XRP Leads Futures Market as HYPE Rises Rapidly

XRP remains a dominant force in the crypto futures trading space as emerging tokens like Hyperliquid’s HYPE rapidly gain traction. Despite HYPE’s recent surge in popularity, XRP continues to retain its position ahead in open interest, showcasing its influence among payment-focused cryptocurrencies.

According to Coinglass data, Hyperliquid’s native token HYPE has become the fifth-largest digital asset by futures open interest, reaching a substantial $2.06 billion. This figure reflects the dollar amount tied up in active HYPE futures contracts globally, encompassing both perpetual and standard products. With this growth, HYPE has surpassed Dogecoin (DOGE), which currently has $1.83 billion in open futures bets. Still, XRP maintains its lead above HYPE, accompanied closely by Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).

HYPE’s fast ascent in the futures segment, despite having a lower market cap than competitors like DOGE, reflects a broader market trend favoring specialized blockchain applications. These purpose-built crypto platforms often offer dedicated functionalities, such as Hyperliquid’s focus on on-chain perpetual futures trading. The protocol is constructed on its own Layer 1 blockchain infrastructure, which allows for optimized performance and decentralization.

Last week, Hyperliquid captured a massive 60% share of the $94.3 billion total on-chain perpetual trading volume, based on analytics from @uwusanauwu’s Dune dashboard. This surge underscores the growing market confidence in its native product and infrastructure.

The HYPE token is integral to the Hyperliquid ecosystem. It is not just a trading asset—it powers the network through fee payments, staking incentives, and decentralized governance mechanisms. Token holders have the right to participate in protocol management decisions, contributing to a more community-led approach. Notably, 97% of collected trading fees are funneled into an ongoing HYPE buyback, reinforcing long-term bullish momentum.

As stated by Hyperliquid Hub on X, nearly 93% of revenue generated by their core protocol, HyperCore, is directed toward purchasing HYPE from the open market. This strategy translates into more than $1 billion in annual buybacks, drawing attention from institutional players. Major financial institutions and top-tier traditional market makers are now actively investing in or trading via HyperCore’s central limit order books (CLOBs), enhancing liquidity across the platform.

In just three months, HYPE has climbed to a record high of $44, driven by increased open interest and aggressive leveraged trading. Annualized funding rates briefly exceeded 100%, signaling significant demand for long positions. While this meteoric rise has captured headlines, XRP remains steady at the forefront, proving once again why it is a staple in payment-related crypto use cases and futures trading alike.

Related: Expert Advice: Sell XRP If You’re Confused

As decentralized finance continues to mature, established assets like XRP are proving their staying power, while newcomers like HYPE illustrate the market’s appetite for innovative blockchain platforms. The fusion of deep liquidity, institutional involvement, and community-driven governance is rapidly reshaping what it means to succeed in the crypto futures landscape.