exchange’s 1.1 trillion daily message-fritering infrastructure.

You are getting standalone Vera server configurations from all the big system sellers: Dell, HPE, Lenovo and Supermicro. So far, the benchmarks were all selected and run by Nvidia itself, independent testing will tell. However, the customer list implies this is hardly a market waiting for that.

3️⃣ Aave just proposed to deploy V4 on the Arc blockchain by Circle. That same day, Circle's CEO publicly came out in support.

Arc is Circle's Layer 1, centered around USDC as it's native transaction currency for stablecoin liquidity and tokenized real-world assets. During its testnet launch with BlackRock, Visa and AWS, it has processed over 150 million transactions from 1.5 million wallets.

Its latest iteration, Aave V4, introduces a Hub-and-Spoke architecture to consolidate fragmented liquidity pools while accommodating bespoke risk parameters for each market in a design purpose-built for institutional scale. The protocol has seen $580 million in net deposits from institutions borrowing stablecoins against tokenized Treasuries on its Horizon platform.

If the governance clears, the Arc deployment puts Aave's lending infrastructure directly inside Circle's institutional pipeline. After the March vote narrowly passed with 52.58%, allegations that wallets linked to Aave Labs swayed the result have seen quite a bit of contestation surrounding the governance process itself, and that has carried through into V4's wider launch too.

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