Hyperliquid’s HYPE token rose above $76 earlier today, setting a new all time high fueled by trading activity on the SpaceX perpetual market available on the platform. The previous record of roughly $75, set earlier this month, lasted about two weeks before the latest leg up erased it.

SPCX and the SpaceX IPO speculation machine

Hyperliquid launched the SPCX-USDC perpetual contract on May 18 under its HIP-3 framework. SPCX pulled in $33 million in trading volume on its very first day.

The market has since grown sharply, generating more than $1.6 billion in trading volume over the past 24 hours and currently carrying nearly $300 million in open interest.

The HYPE flywheel: fees, buybacks, and burns

Hyperliquid routes 99% of its trading fees toward HYPE buybacks and burns. Over $1.2 billion worth of HYPE tokens have been removed through this mechanism, according to DefiLlama data. HYPE’s market capitalization also rose to an all time high of $19.3 billion during the rally.

Traditional finance is paying attention

Spot ETFs tracking HYPE have attracted more than $178 million in inflows, recording their second best day yesterday with more than $17 million in inflows, according to Farside Investors data.

HYPE was last trading near $73.50, up 10% on the day and slightly below its all time high above $76 reached earlier today.