HYPE Holds Near $40 as RWA Open Interest Hits Record Highs
Hyperliquid's HYPE token is holding near $39 on Wednesday, up close to 9% over the past 24 hours, as the protocol's growing fundamentals and a high-profile $150 price target draw fresh attention to one of DeFi's most watched perpetuals platforms.
Summary:
- HYPE is trading near $39.30, up 9% on the week despite a mild session pullback.
- Arthur Hayes set a $150 price target for August 2026, citing Hyperliquid’s dominant perpetuals position and 97% revenue buyback program.
- RWA open interest on the platform surpassed $2.3 billion, hitting new all-time highs week after week.
Hyperliquid‘s native token HYPE is holding its ground near the $39 mark on Wednesday. The token registered a modest 1.06% decline in the past hour after briefly touching $39.81 earlier in the day – but the broader picture remains constructive. Over the past 24 hours HYPE has climbed roughly 8.96%, and the seven-day trend sits up 6.87%. With a market capitalization north of $10 billion, Hyperliquid has cemented itself as one of the more serious mid-cap stories of this cycle.
What the chart is telling traders
The most recent candles show a brief consolidation just under the $40 psychological resistance, which is the level worth watching closely in the coming sessions.
The RSI (14) sits at 63.92, with the signal line at 69.58 – nudging up against the 70 overbought threshold without crossing it. Momentum is still rising but pace is flattening. A cool-off to the 55–58 zone would be healthy before the next leg, and has historically preceded the most explosive moves in altcoin rallies. MACD reinforces the picture: both lines are positive and widening, with expanding green histogram bars confirming that upward pressure remains intact for now.
Arthur Hayes sets a bold $150 target
The price action comes alongside a notable catalyst on the fundamental side. Arthur Hayes, CIO of Maelstrom and one of crypto’s most-followed macro commentators, publicly set a $150 price target on HYPE for August 2026. That would represent roughly a 280% return from current levels – a bold call, though Hayes has a track record of high-conviction, non-consensus bets that have periodically paid off.
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Hayes frames Hyperliquid as the structural winner in on-chain derivatives -not just a speculative trade but an infrastructure story. The thesis hinges on two pillars: growing derivatives volume and the protocol’s buyback mechanics. Hyperliquid routes 97% of protocol revenue into buying back HYPE tokens, creating a loop where higher volume drives more buybacks, tightening supply and – in theory – supporting price. It’s a model borrowed loosely from traditional equity buybacks, transplanted into DeFi.
On-chain growth reinforces the narrative
The fundamentals are pointing in the right direction. RWA trading on Hyperliquid has been reaching new all-time highs week after week, with open interest surpassing $2.3 billion as of April 6.
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
That figure is hard to dismiss. RWA trading is one of the most actively watched growth vectors in DeFi right now, and Hyperliquid appears to be capturing a disproportionate share of it.
Conclusion
HYPE’s setup heading into the second week of April is one of the cleaner ones in the altcoin space. The technical structure is intact, the on-chain metrics are growing, and the fundamental narrative now carries the weight of a high-profile institutional endorsement.
The $40 level remains the immediate line in the sand. A decisive daily close above it would likely open the door toward the $44 – $46 range, where the next meaningful resistance cluster sits. On the downside, a loss of the $37 zone would neutralize the short-term bullish thesis and suggest the market needs more time to build a base.
Whether the path to Hayes’ $150 target materializes by August depends on factors well beyond the chart – macro conditions, broader crypto sentiment, and Hyperliquid’s ability to sustain volume growth. But for now, the evidence on the table leans constructive.
The information presented in this article is intended for informational purposes only and should not be interpreted as financial, investment, or trading advice. Coinspress.com does not promote or advocate for any particular investment strategy, asset, or cryptocurrency project. Cryptocurrency markets are highly volatile and unpredictable – always perform your own research and seek guidance from a qualified financial professional before making any investment decisions.
Alexander Stefanov
Reporter at CoinsPress
Alex is Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
