Weekly Points Began
Hyperliquid began distributing weekly points to users based on eligible platform activity. The first season ran for six months and ended on May 1, 2024.
HYPE EXPLAINED
About Hyperliquid (HYPE)
Hyperliquid (HYPE) is the native cryptocurrency of the Hyperliquid network. It allows holders to stake and help secure the network, participate in governance and pay transaction fees on HyperEVM.
This page explains what the HYPE crypto token is, how it began and the role it plays across Hyperliquid. The live snapshot shows the Hyperliquid HYPE token price, market cap, trading volume and circulating supply.
HYPE PROFILE
HYPE at a Glance
HYPE connects network security, governance and transaction fees across Hyperliquid. Here is a quick overview of the token’s origins, purpose and underlying network.
HYPE ORIGINS
The Early Rewards Program
The L1 Phase Began
The HYPE Genesis Event
When Was HYPE Created?
Hyperliquid’s trading platform and Layer 1 came before its native cryptocurrency. Early users earned points for activity on the platform, followed by a separate rewards phase focused on the Hyperliquid L1.
The HYPE genesis event took place at 07:30 UTC on November 29, 2024. A total of 310 million HYPE, equal to 31% of the maximum supply, was allocated to eligible participants and fully unlocked. This date marks the Hyperliquid HYPE token launch and the beginning of its available market history.
Layer 1 Points Phase
A separate points phase began as Hyperliquid expanded its Layer 1. The program distributed points weekly until November 2024.
HYPE Entered the Market
HYPE launched as the native token of the Hyperliquid L1. The genesis allocation introduced staking and network participation while creating the first public market for HYPE.
UNDERSTANDING HYPE
Nov 29, 2024
Dec 30, 2024
Feb 18, 2025
Apr 22, 2025
HYPE Evolution
HYPE launched as Hyperliquid’s native token in November 2024, initially connecting community ownership with the network’s broader ecosystem. Its role expanded quickly as staking, validator participation and HyperEVM added new ways to use the token.
Further protocol changes strengthened HYPE’s role across network security and application activity. Delegated stake now helps determine validator participation in HyperBFT, while HYPE also serves as the native gas asset for transactions on HyperEVM.
The HYPE Genesis Event Took Place
Hyperliquid launched HYPE through a genesis allocation that distributed 310 million tokens to eligible community participants and established it as the network’s native token.
Native HYPE Staking Went Live
Native staking allowed HYPE holders to delegate tokens to validators, earn staking rewards and contribute directly to the security of Hyperliquid’s consensus network.
HyperEVM Launched on Mainnet
HyperEVM brought general-purpose smart contracts to Hyperliquid and made HYPE the native gas asset used for transactions and applications in the EVM environment.
Validator Registration Became Permissionless
Hyperliquid opened validator registration and moved to a stake-ranked active set, expanding participation in HyperBFT while keeping validator influence tied to delegated HYPE.
UNDERSTANDING HYPE
How Does HYPE Work?
HYPE performs several functions across Hyperliquid, connecting staking, validator participation and application activity through one native token. Holders can delegate HYPE to validators, while delegated stake helps determine which validators participate in consensus.
HYPE is also used as the native gas asset on HyperEVM, where users pay transaction fees when interacting with smart contracts and applications. Together, staking and gas usage connect HYPE to both network security and on-chain activity.
01 STAKE
Delegate HYPE
HYPE holders can delegate tokens to a selected validator. Delegated stake can earn rewards and contributes to the validator’s relative weight within the network.
02 SECURE
Support HyperBFT
Active validators participate in HyperBFT consensus and validate transaction rounds. The amount of HYPE delegated to each validator helps determine its position in the active set.
03 PAY GAS
Use HYPE on HyperEVM
HYPE is the native gas asset for HyperEVM. Users spend HYPE to pay transaction fees when interacting with smart contracts and applications built in the environment.
04 PARTICIPATE
Choose Network Validators
HYPE holders influence validator participation by choosing where to delegate their stake. More delegated HYPE increases a validator’s relative weight within HyperBFT consensus.
