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Hyperliquid's HYPE surges 50% as crypto and tradfi worlds merge

TradeXYZ drives 90% of $790M open interest on HIP-3, fueled by surging gold and silver markets and a deflationary HYPE token buyback mechanism.

  • The HYPE token surged over 35% to $34 this week, with Hyunsu Jung, CEO of Nasdaq-listed Hyperion DeFi, saying the rally reflects asset class convergence on Hyperliquid.
  • The HIP-3 upgrade allows anyone staking 500,000 HYPE to create markets for non-crypto assets, attracting demand as gold and silver prices surged since late 2025.
  • Onchain metrics reveal HIP-3 markets captured over $1B in Open Interest, ~$25B in total trading volume and over $3M in fees, with open positions rising to $790 million and TradeXYZ holding 90%.
  • Hyperliquid's fee model channels up to 97% of revenue to buy back and burn HYPE, while Nasdaq-listed Hyperion DeFi held over 1.4 million HYPE as of late last year.
  • Around-the-Clock markets on Hyperliquid allow decentralized platforms hosting mainstream instruments to merge traditional finance and crypto, expanding global traders' access onchain.
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coinidol.com broke the news in on Monday, January 26, 2026.
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