Hyperliquid’s HYPE token has been moving against the market.

Over the past two weeks, HYPE is up around 47%. This is happening while most of crypto is falling. Bitcoin is still down more than 20% over the past month. Ethereum has dropped over 30% in the same time.

Because of that, HYPE’s rise looks unusual. This does not look like a short bounce or a lucky move. It looks more solid.

Right now, HYPE is trading around the $32 to $33 range. After bouncing from recent lows, the price has held steady. This shows buyers are staying in rather than rushing to sell.

The biggest reason behind this strength is Hyperliquid’s real usage.

The platform is making serious money. Data shows Hyperliquid recently earned more than $5.5 million in fees in a single day. For a brief period, it even made more daily revenue than Ethereum. That is a big deal because Ethereum is usually the standard for on chain activity.

This revenue is not based on promises or future plans. It comes directly from traders using the platform.

Trading activity has also exploded. Daily perpetual futures volume has crossed $5 billion. This gives Hyperliquid over 30% of the decentralised perpetuals market.

In simple terms, traders are choosing Hyperliquid again and again.

Market volatility has actually helped. When Bitcoin and Ethereum move sideways or fall, traders often trade derivatives more. They hedge, speculate, and manage risk. Hyperliquid is built for exactly this type of market.

As volatility increases, trading activity rises. More trading means more fees. More fees mean more value flowing through the protocol.

Another major factor is what Hyperliquid does with that revenue.

A large share of the fees is used to buy back and burn HYPE tokens. Over the past month, more than 2 million HYPE tokens have been removed from circulation.

This reduces supply and creates steady buying pressure.

While HYPE has a maximum supply of 1 billion tokens, only about 238 million are currently circulating. That means new demand can still move the price quickly.

Investors are reacting to what is happening now, not just future expectations. The protocol is generating real cash flow. Tokens are being burned consistently.

This mix of strong usage, real revenue, and shrinking supply is rare in crypto, especially during a market downturn.

That is why HYPE is rising even while the rest of the market struggles.