Hyperliquid Maintains Momentum Amid a Bearish Crypto Cycle

Hyperliquid, the on‑chain derivatives exchange, has shown a strong performance that contrasts sharply with the broader market downturn. As of 4 Feb 2026, the native token HYPE traded at $32.94, a 71 % rise from its 4‑Feb close and a 8 % gain on 6 Feb. The token remains above its 52‑week low of $9.37 and still has a market cap near $9.1 billion.

Market Resilience

  • Price Performance
  • On 6 Feb 2026, HYPE increased by 8 %, bringing the price above $35 USD.
  • The 71 % surge on 4 Feb was driven by a combination of institutional interest and a rebound in on‑chain trading volume.
  • Institutional Backing
  • Ripple announced that its institutional Prime Brokerage, Ripple Prime, now supports Hyperliquid. The integration provides margin consolidation across all Hyperliquid products and expands institutional access to the exchange.
  • The partnership was highlighted by multiple outlets (cryptopanic, decrypt, cryptopolitan, and theblock).
  • Product Expansion
  • Hyperliquid has added precious‑metals futures and other derivatives to its suite, further diversifying liquidity sources.
  • The platform continues to develop new features such as HIP‑3 and HIP‑4, which enable prediction markets and permissionless perps.

Treasury and Collateral Strategy

Hyperliquid’s treasury is exploring ways to generate revenue by using HYPE holdings as collateral for option writing. The strategy involves providing collateral for the issuance and settlement of HYPE options, thereby creating an additional income stream while retaining exposure to the token’s price movements.

Copy Trading Feature

BitMEX, a major perpetual‑swap exchange, introduced a copy‑trading feature that allows centralized exchange users to replicate top traders on Hyperliquid’s largest perpetual‑swap product. This move is expected to increase HYPE liquidity and attract new users from the centralized‑exchange space.

Analyst Commentary

Analysts note that Hyperliquid has moved against the broader market since the start of the year, supported by internal drivers such as institutional partnerships, product expansion, and innovative collateral strategies. The token’s outperformance is attributed to sustained on‑chain activity that outpaces market sentiment.

Recent Volatility

On 6 Feb, the HYPE token faced a 25 % rally before a reality check, indicating some profit‑taking. Despite this, the token’s overall trajectory remains positive, with analysts pointing to continued support from institutional integrations and expanding derivative offerings.

Hyperliquid’s ability to maintain a bullish trajectory in a bearish macro environment underscores the exchange’s growing institutional footprint and its innovative approach to liquidity generation.