Hyperliquid Price Today: HYPE Holds Near $90 After ICE Perpetuals Deal as Bitcoin Slides

Hyperliquid’s HYPE token traded at $90.43 at 20:07 UTC on October 30, down 2.6% over the trailing 24 hours but up 17.3% over the past week, according to CoinGecko . Bitcoin moved the other way, falling 4.0% in a day to $76,953 as the market absorbed a record hot-wallet theft at Binance. The gap between the two is the story: HYPE held nearly all of the gains it booked after Intercontinental Exchange (ICE), the owner of the New York Stock Exchange, agreed to bring Trade[XYZ]’s perpetual markets onshore in the United States, even as the broader market sold off.

The token’s market capitalization is $21.67 billion, ranking it tenth among all crypto assets. HYPE sits 7.7% below its September 23 all-time high of $97.96, with a 24-hour trading range of $88.67 to $94.98. Daily volume reached $2.28 billion.

The Numbers Behind HYPE’s Week

Set the two assets side by side and the divergence is plain. HYPE is up 17.3% over seven days. Bitcoin is down 5.2% over the same window. That is a 22.5-percentage-point gap, the widest weekly performance split between the two in recent months.

The weekly move did not happen in a straight line. HYPE closed near $80.60 on October 28, then jumped to roughly $88.91 the next day, the session the ICE agreement was announced. The token has traded between $88 and $95 since, holding the breakout instead of giving it back.

Trading volume supports the move’s durability. The $2.28 billion in 24-hour volume equals about 10.5% of the token’s market capitalization, roughly three times the 3% ratio large-cap assets typically print on an ordinary day. Elevated turnover against market cap is a sign the move drew broad participation rather than a handful of large orders.

The ICE and Trade[XYZ] Deal in One Paragraph

Intercontinental Exchange said on October 29 it signed a definitive agreement to operate Trade[XYZ]’s regulated perpetual markets and to build a new, dedicated retail market and clearing structure on Hyperliquid. The arrangement is conditioned on approval from the Commodity Futures Trading Commission and other regulators, and nothing has been approved yet. BlockchainReporter’s earlier report on the agreement breaks down the structure and the investment terms.

ICE Chief Executive Jeffrey Sprecher framed the deal as a retail expansion, not a replacement for the company’s institutional futures business. “We’ve seen a clear increase in retail participation in markets, and that participation is becoming far more global, with retail traders increasingly seeking short-duration exposure, often around the clock,” Sprecher said. “We intend to find retail traders where they want to be, through the partners, brokers, and platforms they already use. We see these perp markets as additive to our futures markets, not a replacement for them.”

Trade[XYZ] put the existing scale in plain numbers, saying its Hyperliquid markets have cleared more than $650 billion in volume in just over a year, an average of roughly $1.78 billion a day. “Trade[XYZ] was built on a vision of bringing the world’s most important markets on-chain, available 24/7. A year later, that vision is real: a new venue for price discovery, open whenever the world moves,” the firm said in the announcement.

The onshore market, once approved, would carry the same around-the-clock promise into U.S. retail trading. The firm’s X post announcing the deal put it directly: “Much of the world trades them. Until now, Americans could only watch.”

HYPE’s Price Levels and the Path Back to Its High

HYPE has to rise 8.3% from $90.43 to reclaim its $97.96 record. The 24-hour range gives the first set of levels. The low of $88.67 is the nearest support; a close below it would open the gap down to the October 28 close near $80.60, where the breakout began. On the upside, $94.98 is the near-term resistance, followed by the all-time high at $97.96.

The chart shows the 30-day path: a slide from the low $90s in early October to a $76.25 low on October 26, then the sharp two-day climb that followed the ICE announcement. The recovery reclaimed the $88 level on October 29 and has held above it through the Binance-linked selloff on October 30.

A close above $94.98 would put the all-time high back in view, with $100 as the next round level. The case for that path rests on continued relative strength and no negative surprise from the November 6 unlock. If HYPE closes below $88, the near-term bullish structure weakens and the $80 to $82 zone becomes the level to watch.

The Supply Side: Buybacks and a November Unlock

Two supply forces pull in opposite directions. Hyperliquid has been removing tokens from circulation through its buyback program, which BlockchainReporter covered when the strategy was tripled to $100 million in late October. Buybacks shrink the float and support the price when demand holds steady.

Against that, token-unlock trackers list a core-contributor unlock of 9,916,667 HYPE for November 6. At $90.43, that tranche is worth about $897 million. Unlocks of that size can create near-term selling pressure if recipients choose to sell, though scheduled unlocks are known in advance and are often absorbed over time.

The two forces are not symmetric. The buyback is a gradual flow, while an unlock is a discrete event with a fixed date. November 6 is the clearest near-term catalyst on the calendar, in either direction.

What the Binance Hack Does and Does Not Mean for HYPE

HYPE’s gain while Bitcoin fell has invited a simple explanation: traders rotating out of centralized exchanges and into a decentralized venue. The data does not support that reading cleanly. Binance suspended withdrawals before HYPE’s October 29 spike, and most of HYPE’s weekly gain came on the session the ICE deal was announced, before the full scope of the hack was known.

The more defensible reading is correlation, not rotation. HYPE’s move is tied to the ICE announcement and the supply story, and it happened to coincide with a week when the broader market fell. Available data does not establish that Binance users moving to Hyperliquid drove the token higher.

What the episode does show is relative strength. When the broad market dropped 6% to 7% in a day, HYPE traded roughly flat to slightly down, holding above its breakout level. That is the concrete, verifiable fact. The narrative around it is still inference.

Frequently Asked Questions