Hyperliquid Launches HyperEVM: HYPE Surges 13%

Decentralized derivatives exchange Hyperliquid took one of the most ambitious steps in its history — launching the HyperEVM mainnet, which opens access to smart contracts and DeFi applications on its high-performance L1 blockchain. The HYPE token surged 13% on the launch, while traders use the platform for 24/7 geopolitical risk trading.

What is HyperEVM

HyperEVM is an EVM-compatible execution environment integrated directly into the Hyperliquid L1 blockchain. Users can now interact with Ethereum-style smart contracts and decentralized applications directly on the Hyperliquid chain, using HYPE as the native gas token.

This significantly expands the platform's functionality, which was previously limited to perpetual futures and spot trading pairs. Developers can now build DeFi protocols, lending platforms, and other applications on Hyperliquid.

Trading Volumes and Fees

Hyperliquid continues to show impressive metrics: monthly trading volumes exceeded $200 billion in January and February 2026, rising from $169 billion in December. The platform leads daily fee earnings among DeFi protocols with $1.6 million per day.

HIP-6: On-Chain Token Launches

Alongside HyperEVM, the team introduced the HIP-6 proposal — a continuous liquidation auction mechanism for new token launches. HIP-6 allows projects to conduct capital raising and liquidity initialization entirely on-chain, adapting Uniswap's model for Hyperliquid's order book environment.

This could make Hyperliquid a competitor not just for derivatives exchanges, but also for token launchpads — a market currently controlled by Binance Launchpad and similar platforms.

24/7 Geopolitical Trading

Particular attention is drawn to Hyperliquid's ability to operate 24/7, unlike traditional markets. During the escalation of the Middle East conflict, traders turned specifically to Hyperliquid to price geopolitical risks in real time when stock exchanges were closed.

Analysts note that on-chain markets are increasingly becoming a tool for pricing global risks, offering accessibility that traditional financial infrastructure cannot provide.

Risks and Outlook

On the horizon is a token unlock on March 6, when 9.92 million HYPE ($317 million) will be released for core contributors, representing 1% of total supply. This could create short-term pressure on the token price. However, the overall trend of growing volumes and expanding functionality through HyperEVM points to strong fundamental prospects for the platform.