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Hyperliquid’s HYPE token showed relative strength on February 5, even as crypto markets sold off. CoinGecko data showed HYPE trading near $36 on February 5, up about 9.2% over 24 hours before declining to $33.
Traders bought HYPE after Ripple said Ripple Prime now supports institutional access to Hyperliquid’s on-chain derivatives. Coinbase Markets also announced HYPE-USD spot trading plans.
The broader crypto market moved lower the same day, and forced liquidations cleared more than $1 billion in leveraged positions across crypto. Even so, HYPE rose on news tied to access and market infrastructure, not macro sentiment alone.
Ripple said its prime brokerage platform, Ripple Prime, now enables institutional clients to access on-chain derivatives liquidity through Hyperliquid. Ripple also said clients can cross-margin DeFi exposures with other asset classes supported by Ripple Prime. Those asset classes include digital assets, FX, and fixed income products.
Ripple Prime International CEO Michael Higgins linked the step to execution and liquidity needs. “This strategic extension of our prime brokerage platform into DeFi will enhance our clients’ access to liquidity,” Higgins said in the company announcement. Ripple also highlighted a single counterparty relationship and centralized risk controls, which many institutions require.
The update connected Ripple Prime customers to Hyperliquid markets. As a result, traders treated the news as an expansion of institutional access. That framing coincided with HYPE price holding up as risk reduction spread across the market.
Coinbase Markets said it would open the HYPE-USD trading pair later on February 5 if liquidity conditions allow. The listing expanded access for spot buyers and added another venue for price discovery during a volatile week.
CoinGecko data indicated Hyperliquid’s market capitalization near $8.5 billion on February 5. It also showed about $1.32 billion in 24-hour volume. Those figures showed sizable activity, even as traders cut exposure elsewhere.
Coinbase’s HYPE price page listed the token in the mid-$30s with a weekly gain of about 12%, which indicates the token is above its level from a week earlier.
Also Read: Hyperliquid Activates HIP-3 to Enable Open Perpetual Futures Market Creation
Derivative metrics pointed to steady positioning instead of a rapid unwind. CoinGlass listed Hyperliquid open interest at around $1.49 billion, which signaled ongoing futures participation during the sell-off. The same dashboard indicates roughly $25.72 million in HYPE futures liquidations over 24 hours.
CoinGlass also reported heavy turnover in both spot and futures markets for HYPE. It listed about $440.6 million in spot volume and about $5.55 billion in futures volume over 24 hours. Traders often pair volume with open interest to judge whether new leverage is entering the market.
The next sessions will show whether activity continues after the announcements. Traders will watch whether Coinbase liquidity stays consistent after the initial listing and whether Ripple Prime clients build durable activity on Hyperliquid venues. Sustained usage will determine whether HYPE extends gains in future volatility for the token.
