Hyperliquid’s native token HYPE experienced a notable price decline in November, retreating from its September peak while the Hyperliquid exchange maintained a prominent role in decentralized perpetual trading. As of November 11, 2026, CoinGecko recorded HYPE at $72.51, marking a 16.39% decline over seven days, and placing the token 25.98% below its all-time high of $97.96 from September 23, 2026.
HYPE price data and market performance
Market data showed HYPE’s market capitalization at $17.36 billion, with 239.41 million tokens in circulation. The 24-hour trading volume reached $1.07 billion, while HYPE’s price fluctuated between $70.45 and $74.17 during the same period. A snapshot from DefiLlama cited a slightly lower price of $71.85 and a $17.2 billion market cap—illustrating minor variances between data providers.
| Metric | Value | Date/Time |
|---|---|---|
| Price | $72.51 | Nov. 11, 2026, 11:12 UTC |
| Market cap | $17.36 billion | Nov. 11, 2026 |
| Trading volume (24h) | $1.07 billion | Nov. 11, 2026 |
| Circulating supply | 239.41 million HYPE | Nov. 11, 2026 |
Over the previous 30 days, HYPE lost 16.78%, but its one-year gain was positive at 80.59%. The price remains well above its all-time low of $3.81. Short-term sentiment appears weak; the Fear & Greed Index stood at 29, classified as “Fear” on November 11.
Adoption, volume, and platform activity
Hyperliquid is a decentralized perpetuals exchange that ranked first in market share by open interest on November 10. According to UnderHyper and DefiLlama, it held $6.90 billion in open interest out of $12.3 billion across decentralized perpetual exchanges, corresponding to 56.0% market share.
The platform’s HIP-3 markets, referenced in a September 8 SEC filing, accounted for 30% of trading volume over 30 days and accumulated more than $548.1 billion in volume since launch. On November 11, HIP-3 markets reached $4.92 billion in daily volume and $2.30 billion in open interest across 10 decentralized exchanges.
HYPE serves as the primary collateral for deployers in HIP-3 markets, and the protocol directs 99% of its fees to the Assistance Fund. By September 2026, 47.1 million HYPE tokens had been permanently removed from circulation. However, roughly 238 million HYPE allocated to core contributors entered monthly vesting in November 2025, with the process set to continue through 2027-2028. The exact monthly vesting figures remain undisclosed.
Mini dictionary: HIP-3, a protocol for deploying decentralized exchanges (DEXs) on the Hyperliquid platform, allows independent deployers to launch and manage trading markets incentivized by activity and collateral requirements.
In addition, 21Shares introduced a Hyperliquid Staking ETF (THYP) on the Nasdaq on May 11, 2026, with a 0.30% management fee. While the product increases exposure, demand and price effects remain uncertain.
Risks and forecast scenarios
Volatility in HYPE remains elevated, with the recent 30-day slide highlighting sensitivity to market shifts. Token vesting could introduce additional supply pressure, and incentive-fueled trading volume might decline over time. The SEC filing stated that incentives significantly supported HIP-4 activity as of September 8, 2026.
Potential additional risks include protocol or smart contract vulnerabilities, exchange and liquidity issues, and regulatory changes. Broad declines, technical failures, or reduced trader interest could negatively impact HYPE’s value. Previous gains or market dominance don’t guarantee future results.
- Platform activity, fee distribution, new market launches, and scheduled vesting remain key variables that could affect HYPE’s token economics and price direction in the months ahead. Historic market swings demonstrate that a single data snapshot provides only limited visibility into future performance.
Year-end hypothetical scenarios constructed for 2026-2028 show a wide potential range. For 2026, bearish, base, and bullish estimates stand at $40-$65, $65-$100, and $100-$140 respectively. The scenarios broaden significantly for subsequent years:
| Year-end | Bearish | Base | Bullish |
|---|---|---|---|
| 2026 | $40-$65 | $65-$100 | $100-$140 |
| 2027 | $25-$60 | $90-$170 | $170-$260 |
| 2028 | $15-$55 | $120-$240 | $240-$320 |
These illustrative scenarios are based on the current platform position, competition, market conditions, and token vesting. They are not statistical forecasts or investment advice and highlight a broad range of possible outcomes as uncertainty remains high.
Research from CoinShares’ Luke Nolan in June 2026 outlined 2031 cases with HYPE prices near $8 in a bearish scenario, $147 in a base case, and $456 in a bullish scenario. Multicoin Capital, in June 2026, projected ~$8 billion in annual earnings for Hyperliquid by 2028, which, with a 20x earnings multiple, suggested a HYPE price close to $319. These figures are derived from specific valuation frameworks and do not represent consensus projections.
