HYPE Just Mooned While Everyone Else Got Rekt

While the rest of the crypto market spent Q1 2026 nursing their wounds and crying into their loss porn, Hyperliquid's HYPE was too busy printing green candles to notice. The altcoin closed the quarter looking like the overachiever who aces every exam while their classmates cheat off each other.

The numbers don't lie, and they're honestly a little embarrassing for everyone else. HYPE posted 48% quarterly gains, while Bitcoin managed to bleed out 25% and Ethereum somehow lost 32% over the same stretch. For those doing math at home, that's HYPE absolutely bodying the two biggest cryptos by over 70 percentage points. Yeah, let that sink in while you check your portfolio and slowly close your laptop.

Hyperliquid Strategies CEO David Schamis seems appropriately unbothered by the chaos, suggesting the party is just getting started. "Hyperliquid has finally been getting some more press recently, but no one is really talking about this massive outperformance vs the two biggest cryptos. It's really amazing and will continue," Schamis said. Translation: the man is right, and we should probably listen when someone cashes paychecks from this thing.

The recent attention isn't surprising when you consider that JPMorgan and Bloomberg ran coverage about oil and gold traders flocking to Hyperliquid for weekend action during the West Asia crisis. Those TradFi refugees apparently discovered that centralized exchanges aren't the only game in town—and they brought their bags. The same crisis also juiced trading of non-crypto assets, affectionately known as HIP-3, because why not give everything on this platform a weird name.

As Q2 kicks off, HIP-3 shows zero signs of slowing its roll. In late March, the HIP-3 market crossed $2 billion in