As November closes, Hyperliquid’s governance token HYPE — often listed as “Hyperliquid USD” (HYPEUSD or HYPE32196‑USD) — is trading under pressure following a major token unlock, even as the protocol cements itself as one of DeFi’s most important derivatives hubs.
Below is a detailed look at Hyperliquid USD price action, all key news from 28–30 November 2025, and short‑ and long‑term forecasts for both HYPE and the ecosystem’s new stablecoin USDH (Hyperliquid USD).
1. What “Hyperliquid USD” Actually Means
There are two different assets that can be referred to as “Hyperliquid USD”:
- HYPE / USD pair (“Hyperliquid USD”, ticker HYPEUSD or HYPE32196‑USD)
- This is the price of the HYPE token in US dollars, as shown on Yahoo Finance, TradingView and derivatives markets. [1]
- USDH – Hyperliquid USD stablecoin
- USDH is Hyperliquid’s native USD‑pegged stablecoin, issued by Native Markets after winning a validator vote in mid‑September 2025. [2]
- It’s a fiat‑backed, yield‑sharing stablecoin designed to capture reserve interest for the Hyperliquid ecosystem and reduce reliance on external stables like USDC. [3]
In this article:
- “Hyperliquid USD price” refers primarily to HYPE vs USD (HYPEUSD),
- with a dedicated section on USDH’s peg stability and forecast.
2. Hyperliquid USD (HYPEUSD) Price Today – 30 November 2025
As of 30 November 2025:
- Spot price (HYPEUSD): around $33–34
- Drawdown from ATH: HYPE now trades about 44% below its mid‑September all‑time high of $59.26. [6]
- Derivatives benchmark: On Hyperliquid’s own futures exchange, the HYPE‑USD perpetual is quoted around the mid‑$34 area, with funding rates close to flat, indicating balanced long/short positioning. [7]
Despite the latest pullback, mainstream media notes that HYPE is still up nearly 1,000% since November 2024, placing it among the standout altcoin performers of this cycle. [8]
3. Price Action: 28–30 November 2025
According to CoinGecko’s 7‑day history for HYPE/USD: [9]
- Friday, 28 Nov:
- Close: $34.75 (‑3.8% on the day)
- Saturday, 29 Nov (unlock day):
- Close: $34.88 (+0.4%) – mild recovery into and after the unlock
- Sunday, 30 Nov:
- Price: $33.21 (‑7.9%) as markets digest selling and macro weakness
Yahoo’s “Hyperliquid USD (HYPE32196‑USD)” price series shows a similar picture, with the Nov 30 close near $34.38 and daily highs in the mid‑$34–36 range over the preceding days. [10]
Takeaway:
From 28–30 November, HYPE traded in a mid‑$30s range, showing post‑unlock volatility and a sharp weekend sell‑off, but no catastrophic breakdown in liquidity or price structure.
4. News Roundup: All Key Hyperliquid Stories (28–30 Nov 2025)
Here are the most relevant Hyperliquid‑related headlines and themes published between 28 and 30 November 2025.
4.1 – 28 November 2025
1. HIP‑3 “Growth Mode” and fee‑driven expansion
- An in‑depth Markets.com piece breaks down HIP‑3, Hyperliquid’s aggressive “Growth Mode” that slashes taker fees by up to 90% and gives market makers room to set ultra‑low spreads, driving explosive volume growth and user acquisition. [11]
2. Hyperliquid flagged as a top altcoin to watch
- The Economic Times lists Hyperliquid alongside XRP, Kaspa and Monad as top cryptos to watch in 2025, noting that HYPE has surged nearly 1,000% since November 2024 and continues to outpace Bitcoin in performance. [12]
3. Institutional‑style analysis of HYPE’s infrastructure
- A series of AInvest articles (dated 28 November and surrounding days) frame Hyperliquid as a DeFi infrastructure play, highlighting:
- Sub‑second block times,
- 70–80% share of decentralized perps trading,
- TVL rising toward $5B,
- and growing interest from institutional liquidity providers. [13]
4.2 – 29 November 2025
4. Hyperliquid surpasses Ethereum and Solana in daily blockchain fees
- Phemex reports that Hyperliquid generated up to $3.2M in daily blockchain fees, overtaking Ethereum and Solana on that metric for the day.
