Hyperliquid explained: The $3 trillion DEX that’s shaking up crypto trading

Hyperliquid has become one of the most talked-about projects in crypto over the past year. Its native token, HYPE, launched in late 2024 and quickly became a top-30 cryptocurrency by market capitalisation. With a record-breaking airdrop, nearly $3 trillion in trading volume, and a controversial approach to decentralisation, here’s what you need to know about the project and where the charts suggest price may be heading.

What is Hyperliquid?

Hyperliquid is a decentralised exchange (DEX) built on its own Layer 1 blockchain, specialising in perpetual futures trading. The project was founded by Jeff Yan, a Harvard graduate who previously worked at Hudson River Trading. What set Hyperliquid apart was its decision to reject all venture capital funding, instead self-funding development and distributing tokens directly to users.

In late November 2024, HYPE launched with the largest airdrop in crypto history by distribution value. Over 310 million tokens went to roughly 94,000 early users, worth more than $10 billion at peak prices. The protocol has since processed nearly $3 trillion in trading volume and currently dominates the decentralised perpetuals market with over 69% of daily active users.

Weekly chart technicals

After falling 65% from its all-time high, HYPE is now positioned inside the Fibonacci zone commonly known as the Long Reload Zone (Long RLZ), between the 0.618 and 0.786 levels. This is an area where financial markets have historically tended to find bottoms.

Adding to the significance of this zone, there’s a key support/resistance level at around $27.50 that aligns with the 0.618 Fibonacci level. Reclaiming this level could be important for potential continued strength.

At the time of writing, HYPE is printing a strong bullish weekly candle, and if it closes in a similar fashion, it would form a bullish engulfing pattern that could signal momentum heading into the following week. On the downside, the 0.702 Fibonacci level may act as potential support in the event of a retrace.

Let’s look at the daily chart for a closer view.

Daily chart technicals

On the daily timeframe, the higher timeframe 0.702 Fibonacci level becomes clearly visible. This level is confluent with the local Long Reload Zone (measured from the low to the high of the current weekly candle) and the daily 20 EMA. 

If the current higher timeframe resistance zone holds price down, bulls could potentially be looking at the $24.30 level for strength to come in and confirm a potential reversal of the current bearish trend. Should strong bullish momentum emerge, focus could shift towards the daily 50 EMA, which sits close to the current price.

Trading HYPE/USDT with PrimeXBT

The growing attention around Hyperliquid’s native token, HYPE, highlights how quickly new narratives can gain momentum in crypto markets. As interest concentrates around emerging assets, timely access becomes increasingly important for traders.

PrimeXBT, a global multi-asset broker, has recently expanded its Crypto Futures offering with 40 new trading pairs, including HYPE, broadening coverage across high-demand segments such as Layer-1 and Layer-2 networks, DeFi, infrastructure, AI-related tokens, and community-driven assets. The newly listed markets have been selected based on liquidity depth and clear trader demand, supporting more efficient execution in volatile conditions.

HYPE is now available as a USDT-margined crypto futures contract, alongside assets such as CELO, DYDX, SNX, ZK, and ZRO. Most newly added pairs support 100–150x maximum leverage, with higher order size limits applied to markets with stronger liquidity profiles, allowing for more flexible position management.

Alongside the listings, PrimeXBT has expanded its zero-fee trading offering on selected Crypto Futures pairs, complementing its broader low-fee structure. With access to over 350 markets across crypto and CFDs, and funding supported by more than 100 global, local, crypto, and fiat payment methods, the broker aims to give traders the flexibility to engage with fast-moving market trends as they emerge.

Start trading Crypto Futures with PrimeXBT.

About PrimeXBT

PrimeXBT is a global multi-asset broker and crypto asset service provider trusted by traders in more than 150 countries. The platform bridges traditional and digital markets within one integrated environment, redefining versatility and innovation in online trading. Clients can access Forex, CFDs on indices, commodities, shares, crypto, and Crypto Futures, as well as buy, store, and exchange cryptocurrencies directly. This unified experience extends across both the native PXTrader platform and MetaTrader 5, supported by advanced risk-management tools and a wide range of funding options in crypto, fiat, and local payment methods. Since 2018, PrimeXBT has focused on empowering traders through broad multi-asset access, fair and transparent conditions, professional-grade technology, and dedicated human support. By combining expertise, trust, and a client-first approach, PrimeXBT sets a benchmark of excellence in the financial industry and provides traders with the tools they need to trade, grow, and succeed with confidence.

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