Hyperliquid’s HYPE token outperformed bitcoin and the broader market as traders flocked to the decentralized exchange over the weekend, placing bullish bets on TradFi-linked futures amid escalating Middle East tensions.
HYPE has risen more up to 5% in the last 24 hours as exploding platform activity led to higher token burn rate, countering fears of an impending $316 million token unlock. Bitcoin, meanwhile, fell 0.7% to $66,700. The CoinDesk 20 index, a broader market gauge, is down 1.7% to 1,937 points.
Hyperliquid’s fee mechanism channels a portion of trading fees directly to HYPE buybacks and burns. So spikes in activity, like this weekend’s rush into oil futures, lead to increased fee income and reduce the circulating supply of the token.
The protocol has earned $2.8 million in fees over the past 24 hours and over $13 million in a week, according to data source Defillama. It has burned $9.22 million worth of tokens over the past seven days, up 20.4% from the previous period.
This has shifted attention away from the token unlock – around 9.92 million HYPE, equivalent to around 2.7% of released supply, are scheduled to unlock this week. With historical unlocks often resulting in smaller-than-expected releases, according to data tracked by Tokenomist, traders appear to be betting that net circulating supply will not expand meaningfully.
Jupiter’s JUP token – up 13% in the past week and largely flat over 24 hours – has attracted similar attention after holders in a government vote in late February approved the elimination of net new issuance for 2026, shelved planned token distributions and prevented additional JUP from entering circulation this year, now reinforcing the elected disciplinary force.
