Hyperliquid’s HYPE token climbed as much as 5% over the past 24 hours, beating both bitcoin and the wider crypto market. Traders piled into the decentralized exchange over the weekend, putting on bullish trades in TradFi-linked futures contracts as tensions in the Middle East intensified.
Bitcoin fell 0.7% to $66,700 during the same period, while the CoinDesk 20 Index slipped 1.7% to 1,937. HYPE’s relative strength came as rising platform revenue and faster token burns pushed aside concerns tied to a large scheduled unlock.
Fee income feeds buybacks and token burns
Hyperliquid routes part of its trading fees into direct HYPE buybacks and burns. That means bursts in activity translate into more protocol revenue and less circulating supply. The weekend rush into oil futures amplified that mechanism.
According to DefiLlama, the protocol generated $2.8 million in fees over the last 24 hours and more than $13 million over the past week. It burned $9.22 million worth of tokens in the last seven days, up 20.4% from the previous period. Those figures helped shift market attention from dilution risk toward revenue strength and supply reduction.
$316 million unlock nears, but traders focus on net supply impact
Roughly 9.92 million HYPE, equal to about 2.7% of released supply, is scheduled to unlock this week. The report pegged that tranche at around $316 million. Unlock events often weigh on prices, but data tracked by Tokenomist shows past releases have frequently come in below projected levels. Traders appear to be positioning for a limited expansion in net circulating supply rather than a sharp increase.
A similar supply-discipline theme has supported Jupiter’s JUP token. JUP is up 13% over the past week and was largely flat over the last 24 hours. In a governance vote held in late February, holders approved eliminating net-new emissions for 2026, shelved planned token distributions, and blocked any additional JUP from entering circulation this year. That kept JUP in focus alongside HYPE as investors rotated into select altcoins backed by tighter supply expectations.