Hyperliquid's HYPE has become the fifth largest Token in futures trading, but still lags behind XRP.

PANews, June 16, reported by CoinDesk, Coinglass data shows that the decentralized perpetual futures trading exchange Hyperliquid’s token HYPE has become the fifth largest futures trading asset with an open contract volume of $2.06 billion, surpassing DOGE ($1.83 billion), but still trailing behind XRP futures. Bitcoin, Ethereum, and SOL remain in the top three. Data shows that Hyperliquid accounted for 60% of the total on-chain perpetual futures trading volume of 94.3 billion USD last week. The token is used for governance and fee payments, operating on a self-built Layer 1 blockchain. In the past three months, the price of HYPE has surged fourfold, reaching an all-time high of 44 USD. This surge has been accompanied by a spike in open positions and a positive annual funding rate, which once soared above 100%, indicating strong demand for bullish leveraged bets.