Hyperliquid walks the markets like a stubborn comet, and even this week’s frost that washed over the screens could not erase its glitter. According to DeFiLlama, on the fifth of February this tireless DEX conjured 6.84 million dollars-a feverish record since the October crash, as if the autumn’s sigh blew back in with a brighter flame.
The platform’s revenue engine woke from a late January slumber, stirred by the metals’ whispering rally, silver and gold ascending into the top five assets by trading volumes. Coins, apparently, still have a sense of drama, and the drama now wears a chrome hoodie.
Hyperliquid’s RWA market boom
TradFi assets now account for over 30% of Hyperliquid trading volumes, a curious appetite growing for retail exposure to commodities and U.S. equities (real-world assets, RWA) via crypto rails. The market is a river that pretends it has no banks, yet keeps finding new ways to collect the coins.
Silver, volatile as a weather vein, has danced lately. Yet by January’s tally, it ranked third after ETH and BTC in volumes. The platform handled $2.2 billion in silver contracts, with Blockworks noting it rivaled TradFi platforms on some execution metrics. The old world throwing its weight and somehow enjoying the modern audience at the same time.
Impact on HYPE and market dominance
And so, how does this kinetic traction ripple through to HYPE holders? For one, the generated revenue flows back into buybacks, a quiet oath to the token’s value, as if coins were returning to their fountain with a wink.
On 05 February, $5.25 million of the generated $6.84 million was directed to the buyback program. According to ASXN data, 160.75k HYPE was bought back that day, the highest daily buyback so far in 2026.
Since the program began in late 2024, the Hyperliquid project has bought back 40.5 million HYPE that will be burned and removed from circulation. The coins bow out like polite guests fading into a winter night.
Typically, such deflationary moves are bullish for the token, but the broader market lull caught up with the price action. After rallying by nearly 84%, climbing from $20 to $38, HYPE cooled off below the 200-Day Simple Moving Average (SMA).
Besides, the higher highs printed in February contrasted with the lower highs on the RSI (Relative Strength Index). This bearish divergence whispered that the cool-off might extend, or a pullback might follow, as if the weather itself were unsure of the forecast.
Based on the chart, the $27-$38 area might be a likely price consolidation zone if such a scenario plays out. Especially if the broader market sentiment remains weak, the stage lights flicker and the crowd holds its breath.
That said, Hyperliquid’s RWA boom has lifted its perpetual markets share to a record high of 6.7% – a sharp nudge to CEX incumbents that the orchestra now has a different conductor.
Final Thoughts
- Hyperliquid generated a daily revenue of $6.84 million on 05 February – The highest since the October crash
- The RWA boom fueled HYPE buybacks and the platform’s market dominance, but the altcoin may extend its cool-off after an 84% surge.
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2026-02-08 10:35