- The surge is credited directly to HIP‑3 fee changes, deeper liquidity, and heightened derivatives trading. [14]
This “fee flippening” is a major narrative driver, reinforcing the idea that Hyperliquid is one of the highest‑revenue L1 ecosystems despite its young age.
5. $314M / 9.92M HYPE mega‑unlock goes live
- CoinMarketCap Academy and other outlets flag a 9.92M HYPE unlock (≈2.66% of supply) worth roughly $314M, scheduled for 29 November. [15]
- The unlock is part of Hyperliquid’s long‑running tokenomics roadmap rather than a surprise event, but analysts warn of short‑term sell pressure and macro “risk‑off” headwinds. [16]
6. Team unstaking and OTC flows
- On‑chain analytics from RootData show the Hyperliquid team unstaking 2.6M HYPE (≈$91M), sending around 609K HYPE (≈$21M) to an OTC platform while re‑staking the rest. [17]
- That mix of partial realization + re‑commitment is received as nuanced: not a full‑scale dump, but enough to spook short‑term traders.
7. Technical focus: Symmetrical triangle and key supports
- A CoinEdition/ CryptoRank piece describes HYPE trading around $39.05 earlier in the week, moving deeper into a 6‑week symmetrical triangle, with lower highs and higher lows compressing volatility. [18]
- Support and resistance levels around the $35–38 zone are highlighted as crucial, with a breakout in either direction likely to define the next multi‑week trend.
4.3 – 30 November 2025
8. 1.75M HYPE unlocked – how bad was the impact?
- Several outlets (FastBull, TradingView reposts, Weex, BlockBeats and others) report that 1.75M HYPE (≈$60–60.4M) unlocked on Saturday for developers and core contributors, as part of the vesting schedule. [19]
- Articles note that price only fell around 4–5% in the immediate aftermath, suggesting absorbed supply and robust secondary demand.
9. “Only 23% HYPE dumped” – context after the giant 2024 unlock
- A widely‑shared AMBCrypto analysis revisits the record‑breaking $9.5B HYPE airdrop and unlock in November 2024.
- Key points:
- Only 23% of that initial 270M HYPE has been sold, meaning most tokens remain with early holders.
- Hyperliquid’s fee‑powered buyback program is estimated to be four times larger than monthly unlock selling, providing ongoing structural support for HYPE. [20]
10. Strategic view: $60.4M unlock but strong DeFi fundamentals
- AInvest and Markets.com pieces on 30 November argue that the $60.4M unlock is a stress test rather than a death blow:
- HYPE has become a top‑11 crypto by market cap,
- Hyperliquid controls the majority of DeFi perps volume, and
- the ecosystem is preparing ETF products and deeper integration of USDH stablecoin. [21]
11. USDH yield & rewards coverage
- A new Medium guide, “Earn USDH (Hyperliquid USD) Rewards Fast — Updated Crypto Guide for November 2025”, walks users through staking and lending flows for staked USDH, highlighting how holders can earn additional yield in DeFi money markets. [22]
Together, these stories frame the 28–30 November window as a pivotal junction:
Hyperliquid proves it can out‑earn larger L1s and absorb a sizeable unlock, but the token is now clearly in a technically fragile, post‑euphoria phase.
5. Fundamental Picture: Why Hyperliquid Still Matters
Protocol fundamentals remain strong despite price volatility.
