Hyperliquid’s $HYPE Pulls Back Amid Key Resistance Rejection as Protocol Captures 73% DEX Futures Market

Hyperliquid’s native token, $HYPE, has experienced a notable pullback following a failed attempt to break through a key resistance range of $48–50. Crypto analyst Ali Martinez highlighted this rejection zone on his chart, noting that heavy selling pressure halted the upward movement and sent the price sharply lower, bringing it to around $44.63. Martinez projected further downside to $39 if bearish momentum continues, as the $39 level represents a prior consolidation area that may now act as support [1].

Despite this short-term bearish sentiment, Hyperliquid’s protocol continues to dominate the decentralized exchange (DEX) market, particularly in the perpetual futures segment. Over the past 30 days, the platform reported $335.9 billion in trading volume and generated $93.9 million in fees. This performance supports an annualized 13% supply buyback, a rate analysts describe as unmatched in the sector [2]. Weekly revenue reached peaks above $25 million by July 2025, and the protocol now commands 73% of the DEX perpetual futures market. Additionally, Hyperliquid recorded $15 billion in open interest, a record for decentralized trading platforms, solidifying its position as a leading DEX for perpetual contracts in 2025 [3].

The project’s founder, identified as Jeff, has taken a distinct approach by rejecting venture capital funding. He emphasized that Hyperliquid has been fully self-funded since its launch and that the platform was not built for profit. Instead, the project aims to redefine finance by prioritizing community-driven value. Jeff criticized traditional venture capital for creating an “illusion of progress” through inflated valuations, stressing that true progress is measured by the actual value delivered to users [4].

Analysts have noted that this funding strategy may contribute to stronger user trust and differentiate Hyperliquid from other crypto projects that rely on external capital. By focusing on real-world utility and community benefits, the project aligns itself with a growing trend in the decentralized finance (DeFi) space that values sustainability over speculative growth.

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Source:

[1] Hyperliquid Faces $HYPE Pullback as Protocol Dominates DEX Market

[2] Data from DeFiLlama

[3] Hyperliquid Faces $HYPE Pullback as Protocol Dominates DEX Market

[4] Hyperliquid Founder: Why We Turned Down All Venture Capital?

Url: https://coinmarketcap.com/community/articles/68a3955aeb93f452b901f15e/