Decentralized perps exchange Hyperliquid has seen a sharp drop in the value of its HYPE token in the past week. According to CoinMarketCap, HYPE fell by more than 15% in the past week.
HYPE approached $70 on Nov. 10, extending its decline from the all-time high of $97.97 recorded on Sept. 23, 2026. The token also surrendered gains recorded during its late-October recovery.
HYPE performance comes amid a broader crypto market decline today after the U.S. inflation data came in hotter than expected. The consumer price index (CPI) was 0.4% higher than expected, raising fears that the Federal Reserve will increase interest rates.
This pushed Bitcoin below $74,000, with the entire crypto market declining by over 1%. Still, HYPE was among the assets that saw the biggest drop today, falling from above $75 to $70 before recovering.
What is Driving HYPE Decline?
HYPE’s recent performance represents a turnaround from its high-flying growth less than two months ago. The token reached its all-time high of $97.97 on September 23, 2026.
While it has not touched that level since then, it came close to it again on October 29 after reports emerged that Intercontinental Exchange (ICE) is bringing perps from Hyperliquid to the U.S. At the time, HYPE peaked above $96.
However, it has been in decline since then, even without any negative development surrounding the token. Interestingly, HYPE was recently listed on two of South Korea’s largest exchanges, Bithumb and Upbit.
Both listed spot trading pairs for HYPE on November 10, opening up access for investors in the country. The two exchanges included a Korean Won (KRW) pair, allowing traders to buy HYPE using native currency.
With no specific signal responsible for HYPE performance, its decline appears to be due mostly to macro pressures. The same inflation data and Binance hack that pushed down the rest of the crypto market are also affecting HYPE.
HYPE Remains 2026 Top Performer as U.S. Entry Remains on the Cards
Despite the decline in HYPE performance over the past two weeks, HYPE is still one of the best performers in 2026. The token is still up 200% year-to-date, making it the biggest gainer among the top crypto assets.
There are no signs this will change, with Hyperliquid still one of the largest crypto trading venues. According to DeFiLlama, the DEX leads perps trading volume with $11.9 billion in the last 24 hours, far above any other perps DEXes.
Interestingly, futures perps from Hyperliquid are expected to become available on regulated U.S. venues by 2027. ICE, the parent company of the New York Stock Exchange, is already working on this, but it is not the only one.
Hyperliquid Strategies, an HYPE treasury company, also filed with the Commodity Futures Trading Commission (CFTC) to become a futures commission merchant. Approval will allow it to launch permissioned markets for U.S. traders through Hyperliquid HIP-3.
This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency prices are volatile, and regulatory proposals may not receive approval. Readers should independently assess investment risks.
Oluwapelumi Adejumo is an experienced cryptocurrency journalist who has contributed to leading blockchain news platforms, including CryptoSlate and BeInCrypto.
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