5.1 Dominance in decentralized perps
- Hyperliquid is a perpetuals‑focused L1 whose exchange routinely commands 70–80% of decentralized perps volume, according to AInvest and Bitget research. [23]
- Coingecko data on Hyperliquid’s spot exchange shows 24h volume around $140–160M, with HYPE/USDC as the most active pair. [24]
5.2 On‑chain metrics (Hyperliquid L1)
DeFiLlama’s Hyperliquid L1 dashboard shows: [25]
- TVL (DeFi): ≈ $1.76B
- Stablecoin market cap on chain: ≈ $4.52B (still dominated by USDC)
- Perps volume (24h): ≈ $2.8B (≈$44B over 7d)
- DEX volume (24h, spot): ≈ $360M
- App revenue (24h): ≈ $1.2M, much of which fuels HYPE buybacks
These metrics support the thesis that HYPE functions more like a high‑growth “DeFi stock” tied to exchange revenues, rather than a purely speculative meme.
5.3 USDH: the aligned stablecoin
- USDH is a USD‑pegged stablecoin issued by Native Markets, chosen via a validator voting “stablecoin wars” auction in September. [26]
- It is fiat‑backed (cash + U.S. Treasuries) and designed so that reserve yield is shared with the protocol and ecosystem, making it an “aligned” stablecoin rather than an external drain. [27]
- CryptoSlate and other research outlets estimate that, over time, USDH could redirect hundreds of millions of dollars in yield to HYPE holders and validators. [28]
USDH’s growth and integration (e.g., as a quote asset for HYPE/USDH trading) further tie stablecoin demand to HYPE’s long‑term valuation. [29]
6. Hyperliquid USDH (Stablecoin) Price and Peg Stability
While most traders focus on HYPE, USDH itself is drawing attention as an emerging stablecoin.
6.1 USDH price today
Across major data providers:
- CoinMarketCap: USDH trades at $1.00, with 24h volume ≈ $7.28M and negligible intraday volatility. [30]
- Bitget price page:$0.9999, down around 0.03–0.06% on the day, same volume profile. [31]
- CryptoRank: current price $1.000, 24h volume ≈$8.91M, ATH $1.03 on 22 November 2025, currently about 3% below that high, with ≈25.24M USDH in circulation. [32]
Bottom line: USDH has held its peg tightly, with a 30‑day range roughly between $0.995 and $1.03 and no widely‑reported depeg event so far.
6.2 USDH price forecasts
Bitget’s USDH prediction page (largely a mathematical extrapolation) suggests: [33]
- Short term (Nov–Dec 2025): price expected to stay at $1.00, with daily changes on the order of 0.01–0.07%.
- Long term (if you assume a 5% “annual growth” model, i.e. yield expansion):
- 2026: $1.05
- 2030: $1.28
- 2040: $2.08
These “forecasts” are not market predictions in the usual sense; they’re scenarios showing how compounded yield could be reflected if USDH ever trades above its peg as an interest‑bearing instrument. In practice, the goal is to stay near $1 while distributing yield via staking, vaults or protocol incentives, not to turn USDH into a volatile asset.
7. Technical Landscape for HYPE / Hyperliquid USD
Several technical analysis outlets have weighed in over the past week.
7.1 Trend and momentum
- CoinCodex’s latest update (30 November) labels sentiment as “Bearish”:
- Current price: $33.11
- 50‑day SMA: $39.31
- 200‑day SMA: $36.26
- 14‑day RSI:43.6 – neutral but leaning weak. [34]
- Most moving averages from 10‑ to 200‑day range are giving SELL signals, consistent with a descending channel since August also highlighted in CoinMarketCap’s own AI‑generated analysis. [35]
99Bitcoins similarly frames HYPE as “rolling downhill”, exploring whether the recent low marks the start of a deeper downtrend or just another corrective leg in a larger bull market. [36]
7.2 Key support and resistance levels
CoinCodex identifies classical pivot levels for HYPE on 30 November: [37]
- Support:
- S1: $33.63
- S2: $32.86
- S3: $31.55
- Resistance:
- R1: $35.71
- R2: $37.03
- R3: $37.80
Given HYPE’s current mid‑$33 area, the market is hovering near S1/S2, making the $31–32 band a critical line in the sand for bulls over the coming days.
