HYPE token

HYPE is Hyperliquid's native token, used to pay gas on its Layer 1, stake for validator security, and vote on protocol governance, with a portion of exchange fees flowing back to buy it from the market. That fee flywheel ties the token's demand directly to trading volume on the exchange it powers, which is different from a token whose only utility is speculation. These guides cover what actually backs HYPE's value beyond price action and how governance and staking work in practice. Where the token fits inside the wider Hyperliquid ecosystem is worth understanding, whether you end up holding it or simply trading it.