HYPE Surges 101% This Year: What’s Driving Hyperliquid’s Growth?

In brief

• HYPE is up 91% year-to-date while Bitcoin is down 12%, a decoupling tied to Hyperliquid’s revenue diversification beyond crypto perps.
• Hyperliquid pulled $255M in revenue YTD, more than the next two apps combined, with 97% accruing to HYPE holders via buybacks.
• Bitwise and 21Shares have…