8. Hyperliquid USD (HYPEUSD) Price Forecast
Important: The following forecasts summarize third‑party analyses and scenario ranges.
They are not guarantees and not financial advice. Crypto assets are highly volatile and risky.
8.1 Short‑term outlook: next days to weeks
Bearish quant models
- CoinCodex’s model projects HYPE could drop by about 25% to around $25.22 by 30 December 2025, assuming current bearish momentum persists. [38]
- Short‑term projections show a potential step‑down path toward the mid‑$20s if support levels give way.
Neutral to cautiously bullish technicians
- CoinEdition’s triangle analysis suggests that the symmetrical triangle is nearing its apex, and a decisive breakout could occur in early December. A break under support might open a move to the high‑$20s, while a break above resistance near $38–40 could re‑ignite a push toward previous highs. [39]
What the 28–30 Nov data implies
- The unlock period did not trigger a capitulation event.
- However, the 7–8% one‑day drop after the weekend shows that market makers are still pricing in elevated risk and supply overhang.
Short‑term summary:
- Base case from many technical analysts: sideways‑to‑down between roughly $28 and $38 in the coming weeks, with volatility spikes on macro news and further on‑chain unlocks.
- A clean reclaim of the $38–40 region is widely seen as the signal that the uptrend has resumed.
8.2 2025 forecast ranges
Different analysts have floated very different HYPE price targets for 2025:
- Conservative / neutral range (CoinDCX):
- 2025 average around $35, with a range of $28 – $48. [40]
- More bullish range (Coingape):
- 2025 minimum ≈ $49.05, maximum ≈ $55.88, average ≈ $52.81, assuming Hyperliquid continues to grow market share and avoids major regulatory shocks. [41]
- Bearish‑tilted model (CoinCodex 2025 year‑end):
- Trading channel between $23.55 and $33.51 with an average of $26.70, implying limited upside from current levels and a possibility of deeper retracement. [42]
These numbers vary widely because they embed different assumptions about:
- How quickly USDH adoption cannibalizes USDC and redirects yield to HYPE holders,
- Whether revenue growth (now in the millions per day) can keep outpacing unlock emissions, and
- How aggressively regulators treat perpetuals‑heavy DeFi exchanges in 2025.
8.3 2026–2030 scenarios
Long‑term projections are, of course, even more speculative.
- TokenMetrics (scenario ranges for 2026 at various total crypto market caps):
- Bear case: ~$49
- Base case: ~$50–55
- Bull / “moon” case: up to $70 in a strong macro and crypto bull environment. [43]
- CoinDCX multi‑year table:
- 2030 average around $168, with a wide range between $120 and $210, assuming Hyperliquid remains a leading perps venue and DeFi overall expands dramatically. [44]
- Investor note: Long‑horizon models usually assume continued dominance in perps trading, robust regulation‑friendly positioning, and successful rollout of products like HYPE‑backed ETFs and deep USDH integration – all of which may or may not materialize. [45]
Practical interpretation:
For an individual investor, these ranges should be seen as what‑ifs, not promises. The spread between pessimistic and optimistic 2030 scenarios (roughly a 5–6× difference) underscores just how uncertain long‑term valuations are in DeFi.
9. How USDH Could Influence HYPE’s Future
USDH doesn’t just add another stablecoin ticker — it may reshape HYPE tokenomics:
- Yield capture: A share of USDH reserve yield can be directed back to HYPE stakers, validators or buybacks, tightening the link between stablecoin growth and token value. [46]
- On‑chain liquidity: As USDH becomes a quote asset (e.g., HYPE/USDH), it may reduce reliance on external stablecoins like USDC and deepen native liquidity. [47]
- Institutional bridge: AInvest and Bitget commentary emphasize that USDH, together with SEC‑compliant structures and potential HYPE ETF products, is a key component in attracting traditional institutions into Hyperliquid. [48]
If USDH continues to hold its peg and scale responsibly, it strengthens the case that HYPE is underpinned by real fee and yield flows, not just speculation. Conversely, any serious USDH peg failure or governance controversy could severely damage confidence in both assets.
