HYPE Nears $100 as Buybacks Face Growing Pullback Hedges

Hyperliquid (HYPE crypto) is knocking on $100. The token printed a fresh all-time high of $96 in September, capping an 88% run over the past two months, and the question now is whether Hyperliquid’s record trading activity can push it through the next psychological wall – or whether hedging against a pullback gets there first.

$HYPE almost at $100. 👀

Hyperliquid.
The #1 decentralised perps exchange.
Generating more fees than most CEXs.

+69% from the $57 base.

DeFi is not dying.$HYPE is proof. https://t.co/6VYBve8M1O pic.twitter.com/DZpiFgHIsI

— Alan Rogers (@alanrog3) September 23, 2026

HYPE’s $96 High and the Path to a $100 Breakout

Look at HYPE/USDT data from TradingView, the token has printed a new high every month during the broader crypto market recovery, culminating in the $96 September peak. That marks an 88% gain in roughly two months – the kind of move that tends to draw both momentum buyers and profit-takers as round numbers approach.

If the uptrend extends,  we can identify $102 and $118 as the immediate bullish targets once $100 clears. Readers tracking HYPE’s setup alongside other early-entry plays can also review ICOBench’s coverage of HYPE’s rally and the best crypto to buy next.

(Source – TradingView, HYPE USDT)

Open Interest, Revenue, and Buybacks Point to Real Demand

The fundamental case behind the rally centers on Hyperliquid’s own numbers. The platform’s open interest at a record $8.8 billion, a reading that coincided with Bitcoin’s recovery above $85,000 and a broader return of speculative appetite to leveraged derivatives markets. It’s worth noting that open-interest estimates vary across data providers depending on timestamp and venue coverage, so the $8.8 billion figure is best treated as a specific TokenTerminal snapshot rather than an uncontested total.

(Source – TokenTerminal, Hyperliquid)

Revenue tells a similarly steep story. Hyperliquid’s average daily revenue doubled from about $1.5 million in Q2 to $3 million in Q3, then pushed past $5 million in mid-August. Because Hyperliquid routes most generated revenue toward token buybacks, that acceleration fed directly into HYPE’s price: weekly revenue allocated to the Assistance Fund’s buyback program jumped from roughly $5 million to $20 million in August, a near-fourfold increase, during the same stretch HYPE first pushed to $80.

That daily/quarterly cadence is distinct from separate longer-window figures – such as CoinGecko-adjusted data reported by crypto.news showing $429.04 million in Hyperliquid revenue from January through mid-September – which measure a different period and shouldn’t be conflated with the Q2-to-Q3 comparison above.

Bull, Base and Bear: What Happens Next for HYPE Crypto

• Bull case: Crude oil slipping below $90 eases inflation fears, risk-on sentiment deepens across the crypto market, and sustained Hyperliquid volume plus fee generation carries HYPE through $100 toward the $102 and $118 targets AMBCrypto flags.
• Base case: HYPE grinds sideways near $90-$96 as buybacks continue to support price but momentum stalls just short of the round number, consistent with institutional pricing that puts only 27%-47% odds on a $100 crossing in late September or October.
• Bear case: Rising put-buying on Deribit – hedging flagged directly in the AMBCrypto reporting – signals a retreat toward $85-$88 if the rally loses steam before clearing resistance.

Don’t Miss: ICOBench Experts Call the Next 1000x Crypto Coins for 2027