What Shapes the HYPE Token Price?
The HYPE token price is determined by trading activity across the markets where HYPE is available. Demand can respond to network use, staking participation, token supply, liquidity, market sentiment and broader cryptocurrency conditions.
The Hyperliquid HYPE token price and market cap can also react to changes in circulating supply. Contributor unlocks and community emissions may increase the available supply, while HYPE accumulated by the Assistance Fund is burned and removed from the total.
Network Activity
Growth in trading, applications and transaction activity can increase attention around HYPE and the wider Hyperliquid ecosystem.
Staking Demand
HYPE is required for validator participation and can be delegated by token holders. Changes in the amount staked may affect the liquid supply available for trading.
Token Supply and Unlocks
Contributor vesting, community rewards and future emissions can increase circulating supply. The timing and size of these releases may influence market expectations.
Assistance Fund Burns
HYPE held by the Assistance Fund is burned, permanently reducing the circulating and total supply. The amount involved depends on revenue and fees directed to the fund.
Market Liquidity
Prices can move more sharply when available orders are limited or trading activity becomes concentrated across a small number of markets.
Hyperliquid Updates and Sentiment
Hyperliquid updates and HYPE crypto news can quickly affect market sentiment. Network releases, validator changes, exchange support and regulatory developments may all influence demand.
What Is the Current HYPE Token Price?
The HYPE token current price is $77.07 USD, down 7.45% over the past 24 hours. The live snapshot above shows the Hyperliquid HYPE price today alongside its latest trading volume and market data.
What Is the Hyperliquid HYPE Token Market Cap?
The Hyperliquid HYPE token market cap is currently $18.5B USD. It is calculated by multiplying the current HYPE price by the circulating supply reported by the selected market-data provider.
Does Hyperliquid Activity Affect the HYPE Price?
Growth in Hyperliquid trading and HyperEVM activity can increase the use of HYPE through staking, gas fees and fee-funded purchases. Supply changes, liquidity and broader market conditions also influence the Hyperliquid HYPE token price today, so network activity and price performance may develop at different rates.
Can You Cash Out HYPE for Real Money?
Yes. HYPE can be sold for USDC on Hyperliquid’s native spot market or traded through another service that supports the token. Receiving government-issued currency may require a separate exchange or payment provider that offers bank, card or other fiat withdrawals in the user’s location.
The final amount depends on the HYPE token current price, available liquidity and any trading, transfer or withdrawal costs. HYPE held in staking or on HyperEVM may also need to be moved into an available spot balance before it can be sold.
Find a Supported Service
Confirm that the selected service supports HYPE, the intended transfer network and withdrawals in the required currency. Check its availability, account requirements and withdrawal methods before sending funds.
Make the Balance Available
Staked HYPE must be undelegated and transferred back to the Spot balance before it can be sold. HYPE held on HyperEVM may need to be moved to HyperCore or transferred through a route supported by the receiving service.
Convert HYPE to USDC or Fiat
Place an order using an available HYPE trading pair. Review the Hyperliquid HYPE price today, order-book liquidity, estimated proceeds and trading fees before confirming the sale.
Transfer the Funds
If HYPE was sold for USDC, transfer the stablecoin to a service that supports the intended fiat withdrawal. Confirm the destination address, network, withdrawal currency and fees before completing the transfer.
CASH-OUT CHECKLIST
Before You Cash Out HYPE
Check the following details before selling or transferring HYPE:
Service and Verification
Provider
Support for HYPE and fiat withdrawals
Verification
Identity and account requirements
Costs and Timing
Fees and Exchange Rate
Trading spreads, network fees and withdrawal costs
Staking Status
Delegation lock and transfer-to-Spot waiting period
Transfer and Records
Transfer Details
HyperCore, HyperEVM, destination address and supported network
Tax and Records
Transaction history and local obligations
Tax Note Selling, exchanging, transferring or receiving staking rewards from HYPE may create tax-reporting obligations. The applicable treatment depends on the user’s jurisdiction and individual circumstances.