Hyperliquid Is 10% From $100. Can HYPE Get There Before the End of 2026?

Hyperliquid (CRYPTO:HYPE) needs to rise nearly 14% to reach $100, prompting traders to speculate whether it can achieve this goal by the end of 2026. Currently, HYPE trades at $88, up 14% over the past week after rebounding from a 30-day low of around $76 on October 25. Hyperliquid is a crypto exchange for leveraged trading, and HYPE is its native token.

Traders began eyeing the $100 mark after Bloomberg reported on October 29 that Intercontinental Exchange (NYSE:ICE | ICE Price Prediction), owner of the New York Stock Exchange, intends to establish a U.S. market for Hyperliquid’s leveraged trading contracts. HYPE ranks 10th by market value and is currently trading about 10% below its record high of $98, set on September 23. To reclaim that peak, HYPE must increase by about 11%.

Hyperliquid Needs $2.3 Billion More Than Its Record Market Cap to Hit $100

A coin’s market cap is calculated by multiplying its price by its circulating supply. With HYPE priced at $88, its market cap is about $21.1 billion. If it hits $100, the market cap would rise to around $23.9 billion, based on the current supply.

This increase would significantly surpass HYPE’s previous market cap record. The token’s highest close of $97 on September 22 corresponded to a market cap of $21.6 billion. Since then, an unlock of tokens held by early contributors has increased the circulating supply from about 222 million to roughly 239 million by October 28.

As a result, buyers would need to invest an additional $2.3 billion in value at $100 than at the September peak, despite the price being only $3 higher. Each new token unlock raises this threshold further.

ICE’s Hyperliquid Futures Plan Still Needs CFTC Approval

Perpetual futures are contracts that allow traders to speculate on price movements without an expiration date, often using borrowed funds. ICE plans to offer Hyperliquid-based perpetual futures to U.S. traders through trade(xyz), a platform already running Hyperliquid contracts for stocks and indexes.

However, ICE’s announcement was later modified to include “Subject to regulatory approvals.” The Commodity Futures Trading Commission (CFTC) governs the timing of any approvals, and neither ICE nor trade(xyz) has provided a launch date.

Even so, just the announcement generated excitement around the token. HYPE jumped to $95 on October 29, an 18% increase within 24 hours. Hedge fund manager Stan Druckenmiller also added credibility to the plan by expressing his enthusiasm for investing in trade(xyz) as it partners with ICE to introduce 24/7 perpetual futures on Hyperliquid in the United States.

HYPE Whales Sold $109 Million While Buybacks and ETF Demand Lagged

Hyperliquid allocates trading fees to its Assistance Fund, which buys HYPE on the open market. However, this buying power grows only with higher trading volume and fees, meaning the fund cannot buy faster than traders are willing to pay in fees.

Recently, whales—wallets large enough to influence prices—sold off $109 million worth of HYPE after ICE revised its announcement. The blockchain tracker Lookonchain reported that one wallet sold 912,383 HYPE for $82 million, while another offloaded 296,705 HYPE for $27 million. This selling pressure pushed HYPE down, even as Bitcoin (CRYPTO:BTC) gained, suggesting buybacks weren’t enough to offset the whale selling.

Additionally, fund buyers have not provided support. U.S. HYPE exchange-traded funds, which hold the token for stock-market investors, saw zero flows on October 30, failing to support HYPE during its best week in a month.

In the broader market context, conditions are weak. Bitcoin has dropped 8% over the past month and 11% in 2026, while HYPE has surged 246% over the same period. Bitcoin’s downward trajectory worsened following the $6.3 billion Binance hack that began on October 29.

Can the Hyperliquid Price Hit $100 Before the End of 2026?

While HYPE could revisit its $98 record, it is more likely to fall short of $100. A token that gained 14% in one week can close a 12% gap quickly. However, ICE’s plan still needs CFTC approval, and whale selling continues to outpace buybacks and ETF purchases. HYPE will first need to close above its high of $94 on October 5 and its record high of $98, where selling pressure halted two prior rallies.

If HYPE closes above $98 before mid-December, it would need only an additional 2% move to reach $100, especially if CFTC approval or higher fees lead to larger buybacks. On the flip side, if whale selling persists and the ICE plan is delayed, HYPE could drop below its 50-day average closing price of $85 and trend back toward its October low of $76. If HYPE dips below $85 first, reaching $100 may be pushed into 2027 unless regulators approve the ICE plan by year-end.

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