Hyperliquid’s HYPE token surged 7.06% to $40.21 on March 24, 2026, marking its most substantial single-day increase in recent memory. This rise comes amidst a broader market landscape where Bitcoin has experienced a decline of approximately 15% year-to-date, while HYPE has impressively gained over 50% in the same timeframe.
The driving force behind this bullish momentum can be attributed to the record open interest seen on the platform’s HIP-3, which hit an astounding $1.74 billion, reflecting a remarkable 25% increase from the previous week’s $1.39 billion. Notably, this surge is not being spearheaded by traditional cryptocurrencies but rather by an influx of trades in tokenized commodities.
Among the various assets, WTI crude oil, Brent crude oil, and silver have become some of the highest traded markets on Hyperliquid. This shift in trading behavior culminated on March 23, when HIP-3 recorded a staggering total trading volume of $5.4 billion. Of this, WTI crude oil alone accounted for $1.3 billion, with silver and Brent crude contributing $1.2 billion and $1.04 billion, respectively, and gold adding another $558 million.
Trade.xyz, which operates under Hyperliquid’s tokenization branch, Hyperunit, processed an extraordinary $5.6 billion in volume over a 24-hour period. This platform now commands an impressive 91.3% of total HIP-3 open interest, amounting to $1.58 billion, and engaged over 45,300 unique daily traders.
Why Commodities Are Driving Volume
The current geopolitical landscape, particularly the uncertainty in the Middle East, has led traders to turn to Hyperliquid for around-the-clock access to energy markets. Unlike traditional brokerages that close on weekends, Hyperliquid remains operational, allowing traders to hedge against sudden market shifts that might occur when traditional platforms are closed.
Across the board, Hyperliquid’s weekly trading volume has exceeded $15 billion, with active trader participation spiking to over 229,000. The platform has also seen a considerable influx in revenues, generating approximately $14 million in weekly fees.
Institutional Push and Protocol Upgrades
In a significant development for institutional interest, Grayscale has filed an S-1 with the SEC aimed at listing a HYPE ETF on Nasdaq. This move is a clear indication of the increasing interest and confidence of institutional players in the HYPE token and the broader Hyperliquid platform.
Moreover, Hyperliquid has exciting plans for the future with its upcoming HIP-4 protocol upgrades currently in testing. This new iteration will pave the way for permissionless prediction market listings, potentially broadening the platform’s offerings beyond commodities into the realm of event contracts.
Analyst Viktoras Karapetjanc highlighted that HYPE is demonstrating strong bullish signals in its trading structure. Key indicators such as the MACD point to a strong buy, while the ADX reflects stable momentum. The RSI is positioned at 55, suggesting bullish sentiment, and the Stoch RSI on the daily chart appears oversold, indicating potential short-term exhaustion.
The anticipated five-day trading range for HYPE is projected between $38.06 and $41.11. Encouragingly, over 80% of weekly indicators are emitting buy signals. Karapetjanc noted, “As long as buyers defend support near $38, the odds favor new highs in the coming week.”
In summary, HYPE is currently trading well above its moving averages, with the MA-20 sitting at $36.32, MA-50 at $32.87, and MA-200 at $35.44. The Ichimoku Kijun level at $34.94 remains a critical support point as traders position themselves for what may lie ahead.
