Social activity surrounding HYPE surged as several catalysts, including new US policy developments and exchange integrations, emerged during the same week.
HYPE climbed to nearly $48 on May 19 after synthetic SpaceX perpetual contracts launched on the Hyperliquid connected platform Trade.xyz.
The move placed the token roughly $11 below its all time high of about $59 recorded in September 2025.
The rally has coincided with growing interest in tokenized real world assets and increasing institutional activity connected to the Hyperliquid ecosystem.
Synthetic SpaceX Markets Renew Attention on Hyperliquid
Data from Santiment showed that HYPE gained approximately 24 percent from its May 13 low near $38.
The analytics firm noted that social dominance around the token jumped sharply as traders responded to multiple developments occurring within the same week. These included the approval of the CLARITY Act on May 14 and Coinbase becoming an official USDC deployer on Hyperliquid.
However, the strongest catalyst behind the latest upward move was the May 18 launch of SPCX, a synthetic SpaceX pre IPO perpetual market on Trade.xyz. According to Santiment, the launch helped push HYPE another 7 percent higher.
The product debuted with an implied SpaceX valuation of approximately $1.8 trillion, giving crypto traders exposure to a private company that remains unavailable through traditional public equity markets.
Santiment described the development as a reversal of the typical financial trend where traditional finance products migrate onto blockchain networks. Instead, crypto infrastructure is now creating finance related products that regulated markets currently cannot offer.
At the time of writing, data from CoinGecko showed HYPE had risen 6.7 percent over the past 24 hours and nearly 17 percent during the previous week.
Monthly gains exceeded 11 percent, although the token still trades about 19 percent below its all time high reached eight months ago.
The rally also comes as Hyperliquid continues to dominate the on chain perpetual futures market.
According to DefiLlama, Hyperliquid has consistently generated at least double the perpetual futures trading volume of the next largest blockchain network every month this year, despite a broader slowdown in overall perpetual trading activity compared to earlier 2026 levels.
Revenue Growth and ETF Launches Fuel Optimism
The crypto industry is also closely monitoring Hyperliquid’s revenue growth.
Cam Khosravi stated that the protocol has already generated more than $255 million in revenue this year, surpassing the combined revenue of the next two largest crypto applications.
According to Khosravi, nearly all of that income came from perpetual futures trading fees, with approximately 97 percent allocated toward automated HYPE buybacks.
Additional figures shared by Hyperliquid Daily revealed that real world asset open interest on the network has climbed to a record $2.6 billion, doubling within two months as activity involving tokenized stocks and commodities accelerated.
Institutional interest has also expanded into traditional finance markets.
Bitwise launched its HYPE exchange traded fund, BHYP, on May 15, just days after 21Shares introduced its THYP fund.
The 21Shares ETF recorded approximately $1.8 million in trading volume during its debut and has since attracted more than $12 million in cumulative inflows.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic
