Cryptocurrency

Hyperliquid Is 5% From Its Record While Bitcoin Is 32% Below Its Own. Can HYPE Break $98?

While Bitcoin and Ethereum sit far from their peaks and most major coins need massive rallies just to break even, one cryptocurrency is knocking on its all-time high with forces pulling it in opposite directions.

By Sam Daodu
Published October 5, 2026, 2:03pm ET · 3 min read

The Crypto Desk desk. Editor: Sam Daodu.

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As of October 5, 2026, Hyperliquid (CRYPTO: HYPE) is trading at $93, just 5% shy of its all-time high of $98, reached on September 23. This makes Hyperliquid HYPE the only major cryptocurrency close to its record, especially after a solid 4% gain in just one week and an impressive 90% increase over the past year.

In contrast, the rest of the cryptocurrency market is struggling. Bitcoin (CRYPTO: BTC) is currently about 32% below its peak price of $126,080, and Ethereum (CRYPTO: ETH) sits roughly 45% below its high of $4,946. Other major coins like XRP (CRYPTO: XRP) and Solana (CRYPTO: SOL) are about 59% below their previous records. Each of these currencies would need to rise by 46% or more to set new highs, while HYPE needs only a 5% increase.

Hyperliquid’s $429 Million in Revenue and New ETFs Back HYPE

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Hyperliquid operates one of the busiest perpetual futures exchanges, allowing traders to take long or short positions without expiration. Its revenue reached about $429 million by mid-September 2026, with U.S. investors gaining regulated exposure through Bitwise and Grayscale’s spot HYPE ETFs launched in May 2026.

HYPE’s Buybacks Outpace the Tokens Its Team Has Claimed

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On the surface, HYPE’s supply seems substantial. Of a maximum supply of 1 billion tokens, about 222 million are available for trading. This gives HYPE a market value of about $21 billion, which could soar to around $89 billion if all tokens were in circulation.

However, the core team has claimed only a small portion of the tokens they can access. Each month, up to about 9.9 million HYPE unlock, yet the team has taken only around 3.2 million of the 405 million tokens unlocked through March 2026, according to Tokenomist.

On the flip side, the Assistance Fund, which receives 97% to 99% of Hyperliquid’s trading fees, has been actively buying HYPE from the open market, spending more than $1.3 billion by July 2026. Additionally, on October 3, Hyperliquid sent its first $14.5 million of yield from its sizable USDC reserves into buybacks, a transfer set to repeat monthly.

Sellers Near $98 and the Monthly Unlock Could Stall HYPE

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HYPE’s recent price rally has slowed, gaining about 11% in the past month compared to its 90% annual increase. With the price nearing $98, buying momentum appears to be easing.

Some holders who bought near the previous peak may choose to sell when HYPE reaches that level, potentially turning the past high into resistance. Furthermore, the monthly token unlock creates an additional risk: if the team claims the full 9.9 million HYPE, it could introduce around $920 million in new supply at a price of $93.

Trading volume plays a crucial role in the ongoing buybacks. If crypto market activity slows in the fourth quarter, Hyperliquid’s trading-fee revenue may dip, leading to fewer HYPE buybacks.

Can Hyperliquid HYPE Break $98 Before 2026 Ends?

HYPE has a strong possibility of breaking through the $98 mark before 2026 concludes. With just a 5% gain needed and a fresh record, steady buybacks support the price while the core team claims only a limited amount of unlocked tokens. However, a new high achieved with a small circulating supply may be deceptive, as a large unlock or a dip in trading fees could quickly pull HYPE back under that threshold.

Investors should watch for a daily close above $98 as a significant indicator. If HYPE can hold above $93 and the upcoming token unlock remains modest, it could challenge the record soon. Conversely, if a significant token unlock occurs and HYPE drops below $90, the record might hold well into 2027.

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Sam Daodu

Sam Daodu is a crypto analyst and the editor of 24/7 Wall St.'s Crypto Desk, where he covers Bitcoin, XRP, Ethereum, Solana and the altcoins investors search for most. His work focuses on price levels, spot ETF flows, on-chain data and the regulatory decisions that move crypto markets, written so a first-time buyer and a seasoned trader can both use it.
Sam has written about crypto professionally since 2019 and has published more than 2,000 articles. Before joining 24/7 Wall St., he wrote for crypto media outlets and Web3 companies and ghostwrote for crypto founders and token launches. His analysis is syndicated on Yahoo Finance, MSN and AOL and has been cited by other crypto news sites. He also founded MacLabs Marketing, a content and personal branding agency for crypto founders and executives.
When he isn't reading charts, Sam is usually at the gym or watching One Piece, a series he maintains has better tokenomics than most altcoins.

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