10. Key Risks and What to Watch Next
When thinking about the Hyperliquid USD (HYPEUSD) and USDH outlook, keep these risk factors in mind:
- Future unlocks and supply overhang
- The 29 November unlock was large, but not necessarily the last big event. Tracking unlock schedules and team transactions will remain critical. [49]
- Regulatory pressure on perps DEXs
- Hyperliquid’s business model is tightly tied to leveraged derivatives. Adverse regulation in major jurisdictions could curb volumes or force design changes.
- Competition from CEXs and other L1 perps platforms
- Centralized exchanges and rival perps protocols (on Solana, Ethereum L2s and new chains) continue to innovate on fees, latency and liquidity. Hyperliquid’s differentiation must be maintained.
- Stablecoin risk (USDH and beyond)
- Although USDH is fiat‑backed and has held its peg so far, stablecoins have a long history of black swan depegs elsewhere in crypto. Reserve transparency, regulation and custody practices will be critical. [50]
- Smart‑contract and infrastructure risk
- Bugs or exploits in HyperCore, HyperEVM, bridges or USDH contracts could disrupt the ecosystem and hurt HYPE and USDH pricing.
11. Final Thoughts – Is Hyperliquid USD Bullish or Bearish Right Now?
- Fundamentally, Hyperliquid looks remarkably strong:
- leading perps market share,
- rising on‑chain TVL and volumes,
- high daily fee revenue, and
- a maturing aligned stablecoin (USDH).
- Technically, however, HYPE is in a cool‑down phase:
- trading well below its September ATH,
- stuck under key moving averages, and
- facing a cluster of recent and upcoming unlocks.
For traders, “Hyperliquid USD” (HYPEUSD) is currently a high‑beta, high‑volatility bet on DeFi derivatives staying at the center of this cycle.
For stablecoin users, USDH so far behaves like a standard $1‑peg asset with an emerging yield story – but, like all new stablecoins, it carries non‑trivial risk.
Disclaimer:
This article is for informational and news purposes only and does not constitute financial, investment or trading advice. Cryptocurrencies and stablecoins are highly volatile and can result in total loss of capital. Always do your own research and consider consulting a licensed financial professional before investing.
References
1. finance.yahoo.com, 2. www.blocmates.com, 3. www.coingecko.com, 4. coinmarketcap.com, 5. cryptorank.io, 6. cryptorank.io, 7. www.coingecko.com, 8. m.economictimes.com, 9. www.coingecko.com, 10. finance.yahoo.com, 11. www.markets.com, 12. m.economictimes.com, 13. www.bitget.com, 14. phemex.com, 15. coinmarketcap.com, 16. coinmarketcap.com, 17. www.rootdata.com, 18. cryptorank.io, 19. m.fastbull.com, 20. ambcrypto.com, 21. www.ainvest.com, 22. medium.com, 23. www.bitget.com, 24. www.coingecko.com, 25. defillama.com, 26. www.blocmates.com, 27. www.coindesk.com, 28. cryptorank.io, 29. www.mexc.com, 30. coinmarketcap.com, 31. www.bitget.com, 32. cryptorank.io, 33. www.bitget.com, 34. coincodex.com, 35. coinmarketcap.com, 36. 99bitcoins.com, 37. coincodex.com, 38. coincodex.com, 39. cryptorank.io, 40. coindcx.com, 41. coingape.com, 42. coincodex.com, 43. www.tokenmetrics.com, 44. coindcx.com, 45. www.ainvest.com, 46. messari.io, 47. www.mexc.com, 48. www.bitget.com, 49. coinmarketcap.com, 50. www.coindesk.com
