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Hyperliquid (HYPE) overtakes Solana, new ATH $75

HYPE hit an all-time high of $75.40 on 2 June and surpassed Solana's price (~$72), defying a market-wide selloff. Key drivers - a record 6.63% share of global perp volume, ~$53M in 30-day network fees and the Assistance Fund buyback model that directs 97% of fees into HYPE purchases. Plus the new Grayscale HYPG ETF.

Toms Ābeltiņš

4 June 20266 min read

Hyperliquid (HYPE) overtakes Solana, new ATH $75

Hyperliquid's native token HYPE reached a new all-time high of $75.40 on 2 June 2026 and overtook Solana (SOL) in price for the first time - SOL slid to ~$72, its lowest since late 2023. The rally came as the broader market suffered a sharp selloff and BTC fell below $67,000. HYPE is up ~24% over the month and ~142% year-to-date. The main reasons - a record 6.63% share of global perpetual futures volume in May, ~$181-188B in 30-day volume, ~$53M in network fees (annualised up to $1.3B), and the Assistance Fund buyback model that channels ~97% of protocol fees into automated HYPE purchases and burns. On 3 June Grayscale launched the Hyperliquid Staking ETF (HYPG). Solana, however, remains larger by market cap (~$41.6B vs ~$16.5B).

Hyperliquid (HYPE) overtakes Solana in token price and hits a new all-time high of $75 - what is happening with the HYPE price and why is it performing so well

On Wednesday, 3 June 2026, Hyperliquid's native token HYPE reached a historic milestone - its price exceeded Solana (SOL) for the first time. HYPE set a new all-time high (ATH) of $75.40 on 2 June and traded near $74 on Wednesday, while SOL slid to roughly $72 - its lowest level since late 2023. Even more notably, the rally came as the broader crypto market suffered a sharp selloff that wiped out billions of dollars in leveraged positions in a single week. While most major tokens fell, HYPE pushed forward into what technical analysts describe as a "price discovery" phase above the prior resistance near $75.80. In this article, Norriwire explains what Hyperliquid is, why HYPE is performing so well and what it means for the Baltic and Nordic investor.

Price action - HYPE overtakes Solana

Over the past month HYPE gained roughly 24 percent while Solana fell about 14 percent. On a year-to-date basis HYPE was up around 142 percent, making it one of the best-performing large-cap tokens of 2026. On 2 June the price reached an all-time high in the $75.40-$75.51 range before stabilising near $74 on Wednesday.

The surprise lies in the context. It happened during a week when Bitcoin fell below $67,000, 24-hour liquidations exceeded $1.65 billion and Bitcoin ETF outflows continued for a 12th consecutive day. HYPE holding firm and climbing in such an environment points to structural rather than speculative demand. Some analysts flag a next psychological target around $100.

What is Hyperliquid

Hyperliquid is a decentralised perpetual futures exchange that runs on its own Layer-1 blockchain. Unlike centralised exchanges such as Binance, it lets users trade with high leverage without entrusting funds to a centralised party. Over the past year Hyperliquid has become the dominant player in the decentralised derivatives segment, and it is precisely this growth that underpins the value of the HYPE token.

The main driver - perpetual futures dominance

HYPE's rally closely tracks Hyperliquid's growing dominance in the derivatives market. In May the platform captured a record 6.63 percent share of global perpetual futures trading volume, and its volume relative to Binance reached a new high - around $181 billion in 30-day perpetual volume (some sources cite up to $188 billion).

The fee data is even more compelling. DeFiLlama data shows Hyperliquid generated about $53 million in network fees over 30 days - far ahead of Ethereum (around $5.1 million) and Solana (under $2 million). Annualised, that translates to roughly $925 million to $1.3 billion in fees - a level that regularly beats Ethereum and Solana on weekly fee generation.

The buyback model - why HYPE is different

The main reason HYPE is performing so well is its unique economic model. Hyperliquid's so-called Assistance Fund directs about 97 percent of protocol fees into continuous, automated market purchases of HYPE, removing tokens from circulation every day. The purchased HYPE tokens are burned, permanently reducing the total supply.

By May 2026 the fund had spent more than $1.3 billion buying back HYPE and held roughly 28.5 million tokens worth about $1.5 billion at peak prices. The buyback intensity is around 7 percent of market cap on an annualised basis - four to five times higher than Ethereum's and BNB's. Crucially, the buybacks are funded entirely by real trading fees, not token issuance, treasury depletion or external capital. In addition, the community has proposed burning 13 percent of the circulating supply.

Grayscale HYPG ETF - institutional demand

The rally was also amplified by institutional demand. Grayscale Investments launched the Grayscale Hyperliquid Staking ETF (HYPG), which began trading on US exchanges on 3 June. The product gives investors exposure to HYPE's spot price while also capturing the staking rewards generated by the underlying tokens. Access to a regulated ETF opens the door to institutional capital that previously could not hold HYPE directly.

Solana is still larger by market value

Despite the price crossover, it is important to keep perspective. Solana remains far larger by market value - about $41.6 billion versus roughly $16.5 billion for Hyperliquid. The price premium reflects different token supplies and issuance structures, not the idea that Hyperliquid has become bigger than Solana. SOL's per-token price is lower because far more tokens are in circulation.

What it means for the Baltic and Nordic investor

For Baltic and Nordic users the Hyperliquid story is both an opportunity and a warning. On one hand, it demonstrates how a sustainable, fee-based model can create value even in a bear market. On the other, perpetual futures trading with high leverage is one of the riskiest crypto activities, and MiCA regulation within the EU remains unclear for decentralised derivatives platforms. Investors should bear in mind that rapid year-to-date growth is often followed by elevated volatility, and ATH levels have historically been zones of heightened risk.

Key figures - 3-4 June 2026

HYPE ATH: $75.40-$75.51 (2 June)
HYPE price on Wednesday: about $74
Solana price: about $72 (lowest since late 2023)
HYPE monthly gain: about +24 percent
Solana monthly change: about -14 percent
HYPE year-to-date gain: about +142 percent
Hyperliquid share of global perp volume in May: a record 6.63 percent
30-day perp volume: about $181-188 billion
30-day network fees: about $53 million (annualised up to $1.3 billion)
Assistance Fund buyback: more than $1.3 billion, about 28.5 million HYPE
Share of fees for buybacks: about 97 percent of protocol fees
Hyperliquid market cap: about $16.5 billion
Solana market cap: about $41.6 billion
New ETF: Grayscale Hyperliquid Staking ETF (HYPG), launched 3 June

This article was prepared by the Norriwire editorial team using AI-assisted writing. Price and statistical data are drawn from publicly available sources - Crypto News Australia, DeFiLlama, CoinMarketCap, CoinGecko, crypto.news, The Defiant and other major crypto data providers' publications in June 2026. All republished figures were manually verified, but short-term prices can change rapidly. This article is not investment advice - any investment in crypto assets carries significant risk of loss, especially in leveraged perpetual futures trading.

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