Hyperliquid, a decentralized perpetuals trading platform, went through its largest scheduled token unlock since launch on Aug. 29. According to Decrypt and market data, the project unlocked about 14.18 million HYPE tokens, worth roughly $1.2 billion at recent prices. HYPE pulled back slightly around the event, but remained near its record high.
14.18 million HYPE unlocked, equal to about 1.4% of supply
The Aug. 29 release amounted to about 14.18 million HYPE, or roughly 1.4% of the token’s total supply and around 2.7% of its market capitalization.
By allocation, early investors received about 46.6% of the unlocked batch, equal to roughly $560 million by value. The community received about 46.3%, while the Hyper Foundation took about 7%.
Large unlocks are closely watched by holders because they increase the amount of tokens in circulation and can add selling pressure to the market.
Price fell from the $86.71 peak to about $81.25
On the price side, HYPE reached an all-time high of about $86.71 on Aug. 27, then slipped to around $81.25 by Aug. 29, marking a 24-hour drop of about 2.3%.
Over a longer stretch, though, HYPE was still up about 225% in 2026. ABMedia said Hyperliquid had expanded quickly with its “everything exchange” positioning, reaching a market capitalization of about $18.1 billion and holding a place among the top 10 crypto assets.
So far, the unlock has led to a mild pullback rather than a sharp sell-off. The next question for the market is whether the large pool of early-investor tokens that has now been unlocked will be sold for profit or kept as a continued bet on Hyperliquid’s growth.