Hyperliquid’s HYPE Token Surges 55% as Trading Revenue Hits $4.3M Daily – Market Depth Beats Binance

Hyperliquid’s recent developments

Token and market activity

• The HYPE token experienced a significant price surge, rising 55 % in one week as of January 29, 2026.
• The rally followed a 90 % reduction in monthly team token unlocks, from 1.2 million to 140 000 tokens, announced on January 29.
• Staking activity increased sharply, with Flowdesk moving approximately $29 million worth of HYPE tokens for Hyperliquid strategies, which attracted market attention.
• Open‑interest data reported by cryptonews.com indicated a 60 % gain in HYPE during the period, correlated with the noted staking uptick.

Revenue and trading performance

• Hyperliquid recorded its highest daily revenue since November, reaching $4.3 million on January 31, driven by strong trading volumes and incentives.
• The platform’s daily revenue growth was confirmed by multiple sources (cryptopolitan.com, cryptopanic.com).

Trading depth and market position

• Hyperliquid’s market‑depth for Bitcoin perpetual futures surpassed Binance’s within a 1 % slippage range, as reported on January 29.
• The platform also led the BTC market depth across major exchanges, further cementing its position in the derivatives market.

Liquidations and trading volatility

• Gold and silver liquidations spiked on Hyperliquid amid a trading frenzy reported by Decrypt on January 29.
• Bitcoin liquidations remained the largest on the platform during this period.

External recognition and sentiment

• Cathie Wood, CEO of ARK Invest, highlighted Hyperliquid alongside Ethereum and Solana as a 2026 diversification play.
• Despite the positive coverage, Hyperliquid was also listed among the top crypto losers on January 30, reflecting broader market volatility that saw the platform lose value during a broader sell‑off.

Notable events

• An event involving the “Hyperunit whale” was reported on January 31, where an entire ETH position was liquidated at a $250 million loss, leaving only $53 in the account.
• ZKP Crypto’s $5 million giveaway and a shift of traders away from HYPE and ETH were noted on January 31, indicating potential changes in market focus.

Summary of fundamental metrics (as of 2026‑01‑29)

These data points, combined with the recent news items, paint a picture of a platform that is experiencing rapid growth in trading activity and revenue, while also undergoing significant tokenomics adjustments and maintaining a competitive edge in market depth.