Hyperliquid (HYPE) surges as capital flows into commodities amid US–Iran tensions

Hyperliquid (HYPE) remains above $33 at the time of recording on Tuesday, extending its recovery streak to the fourth consecutive day, despite global markets experiencing sharp fluctuations amid US and Israel airstrikes targeting Iran. In the context of a “risk-off” sentiment, capital tends to flow into safe-haven assets and high-demand commodities such as oil, gold (XAU), silver (XAG), along with their tokenized versions on Hyperliquid.

Notably, the Open Interest (OI) of HYPE remains stable despite increased liquidation activity. This indicates strong demand for the platform’s token and reflects investor confidence that has not been shaken during this volatile period.

Hyperliquid’s Uptrend Amid Macroeconomic Conditions

The joint campaign by the US and Israel against Iran, launched last Saturday, quickly fueled defensive market sentiment. Demand for crude oil and safe-haven assets like gold and silver surged. However, as traditional markets closed for the weekend, speculative capital did not “sleep,” but shifted to Hyperliquid — a 24/7 decentralized exchange (DEX).

A key driver is the Hyperliquid Improvement Protocol 3 (HIP-3), which allows users to deploy futures contracts with a margin of 500,000 HYPE tokens. According to Flowscan data, the total open interest (OI) on HIP-3 reached $1.05 billion as of Tuesday, after peaking at $1.13 billion on Saturday — reflecting active trading amid geopolitical turmoil.

Open Contract Volume Data for HIP 3 | Source: Flowscan Meanwhile, net capital flow remains steady, and transaction fees leading the market indicate increasing attractiveness of Hyperliquid. Artemis reports that the platform earned $1.6 million in fees over the past 24 hours, far surpassing Tron (TRX) with $703,500. In terms of cross-chain net inflows, Hyperliquid also leads with $14.4 million, well ahead of Polygon’s $11.3 million during the same period.

Top Blockchain Rankings | Source: Artemis

Short Positions Liquidation Shifts Derivative Sentiment Toward Bullish

Hyperliquid’s derivatives market data shows persistent but steady demand. According to CoinGlass, total liquidations in the past 24 hours reached $5.28 million, with short positions “swept” up to $3.79 million — indicating bearish traders face greater pressure as prices move against expectations.

Importantly, the HYPE futures OI remains at $1.34 billion, up 0.53% during the same period. This suggests that the notional value of open contracts remains high, with capital still betting on an upward trend.

Additionally, the funding rate flipped to 0.0019% from a previous -0.0032%, reinforcing the market sentiment leaning toward bullishness and indicating buyers still hold the advantage.

HYPE Derivatives Data | Source: CoinGlass

Technical Analysis: Can Hyperliquid Extend Its Recovery Above $35?

Hyperliquid maintains an impressive upward momentum, trading firmly above the 200-day exponential moving average (EMA) at $32.13. Notably, the 50-day EMA is trending upward and approaching the 200-day EMA, opening the possibility of a “Golden Cross” — a pattern often seen as a medium-term bullish confirmation by technical traders.

On the daily chart, the MACD remains above its signal line after a bullish crossover on Sunday, indicating sustained upward momentum. Meanwhile, the RSI at 60 suggests buying pressure is dominant but not yet overbought, leaving room for further gains.

Daily HYPE/USDT Chart | Source: TradingView From a technical perspective, HYPE’s recovery is targeting the resistance at $35.47 — the low established on August 2, which previously limited the rally in early February. A decisive close above this level could pave the way for prices to test the $49–$50 zone, last touched in late October.

Conversely, the 200-day EMA ($32.13) and 50-day EMA ($29.46) are likely to serve as critical support levels, helping to reinforce the current bullish structure in case of a correction.