Hyperliquid’s HYPE Climbs Futures Rankings to #5, Just Behind XRP

HYPE Futures Open Interest Tops $2B, Surpasses DOGE as Institutional Traders Eye Hyperliquid

Hyperliquid’s HYPE token has climbed to become the fifth-largest asset in global futures markets, with open interest exceeding $2.06 billion, according to Coinglass. The surge puts HYPE ahead of Dogecoin (DOGE) in derivatives activity, despite DOGE maintaining a significantly higher spot market capitalization.

XRP, alongside bitcoin (BTC), ether (ETH), and solana (SOL), remains one of the few tokens still ahead of HYPE in futures market size.

HYPE’s growing derivatives footprint reflects increasing trader preference for specialized, high-throughput DeFi platforms. Hyperliquid, a decentralized exchange built on its own custom Layer 1 chain, has become the leading venue for on-chain perpetual trading, accounting for 60% of the $94.3 billion in weekly on-chain perps volume, according to Dune Analytics data by @uwusanauwu.

The HYPE token plays a central role in the protocol’s economics, offering governance rights, utility in fee payments, and aligning incentives via aggressive buyback mechanics. Over 97% of trading fees are used to purchase HYPE on the open market, injecting sustained demand into the token’s price structure.

“With over $1 billion in annual buybacks, HYPE is being steadily accumulated on the open market,” Hyperliquid Hub wrote on X. “Traditional market makers and crypto-native funds are deepening exposure and driving liquidity into our CLOBs.”

The ascent of HYPE in the futures rankings signals growing institutional participation and a broader structural shift in crypto markets — one where purpose-built platforms focused on deep liquidity and capital efficiency may increasingly challenge meme coins and legacy L1s for trader attention.