Hyperliquid's native token continued its upward trajectory Sunday as the decentralized exchange platform reported $84 billion in cumulative trading volume and launched a non-fungible token collection that saw individual pieces sell for hundreds of thousands of dollars.
What to Know:
- Hyperliquid's daily trading volume exceeded $6 billion, while futures volume increased 19% to $1.82 billion in the past 24 hours.
- The platform's Hypurr NFT collection debuted with a floor price of approximately $68,700, with one token selling for more than $467,000.
- HYPE traded at $47, up more than 5% in 24 hours but still 21% below its September 18 peak of $59.
Trading Volume Growth Signals Platform Expansion
The platform's total trading volume reached $84 billion, according to data from BlockchainBaller, with daily activity surpassing $6 billion. The figures represent a sustained increase in platform usage since mid-2025.
Futures trading volume climbed 19% to $1.82 billion in the 24-hour period ending Sunday, data from CoinGlass showed. Open interest rose just 1% to $2.28 billion during the same timeframe.
The disparity between volume growth and open interest suggests traders are closing positions quickly rather than holding them for extended periods. Short-term trading appears to dominate current market activity on the platform.
NFT Collection Deployment on HyperEVM
Hyperliquid released its Hypurr NFT collection September 28, creating 4,600 cat-themed tokens. The distribution allocated 4,313 NFTs to early users who participated in the Genesis Event in November 2024. Developers, artists and the Hyper Foundation received the remaining tokens.
The NFTs operate on HyperEVM, Hyperliquid's programmability layer that launched in February 2025.
Unlike traditional NFT projects, these tokens interact directly with the platform's liquidity infrastructure. Developers can integrate them into applications using existing ecosystem tools.
The collection appeared on OpenSea with a floor price of 1,458 HYPE tokens, equivalent to roughly $68,700 at current exchange rates. One NFT sold for more than $467,000 shortly after the launch. Security researcher ZachXBT documented the theft of eight NFTs valued at approximately $400,000.
Technical Indicators and Market Position
HYPE traded at $47 Sunday afternoon, representing a gain of more than 5% over 24 hours. The token remains 21% below its all-time high of $59 recorded September 18. Monthly performance shows a gain of approximately 6%.
Technical analysis reveals the price approaching the 100-day and 200-day exponential moving averages at $48 and $49, levels that typically function as resistance points. The 20-day EMA crossed above the 50-day EMA, a signal that short-term momentum has shifted upward.
The Stochastic Relative Strength Index reached above 95, entering overbought territory. This reading often precedes a decline in buying activity.
Understanding Key Terminology
Open interest measures the total number of outstanding derivative contracts that have not been settled. When open interest increases alongside volume, it suggests new money is entering the market. When volume rises without corresponding open interest growth, it indicates existing positions are being traded frequently. Exponential moving averages give more weight to recent price data than older information, making them responsive to current trends. The Stochastic RSI compares a security's closing price to its price range over a set period, with readings above 80 generally considered overbought and below 20 oversold.
Closing Thoughts
Hyperliquid's trading metrics and NFT launch demonstrate growing platform adoption and liquidity. Technical indicators suggest near-term price action may face resistance as the token approaches key moving averages while momentum indicators signal overbought conditions.