- Hyperliquid’s HYPE token is up by 4% today, April 6, 2026.
- The RWA trading activity has increased and has pushed open interest more than $2.3 billion.
- Despite a large token unlock, the price of the token remained stable.
Hyperliquid’s native token, HYPE, climbed 4.33% to $37.35 over the past 24 hours, edging out Bitcoin’s 4.11% gain. The rally is in line with record-breaking real-world assets (RWA) trading volumes on the platform, pushing open interest beyond $2.3 billion, which is a new all-time high.
RWA trading on Hyperliquid continues to reach new ATHs week after week, surpassing $2.3B in open interest pic.twitter.com/R9uDCAx3fo
— Hyperliquid (@HyperliquidX) April 6, 2026
This momentum stems from a potent mix of institutional conviction, market tailwinds and upcoming ecosystem upgrades, though a token unlock adds short-term caution.
At press time, the price of the token stands at $37.39 with an uptick of 4.41% in the last 24-hours as per CoinMarketCap.
Market Beta and HIP-4 Upgrade Fuel Bullish Momentum
HYPE’s performance also rides Bitcoin‘s rising tide, exhibiting strong positive beta during the crypto market’s latest upswing. As BTC rallied HYPE amplified the gains, drawing in traders betting on correlated strength.
The crypto community is getting really excited about a new update called HIP-4, which is coming to Hyperliquid’s prediction markets. With this upgrade, it is being said that the platform will work better and more efficiently than it does now.
Moreover, with these improvements, the platform could make a huge amount of money in fees and it could be anywhere near $526 million per year. A big part of that could also reduce the number of tokens in circulation (called burning), which can help increase the price of the token.
The update is expected to go live soon, and many investors are already buying in early because they believe it could significantly boost Hyperliquid’s growth and usefulness.
Near-Term Outlook: Unlock Risk Meets Bullish Setup
There was an unlock scheduled for today, April 6, 2026 where around 9.9 million HYPE tokens were to be released to the core contributors. Since this was already known in advance, much of the expected selling pressure was likely priced in by the market.
Even though the size of the unlock was huge, it has not affected the price of the token as of now. This indicates that buyers have been strong enough to absorb the new supply, showing steady demand for the token.
All in all, the market has not reacted negatively to this unlock and the price of the token remains stable. Analysts believe that if HYPE manages to hold its price above $36.44, then it can easily make its move towards the $40 mark. However, if the price of the token falls, then the price could drop down even further and this could lead to a small pullback.
Why This Matters for Traders and the Ecosystem
Hyperliquid’s RWA trading explosion, now more than $2.3 billion in open interest, highlights its edge in tokenized real-world assets, blending DeFi efficiency with traditional finance appeal. The treasury buyback, paired with HIP-4’s fee-burning potential, fortifies HYPE’s fundamentals against macro headwinds.
Final Thoughts
Hyperliquid’s price momentum is being driven by strong fundamentals, not just hype. Rising RWA demand, active treasury buyback, and the upcoming HIP-4 upgrades are reinforcing confidence. Even a large token unlock has not shaken the price stability, showing solid demand. If this continues, HYPE could sustain its strength and remain a key DeFi player in the near term.
Also Read: Hyperliquid Price Rally Extends as Traders Question HYPE Valuation
