Foreign media reports indicate that Hyperliquid has recently entered the top ten in cryptocurrency market capitalization. The article argues that this surge is not simply driven by market sentiment, but is directly related to the platform's business expansion, increased trading revenue, and the HYPE buyback mechanism.

Platform business expands to more categories

The article mentions that Hyperliquid initially focused on cryptocurrency trading, later expanding its product range to include crude oil futures, stock index products, exposure to soon-to-be-listed markets, prediction markets, gold, and other commodities. Unlike some traditional exchanges with fixed closing hours, Hyperliquid offers 24-hour trading, a feature that boosted demand for perpetual crude oil contracts during periods of heightened tensions in the Middle East.

Revenue growth drives token buybacks

Hyperliquid's revenue has increased significantly as more users join the platform. The article states that the platform uses 99% of its transaction fees to buy back HYPE, which is considered one of the key reasons for HYPE's continued strength in 2026.

• HYPE reached an all-time high of $76.70 on June 16, 2026.
• The platform's transaction fee buyback rate is reportedly as high as 99%.
• The business scope has expanded from crypto trading to a variety of financial products.

The market pricing logic has changed.

The article argues that investor perception of HYPE has shifted. Some funds no longer view it as a typical altcoin, but rather as a token of a rapidly growing exchange with real revenue. Following this logic, HYPE's valuation is no longer solely anchored to the overall crypto market trend, but is also more closely tied to the platform's business expansion and revenue performance.

However, this article is an opinion-based analysis, with its core judgment being whether Hyperliquid can maintain its current growth rate and whether platform expansion can continue to support the intensity of buybacks and market valuation.