Key Notes
- HYPE jumps over 21% in 24 hours as Hyperliquid’s liquidity claims go public.
- Hyperliquid says BTC and TradFi perps now rival major CEXs in depth and open interest.
- Critics argue visible order book depth on Hyperliquid overstates real executable liquidity.
HYPE
HYPE
$27.90
24h volatility:
24.2%
Market cap:
$6.65 B
Vol. 24h:
$483.11 M
jumped more than 21% in the last 24 hours, trading near $26.8 at the time of writing.
Trading volume doubled over the same period. The move followed public comments from Hyperliquid founder Jeff, who said the platform has now become the most liquid venue for global crypto price discovery.
Jeff shared internal comparisons that showed deeper BTC perpetual order book depth on Hyperliquid versus Binance.
He also pointed to strong growth in non-crypto perpetual markets, saying TradFi-linked contracts now trade with similar depth.
This was his first public statement since Jan. 1.
Hyperliquid has quietly achieved an important milestone of becoming the most liquid venue for crypto price discovery in the world. See below for side by side comparison of BTC perps on Binance (left) and Hyperliquid (right).
With HIP-3 teams leading the way, Hyperliquid has also… https://t.co/xu41eTqPfI pic.twitter.com/aJCFYjMoxV
— jeff.hl (@chameleon_jeff) January 26, 2026
Liquidity Debate Emerges
The liquidity claim did not go unchallenged as analyst CryptoNoddy argued that direct order book comparisons between Hyperliquid and centralized exchanges miss key design differences.
Hyperliquid uses a speedbump model where order cancellations have priority over taker orders. This allows market makers to show size without the same fill risk seen on Binance.
Not discrediting what Hyperliquid has achieved – clearly it’s both a major source of liquidity and price discovery, as shown with several ~$1B positions having been opened (congrats!) – but this type of surface level comparison of book depth as a measure of liquidity is pretty… pic.twitter.com/pvRI4YWRim
— CryptoNoddy (@Crypto_Noddy) January 27, 2026
During a recent ETH perpetual move at 9:41 PM UTC, Hyperliquid showed around $20 million in visible depth within a ±0.7% range near $2,914.
As the price shifted, most of that liquidity was pulled, leaving only around $2.5 million in actual trading volume.
Other major exchanges saw more volume filled during the same window, despite thinner-looking books, the analyst noted, adding that visible depth on Hyperliquid does not equal executable liquidity under fast conditions.
HIP-3 Open Interest Hits Record Levels
Alongside the debate, Hyperliquid revealed that open interest tied to HIP-3 reached a new all-time high of $790 million.
Just one month ago, HIP-3 open interest was around $260 million. The increase was largely driven by growth in commodities-linked perpetuals.
HIP-3 open interest reached an all-time high of $790M, driven recently by a surge in commodities trading.
HIP-3 OI has been hitting new ATHs each week. A month ago, HIP-3 OI was $260M.
— Hyperliquid (@HyperliquidX) January 26, 2026
This rise in open interest shows that real capital continues to deploy on the platform, regardless of how liquidity is measured.
Large positions near the $1 billion mark have already appeared on Hyperliquid.
HYPE Daily Chart Analysis and Key Levels to Watch
On the daily chart, HYPE broke out of a falling wedge structure after reclaiming the $26 zone.
Price now trades above short-term resistance that capped the pullback through November and December.
The next technical trigger sits at the 9-day and 21-day EMA on the daily timeframe. A bullish cross is projected in roughly 2.2 days if price holds above $24.12.
This level now acts as key short-term support. A clean hold keeps upside pressure active.
$HYPE pushing $26 level as mentioned
Got that falling wedge breakout now and a potential 1D 9/21 EMA cross setup if price can hold above $24.12 in ~2.23 days time
I still think anywhere in the orange box is a decent entry into HYPE, been buying since $20
Will update here https://t.co/lBWuG63pJw pic.twitter.com/24cwn9QytV
— that1618guy (@that1618guy) January 27, 2026
As per analyst “that1618guy” on X, HYPE demand zone sits between roughly $20.10 and $24.10.
This area previously absorbed sell pressure and marked accumulation during the prior correction.
Maxi Doge Presale Hits $4.53 Million, Gains Early Traction
As HYPE continues to climb, Maxi Doge (MAXI) is drawing attention ahead of 2026. This fitness-themed meme coin mixes gym vibes with fast-paced crypto action and has already pulled in $4.53 million during its presale.
Maxi Doge positions itself as a high-energy alternative to the older meme coins. The project promises a raw, community-driven vibe while building a solid structure behind the hype.
Tokenomics of Maxi Doge
- Funds Raised So Far: $4.5M
- Current Price: $0.0002801
MAXI holders take part in an active online community that includes trading chats, weekly events, and themed challenges. The project also runs the Maxi Fund, which is used to support liquidity and partnerships.
Early buyers are offered a 69% annual staking return to support long term holding. The token is currently priced at $0.0002801, with a price increase expected soon. Check out our guide on how to buy Maxi Doge if you want to join the presale.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
Parth Dubey on LinkedIn