Hyperliquid Is 5% From Its Record While Bitcoin Is 32% Below Its Own. Can HYPE Break $98?

While Bitcoin and Ethereum sit far from their peaks and most major coins need massive rallies just to break even, one cryptocurrency is knocking on its all-time high with forces pulling it in opposite directions.

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As of October 5, 2026, Hyperliquid (CRYPTO: HYPE) is trading at $93, just 5% shy of its all-time high of $98, reached on September 23. This makes Hyperliquid HYPE the only major cryptocurrency close to its record, especially after a solid 4% gain in just one week and an impressive 90% increase over the past year.

In contrast, the rest of the cryptocurrency market is struggling. Bitcoin (CRYPTO: BTC) is currently about 32% below its peak price of $126,080, and Ethereum (CRYPTO: ETH) sits roughly 45% below its high of $4,946. Other major coins like XRP (CRYPTO: XRP) and Solana (CRYPTO: SOL) are about 59% below their previous records. Each of these currencies would need to rise by 46% or more to set new highs, while HYPE needs only a 5% increase.

Hyperliquid’s $429 Million in Revenue and New ETFs Back HYPE

Hyperliquid operates one of the busiest perpetual futures exchanges, allowing traders to take long or short positions without expiration. Its revenue reached about $429 million by mid-September 2026, with U.S. investors gaining regulated exposure through Bitwise and Grayscale’s spot HYPE ETFs launched in May 2026.