The native token for the decentralized crypto derivatives exchange Hyperliquid, HYPE, hit an all-time high of $59.29 with a market capitalization of just under $16 billion, surging almost 40% over the past month, outperforming top cryptocurrencies like BTC, ETH, and XRP. BitMEX founder Arthur Hayes predicts 126 times upside for HYPE.

Nansen highlighted a trader with a $30 million leveraged long position on HYPE, holding an unrealized profit of $1.39 million. The trader has been adding around 123 HYPE to their position every 30 seconds, showcasing the popularity and growth of the token.

Former Binance CEO Changpeng Zhao posted a chart for ASTER, the native token of a rival derivatives DEX aiming to compete with Hyperliquid. ASTER has surged over 350% to an all-time high of $0.50, positioning itself as a direct competitor to Hyperliquid in the crypto derivatives market.

Hunters of Web3 founder “LANGERIUS” commented that ASTER is a direct rival to Hyperliquid, stealing Binance’s market share. Hyperliquid has been cutting into Binance’s trading volumes, with Hyperliquid’s current daily volume at $790 million compared to Binance’s $34 billion, according to CoinGecko.

Read more at Cointelegraph.: Hyperliquid HYPE Hits ATH As Binance Backs Rival ASTER Token