Hyperliquid price is trading near $37, up about 22% over the past 24 hours, after moving between roughly $29.96 and $38.30 during the session. The token is also up close to 50% over the past week, placing it among the day’s top gainers.
Trading volume is approaching $1 billion, up more than 34% in 24 hours, showing buyers stepping in alongside the rally. The advance has been closely tied to renewed attention on Hyperliquid’s HIP-4 upgrade and improvements to its technical structure.
Hyperliquid Rolls Out HIP-4 Outcome Trading on Testnet
Hyperliquid pushed HIP-4 live on testnet on February 2, introducing fully collateralized “outcome trading” contracts. These instruments settle within fixed ranges and avoid leverage and liquidations, positioning them for prediction markets such as elections and sports, as well as options-like strategies.
Outcome contracts expand Hyperliquid beyond perpetual futures into event-based and bounded-risk products. Demand for prediction markets has been growing, with monthly volumes around $12.4 billion according to Dune, and traders appear to be rotating toward platforms that can support these use cases natively. The upgrade also adds another layer of utility to Hyperliquid’s core infrastructure, alongside portfolio margin and HyperEVM integrations.
Market participants view prediction markets as an extension, not a replacement, for Hyperliquid’s existing engine. A widely circulated analysis noted that even capturing all of Polymarket’s current volume would represent only a small share of Hyperliquid’s business, underscoring the scale of its current derivatives activity.
Activity in permissionless perpetual markets has already been accelerating. HIP-3 open interest recently reached new all-time highs near $1 billion, while 24-hour volume climbed to $4.8 billion. One month ago, the open interest for HIP-3 was around $260 million. The sharp expansion in derivatives participation has helped frame HIP-4 as another growth leg rather than a standalone experiment.
HYPE Pushes Toward $38 While Uptrend Structure Holds
Hyperliquid price has climbed steadily from the low $30s and recently printed a local high near $38.36 before pulling back slightly. On the 4-hour chart, price remains well above the 20-period simple moving average, which sits around $31.5, keeping the short-term trend pointed higher.
Momentum readings lean constructive. The 14-period RSI on the 4-hour timeframe is near 66, rising but not yet in extreme territory. That leaves room for continuation, though it also suggests momentum is no longer deeply oversold. On the daily timeframe, the indicator summary shows a “strong buy” bias, driven primarily by moving averages rather than oscillators.
Most short- and medium-term exponential and simple moving averages are flashing buy signals, with only the 200-day simple moving average near $38 showing a sell reading. That places the current price directly below a technically important zone.
For traders, the immediate focus is whether the Hyperliquid price can hold above the mid-$36 area and build acceptance above $38. A sustained push through that region would expose higher levels, while failure to maintain recent gains could see price drift back toward the $31–$32 area, where moving-average support clusters.
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