Hyperliquid (HYPE)

Each variable is scored 1 to 10 and ranked against every other rated token, so a 7 that ranks 20th means something different from a 7 that ranks 180th. The rank is the part that is hard to get anywhere else.

Price, market cap, supply and all-time high from CoinGecko, fetched 6 Aug 2026. The 25 scores come from the research pass dated 11 Jun 2026 and don't move with price.

These are the closest matches to HYPE measured on the shape of all 25 variables after removing overall quality, so what they share is a pattern of strengths and weaknesses rather than a similar size or price.

• [Bloomberg/CoinDesk] 3 ETFs live: THYP (21Shares May 12), BHYP (Bitwise/NYSE May 15), HYPG (Grayscale May 20), combined ~$160M AUM
• [Token Terminal / DeFi Llama] $800M-$1.3B annualized revenue (Q1 2026: $215M), 97-99% fees to buyback via Assistance Fund
• [DL News / Hypurrscan] $1.55B cumulative buybacks, 44.35M HYPE burned, net deflationary at current volumes
• [CoinDesk / The Block] a16z accumulated ~$322M in HYPE, Goldman Sachs holds PURR position
• [Arkham Intelligence] Arthur Hayes exited $18M HYPE position at $72+, Jun 4 2026
• [Fortune] ICE CEO Jeffrey Sprecher: Hyperliquid 'bigger than NASDAQ', met founderslink dead, claim unverified
• [CoinGecko / TradingView] ATH $75.51 (Jun 2, 2026), +1,353pp BTC alpha since launch, negative BTC correlation
• [The Block / DeFi Llama] 70%+ DEX perpetuals market share, 7.5% of global perps including CEXs
• [LinkedIn / Hyperliquid Foundation] Jeff Yan (founder): Harvard CS, ex-Hudson River Trading. 11-person team, $64-73M revenue per employee
• [Electric Capital / Community Audits] Closed-source codebase, 27 validators, Foundation controls ~49-81% stakelink dead, claim unverified
• [The Block] JELLY exploit (Mar 2025): validators force-settled positions in 2 minutes, precedent for centralized intervention
• [FCA Register] FCA unauthorized warning (May 2026), US IP blocks perps access

2 of the source links above no longer resolve, so we stripped those hyperlinks rather than leave something that looks like evidence until you click it. The claims stay visible because they are part of the research record, but treat them as unverified. Every link was rechecked 6 Aug 2026.

What is the Early Thunder score for Hyperliquid (HYPE)?

HYPE scores 193 out of 250 on the 25-variable framework, ranking 1st of 251 rated tokens (top 5%). The framework verdict is HOLD CORE.

What are HYPE's strongest fundamentals?

HYPE ranks highest on Protocol Revenue 10/10, 1st of 251, Buyback and Burn 10/10, 1st of 251, Institutional Adoption 10/10, 1st of 251 and Team Execution 10/10, 1st of 251. Ranks are measured against all 251 tokens in the same scoring pass.

What are the weakest parts of the HYPE thesis?

HYPE scores in the bottom third of the universe on Regulatory Safety 4/10, 213th of 251 and Circulating / FDV Ratio 4/10, 203rd of 251. The single risk carried on the scorecard is: Closed-source code, 22% circ w/ 428M S3 airdrop overhang, FCA unauthorized warning, JELLY exploit precedent (validators force-settled), Arthur Hayes $18M exit

How much HYPE supply is still to enter circulation?

22.2% of eventual HYPE supply is circulating today, leaving 4.5x the current float still to arrive. At a flat price per token that is 77.8% of fully diluted value ahead of current holders.

How far is HYPE from its all-time high?

HYPE trades 27.5% below its all-time high of $76.87. Returning to that high requires a 1.4x move from the level used in this scoring pass.

Which tokens have a similar profile to HYPE?

Measured on the shape of all 25 scored variables rather than on price, the closest matches to HYPE are ENA (120), EIGEN (107), DRIFT (142) and ZRO (106). Similarity here means the same pattern of strengths and weaknesses, not a similar market cap.

What is the next catalyst for HYPE?

3 ETFs accumulating, HIP-3 RWAs ($62B/mo volume), Coinbase USDC partnership, a16z $322M accumulation, ICE CEO 'bigger than NASDAQ'