HYPE surges 40% on strong fee revenue and trading volumes
Tokens tied to perpetual-futures derivatives platforms have seen significant gains, led by Hyperliquid’s HYPE. The coin has been rallying since Trade.xyz listed the Space pre-IPO perpetual contract, valuing the company at $1.78 trillion.
Trading volume on the contract topped $30 million on its first day, with the protocol consistently earning millions in fee revenue per week. This accounts for over 40% of total marketwide fee revenue.
The monthly average volume on the top 12 decentralized exchanges for perpetual futures contracts has risen to $612 billion in 2026 from $532 billion in 2025. Meanwhile, major cryptocurrencies like bitcoin remain relatively unchanged.