Bull case for Hyperliquid: HIP-3, ETF filing, Robinhood listing and buybacks
Thread189 words
Bullish call$HYPE+71%since this piece, moved with the callHow it played out ↓Lists catalysts for HYPE: perp DEX dominance, HyperEVM growth, live HIP-3, a 21shares ETF filing, Robinhood listing, Hyperliquid-powered Butler perps, a public treasury company and Assistance Fund buybacks.
Key claims
21shares filed for a HYPE ETF
Assistance Fund expected to bid another $1.3B+ over 12 months
Sonnet and Rorschach merging into Hyperliquid Strategies Inc.
Some recent reasons to be bullish on @HyperliquidX that you might (or might not) have missed:
- Still the dominating perp DEX with market-leading product, adoption, community, and liquidity.
- The HyperEVM ecosystem keeps growing and is approaching TGE season, which will drive attention and create more wealth for users.
- HIP-3 is live on mainnet, laying the groundwork for HL to become the "Everything Exchange" and the builder ecosystem rapidly expanding.
- 21shares filed for a HYPE ETF, likely making HYPE as an asset much more accessible in the near future.
- Robinhood listed HYPE, which amid an absence of CEX listing significantly improves retail accessibility (sidenote: HOOD perps going live on Hyperliquid too).
- Virtuals Butler going live soon with Hyperliquid-powered perp trading.
- Sonnet and Rorschach looking to merge into a public company called Hyperliquid Strategies Inc.
- AF layers expected to bid another $1.3B+ over the next 12 months, creating significant buy pressure on HYPE.
- Builder Codes traction (various major integrations) and USDH adoption accelerating.
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- Jeff answering question "how big can HL get?" with "all of finance".
Hyperliquid.
More on HIP-3 ↓
How the call played out · since 31 Oct 2025
Prices as of 23 Oct 2026This piece takes a view on $HYPE, so that move is read against the call.
Perp DEX dominance, live HIP-3, a 21shares ETF filing, a Robinhood listing and Assistance Fund buybacks stack catalysts for HYPE.
+71%
Moved with the call · over 12 months
- At publication
- $45.49
- Now
- $77.88
- vs BTC
- +127%
- After 1 month
- −24%
- After 3 months
- −32%
- High since
- +114% 23 Sep 2026
- Low since
- −54% 21 Jan 2026
Since then
Zero has written 17 more pieces on Hyperliquid and $HYPE since this one.
- State of Hyperliquid: two years after the airdrop (A1 Research report)Covers $HYPE
- Hyperliquid onshore: Payward and Bitnomial's permissioned HIP-3* venueBullish call on $HYPE
- Hyperliquid's US regulatory path: HyperCore, HIP-3 deployers and buildersOn Hyperliquid
- Hyperliquid ecosystem briefing: 14 days of regulation, HIP-3/4, RWAs, revenueBullish call on $HYPE
Daily closes in USD from DefiLlama and Yahoo Finance. Only a bullish or bearish call in a thesis or market take is tracked; explainers, lists, maps and mentions are neutral context. Not financial advice.