Hyperliquid (HYPE) Price: Token Surges Near $35 as Oil Trading Volume Hits $1.4B

TLDR

• HYPE token reached an intraday high near $35, up roughly 5% in 24 hours
• Oil perpetuals trading volume on Hyperliquid surged past $1.4 billion, driven by energy market volatility
• Hyperliquid rolled out a new portfolio margin system to improve capital efficiency
• Key resistance sits at $35.28; a close above it could open a path toward $38–$40
• Open interest climbed to around $1.2 billion as traders used the platform for both crypto and commodity exposure

Hyperliquid’s HYPE token climbed toward $35 as the platform saw a surge in trading activity across both crypto and energy markets.

Oil perpetuals volume on Hyperliquid jumped past $1.4 billion, representing a 533% rise. That put oil trading second only to Bitcoin in volume on the exchange, driven by geopolitical tensions and sharp moves in energy markets.

HYPE is up about 5% over the past 24 hours. Over the past year, the token has gained roughly 120%, and the chart continues to print higher lows, keeping the broader uptrend intact.

The platform processed close to $1.39 billion in oil perpetuals volume in a single day. This happened while much of the broader crypto market was under pressure.

Margin System Upgrade

Hyperliquid rolled out a new portfolio margin feature during this period of high activity. The upgrade is designed to make trading more capital efficient and to reduce risk during periods of extreme market volatility.

Nansen analyst Nicolai Søndergaard noted that dynamic scaling in the new system helps reduce systemic risk. He said it makes the platform safer for traders taking aggressive positions on volatile assets.

Open interest on the platform climbed to around $1.2 billion. That reflects growing use of Hyperliquid not just for crypto derivatives, but also for commodity markets during major global events.

Key Price Levels to Watch

The level drawing the most attention from traders is $35.28, the recent intraday high. A confirmed close above that level on lower timeframes could open a move toward $38, and then the $40 psychological level.

On the downside, $32.50 is the main support zone. That area has acted as a base during previous pullbacks.

If $32.50 breaks, the next area of interest sits near $30. A drop below $28.50 would be needed to damage the current bullish chart structure.

HYPE has been moving independently from the broader market during this stretch. That independence has been tied directly to elevated trading activity on the Hyperliquid platform.

Open interest at $1.2 billion and oil perpetuals volume at $1.4 billion represent the most recent figures from the platform’s activity data.

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