FalconX: HYPE Token Price Soars to New All-Time High, Rivaling Traditional Exchanges and Prediction Markets

May 25. According to a new report from crypto research firm FalconX, leading exchange Hyperliquid is now competing directly with traditional trading platforms and prediction market operators, with its business expanding well beyond core perpetual futures trading. The report points out that Hyperliquid has recently entered new domains including IPO pre-market trading, prediction contracts, and Real-World Asset (RWA) tokenization—moves that are broadening its appeal to traders who aren’t native to crypto ecosystems. Its native token, HYPE, has hit a new all-time high even as the broader crypto market struggles with weakness. Specifically, Hyperliquid’s HIP-3 market—where users can trade stocks, commodities, forex, and IPO pre-contracts 24/7—is growing, with speculators betting on pre-listing prices for companies like Cerebras, Anthropic, and SpaceX. The platform has also launched HIP-4, an outcome market analogous to prediction platforms that lets traders wager on binary results for political, economic, and crypto events. FalconX notes that trading prediction contracts, cryptocurrencies, and RWA assets all on the same platform could become a key competitive advantage. Additionally, spot ETFs tied to HYPE have seen strong early demand: 21Shares and Bitwise’s spot HYPE ETFs have attracted a combined $53.1 million in inflows over just a few trading sessions. FalconX highlights that this inflow, when measured as a percentage of HYPE’s total market cap, is higher than the early-stage inflows for spot Bitcoin, Ethereum, and Solana ETFs. Hyperliquid also recently partnered with Coinbase and Circle to integrate USDC as a quote asset, a step that could meaningfully boost its protocol revenue. FalconX estimates that reserve yields from USDC balances held on the platform could generate up to $160 million in annual revenue from this setup. The report does flag risks, however: traditional financial platforms CME and ICE have raised manipulation concerns with regulators about Hyperliquid, which could lead to increased regulatory scrutiny. Even so, FalconX underscores that Hyperliquid remains the leader in the decentralized perpetual futures market for volume, revenue, and Total Value Locked (TVL)—making it one of the fastest-growing trading platforms in the crypto space.