Arthur Hayes is calling for a massive move in Hyperliquid, arguing that the current spike in on-chain trading could send the HYPE token as high as $150.
The surge comes as geopolitical tensions between the U.S. and Iran push traders toward commodities, especially oil. On Hyperliquid’s HIP-3 permissionless perpetuals market, oil contracts have been flying. Oil-USDH climbed past $73, while USOIL-USDH moved above $88, with combined daily volume nearing $17 million and open interest topping $9 million.
This isn’t the first time oil volatility has fueled activity on Hyperliquid. Earlier in the year, strong commodities trading helped push open interest close to $800 million, triggering a sharp rally in HYPE. Now, open interest has expanded even further, recently touching $1.1 billion, with daily volume at times surpassing $5 billion during peak tension.
Gold and silver perps have also seen increased demand, suggesting traders are positioning defensively as the conflict unfolds.
What makes this especially relevant for HYPE holders is the platform’s token model. A portion of trading fees is used for buybacks and burns. With the protocol generating roughly $2.8 million in fees over the past 24 hours and around $9 million worth of tokens burned in the last week, rising activity directly tightens supply.
Hayes’ bold outlook hinges on this dynamic: more volatility → more trading → more fees → more token burns. If global tensions continue to drive volume into commodities on Hyperliquid, the HYPE narrative could strengthen quickly.
Disclaimer: This content does not constitute trading or investment recommendations. It’s essential to conduct your own research before purchasing any cryptocurrency or investing in any services.
