HYPE, the native token of perpetual futures exchange Hyperliquid, reached a new all time high on Thursday morning after surging nearly 20% over the past 24 hours to trade above $62.

The move pushed HYPE above its previous record near $59, reached in September 2025, as renewed investor demand builds around the token following new ETF launches, rising fund inflows, Coinbase-related market support, and growing interest in Hyperliquid’s HIP 3 markets.

Fueled by the latest surge, HYPE is now nearing a 143% rally year to date, extending one of the strongest runs among major crypto assets. The move has pushed Hyperliquid’s token into the upper ranks of the crypto market, with the asset climbing near the top ten by market cap and surpassing legacy tokens such as Cardano and Zcash.

Spot HYPE ETFs brought in $25.5 million in net inflows on Wednesday, up from $11 million on Tuesday and $4.4 million on Monday, according to Farside data. 21Shares accounted for $16.7 million of Wednesday’s inflows, while Bitwise added $8.8 million. Their cumulative net inflows reached $54 million over the past seven trading days since launch.

Bitwise is also implementing plans to accumulate HYPE alongside its Hyperliquid ETF offering. The asset manager said Monday that it plans to use 10% of the management fees generated from its Hyperliquid-focused ETF to acquire HYPE tokens for its own balance sheet.

Bitwise also plans to stake those tokens, adding another layer of direct exposure between the asset manager and the Hyperliquid ecosystem.

The ETF momentum has added another layer to HYPE’s broader outperformance this year. Bitwise and 21Shares are the only live HYPE ETFs so far, while additional filings from asset managers including VanEck and Grayscale remain pending, signaling that institutional access to the token may continue expanding.

Behind the price action, onchain data points to growing whale accumulation and rising institutional interest. Wallets linked to a16z crypto, Galaxy Digital, and Grayscale have reportedly been buying HYPE, adding to signs that larger investors are building exposure as Hyperliquid’s market structure expands.

The rally also comes as market attention shifts toward tokenized securities and onchain trading infrastructure. Reports that the SEC is exploring a potential framework for tokenized securities have strengthened interest in platforms already offering markets tied to traditional assets, a category where Hyperliquid has gained traction through HIP-3.

Hyperliquid’s HIP-3 upgrade has become central to that narrative. HIP-3 allows builders to launch permissionless perpetual markets tied to assets beyond crypto, including commodities, equity indexes, and stock-linked products.

Pre-IPO markets have become one of the clearest examples of HIP 3’s growing traction. SpaceX linked perpetuals on Hyperliquid have gained attention as traders speculate on the company’s upcoming public listing, while Cerebras markets drew interest last week as investors looked for signals on where the stock could open in traditional markets.

Markets tied to OpenAI and Anthropic have also attracted attention as traders position around possible future listings, reinforcing Hyperliquid’s role as an early venue for price discovery around closely watched private companies.

ASXN data shows HIP-3 markets have attracted more than $2.6 billion in open interest since launch and more than $64.6 billion in volume over the past month.

The growth has broadened Hyperliquid’s market mix, with five of the top ten traded markets by volume now tied to commodities, indexes, or stock-linked assets, including WTI oil, Brent oil, the S&P 500, the Nasdaq, and silver. The rest include crypto markets tied to BTC, HYPE, ETH, and other major assets.

Hyperliquid has processed more than $4 trillion in cumulative perpetual volume since inception, according to DefiLlama data. The platform also holds more than $5.3 billion in total value locked and has generated more than $1.16 billion in earnings.

DefiLlama says 99% of Hyperliquid’s perpetual futures fees go to the Assistance Fund, which is used to buy HYPE, excluding builder fees, giving the token a direct value accrual mechanism through buybacks.

HYPE was last trading near $59 at press time.