Hyperliquid (HYPE) has climbed into the top 10 cryptocurrencies by market cap, overtaking Zcash after a 25% rally in three days. Its market cap has reached $21.78 billion, trading around $92.
The rally has drawn attention as the overall crypto market struggles after the Binance $6.3 billion hack, which triggered $1.53 billion in liquidations.
HYPE’s rally picked up after Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, announced a partnership with Trade[XYZ] on October 29. The deal aims to bring regulated, 24/7 perpetual futures trading to U.S. users using Hyperliquid’s technology.
The partnership will move Trade[XYZ]’s existing perpetual markets to the U.S., giving more traders access to these products. It also brings Hyperliquid closer to traditional financial markets and could increase its visibility among major institutions and investors.
The announcement got further attention after billionaire founder Elon Musk reacted to the partnership with a one-word, “Interesting,” following investor Stanley Druckenmiller’s public endorsement of the deal.
Following the announcement, HYPE climbed to nearly $98, recording around 19% weekly gains and outperforming the overall crypto market.
Institutional interest is not the only factor supporting the rally. Hyperliquid’s token burn has also reduced its available supply.
On October 29, Hyperliquid permanently burned 49.87 million HYPE tokens, representing 4.99% of its maximum supply of one billion tokens. Around 19,700 HYPE, worth approximately $1.59 million, were burned in the latest 24 hours.
The platform’s growing revenue supports this activity. Hyperliquid has generated $1.38 billion in lifetime revenue, while estimated daily fees reached $1.69 million.
The Binance security breach has also brought more attention to decentralized exchanges as traders reconsider the risks of centralized platforms.
Hyperliquid is already one of the largest perpetual DEXs, with $7.87 billion in open interest. Its daily perpetual futures volume recently reached $17.4 billion, alongside $6.36 million in daily fees.
The platform also generated $16.5 million in holder revenue over the past seven days, leading all chains in this category.
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