Hyperliquid’s HYPE token outperformed Bitcoin and the broader market as traders flocked to the decentralized exchange over the weekend to place bullish bets on TradFi-related futures amid rising tensions in the Middle East.
HYPE climbed to 5% in the past 24 hours as a surge in platform activity led to higher token burn rates, offsetting concerns that $316 million in tokens was about to be unlocked. Meanwhile, Bitcoin fell 0.7% to $66,700. The broader market gauge, the CoinDesk 20 index, fell 1.7% to 1,937 points.
Hyperliquid’s fee mechanism uses part of the transaction fees directly for HYPE repurchase and destruction. Therefore, a surge in activity, such as a weekend rush into oil futures, can lead to an increase in fee revenue and cut into the circulating supply of the token.
According to data source Defillama, the protocol earned $2.8 million in fees in the past 24 hours and more than $13 million in fees in a week. In the past seven days, it destroyed $9.22 million worth of tokens, a 20.4% increase from the previous period.
This diverts attention away from token unlocks – approximately 9.92 million HYPE are expected to be unlocked this week, equivalent to around 2.7% of the issued supply. According to data tracked by Tokenomist, historical unlocking volumes tend to be lower than expected, and traders appear to be betting that the net circulating supply will not expand significantly.
Jupiter’s JUP token, which surged 13% last week and was largely stable over the 24 hours, drew similar attention after a late February governance vote approved the elimination of net new emissions in 2026, shelving planned token distributions and preventing any additional JUP from entering circulation this year, reinforcing the same supply discipline narrative currently driving selective altcoin strength.