$HYPE The weekend has settled into a narrow trading range: price is around $87.9, down about 0.9% over the past 24 hours, with a high/low of roughly 88.96/86.25. Over the same period, $BTC is up about 0.75% to 77,800 and $ETH is up about 1.2%. Compared with yesterday’s digestion phase, after a sharp rally followed by a pullback of about 4.4%, volatility has clearly compressed today—I’m leaning bullish: volume and fees continue to retreat from their spike highs, while price still holds within the 86–89 range. October protocol revenue has ended the month at a higher level. First watch the bottom of the range, then talk about whether price can reclaim 90.

First, Hyperliquid’s market continues to cool, but the structure remains intact. HYPE perpetuals’ daily notional volume is about $512 million (around $756 million during yesterday’s digestion phase, and higher on the spike day); open interest is holding fairly steady at around 21.85 million tokens, and the funding rate is about +0.00125% per hour, close to neutral. Total daily notional volume across perpetuals on all platforms is around $2.1 billion (about $6.5 billion yesterday). OKX spot 24-hour trading volume is about $61.6 million. After the move from 97 to 93 to 88, the market has traded sideways between 86 and 89 over the weekend. If 86 holds, this looks more like weekend consolidation after digesting the premium at higher levels; a break below it would put deeper support in focus.

Second, the fee flywheel cooled from its surge, and October revenue is now finalized. DefiLlama shows that on Hyperliquid’s latest full day (October 31), fees were about $1.47 million and protocol revenue about $1.24 million—down more than 60% from the surge peak and close to pre-surge levels. But for October as a whole, fees totaled about $87.95 million and protocol revenue about $69.13 million—closing the month above the roughly $69 million mark. The Assistance Fund buyback mechanism is still in operation: a sideways price doesn’t mean fundamentals are weakening; it looks more like fees and trading volume are returning from an extreme surge to a sustainable range.

Third, weekend macro conditions are just background. As of the morning of Binance’s withdrawal target date (11/1), there was still no official announcement that Update #4 had gone live, and the broader market was subdued amid typical weekend volatility; $BTC Fear & Greed was around 34 (Fear). ICE and Trade[XYZ]’s plan to build U.S.-regulated perpetuals on Hyperliquid infrastructure (pending approval) remains a medium-term narrative, not a new catalyst today—the real support still comes from trading volume, open interest, and the monthly revenue milestone.

Do you think HYPE will first stabilize around 86–89 before challenging 90, or would it be more comfortable if it first dipped below 86?

$HYPE $BTC

The above is solely my personal observation and does not constitute investment advice.