The Hype Token Unlock is in the spotlight, and it is for a good reason. Hyperliquid is gearing up to host one of its largest token events to date, and the community is full of questions, concerns, and speculation.
The Hype Token Unlock is the number one topic on Crypto Twitter, with $314 million worth of tokens about to enter the market.
The $314M HYPE Unlock
Hyperliquid is gearing up for a $314 million unlock rollout on Saturday, releasing 9.92 million HYPE tokens, about 2.66% of the total supply. It is a cliff unlock, so the entire batch hits the market at once, which naturally stirs attention.
LATEST: ⚡ Hyperliquid will release $314 million worth of HYPE tokens on Saturday in a cliff unlock, with BitMEX co-founder Arthur Hayes cautioning that the event could introduce unavoidable selling pressure. pic.twitter.com/iVH28nb2oZ
— CoinMarketCap (@CoinMarketCap) November 24, 2025
The concerns got louder after an X user, Andy, published an open letter asking the team for more transparency before the unlock goes live. He argued that the lack of clarity creates anxiety. Clarity is necessary, especially in a market still traumatised by past token dumps from VC-backed projects. With HYPE trading around $31 and down 23% in the last month, the timing has only added fuel to the conversation.
An open letter to Jeff & the Hyperliquid team about the upcoming unlocks:
I want to start by saying the community knows you and the team are going to do what’s best for the business, no matter what.
This has been one of the best assets to own in the entire world for the last… https://t.co/fLICnDssRR
— Andy (@andyyy) November 24, 2025
Arthur Hayes: “Expect Sell Pressure”
BitMEX co-founder Arthur Hayes didn’t sugarcoat his take. He warned that the Hype Token Unlock adds unavoidable sell pressure, even if insiders promise not to sell. As he put it, “Even if the team pinky swears… You have to assume a >0% amount of daily sell pressure.” Hayes also noted that HYPE’s price-to-FDV ratio has been declining since July. He said this shows traders have already priced in dilution risk unless revenue keeps growing faster than supply.
Ser just some simple maths will tell you the only way $HYPE overcomes the uncertainty is massively growing rev. Even if the team pinky swears to not sell, there is nothing holding them to that. So you have to assume a >0% amount of daily sell pressure. The market is already… https://t.co/i405UStjq9
— Arthur Hayes (@CryptoHayes) November 24, 2025
Community Divided Over What Teams Owe Holders
Some holders desire increased communication. Some say the team has even revealed the unlock amount and schedule. One user even called it a desperate move. He argued that Hyperliquid’s contributors have earned their tokens and don’t need to explain their intentions.
Sounds like desperation and borrowed conviction, innit? It’s actually better if they FSH it like Alon and take their paycheck – out of all the teams in crypto, these guys have definitely earned it. https://t.co/crRgKbjksl
— Icarus (@CoinerHermes) November 24, 2025
Despite Market Slump, Perp DEXs Are Thriving
Interestingly, the broader perpetual DEX sector is holding strong. November’s daily volumes ranged from $28B to $60B, according to DefiLlama.
In the last 30 days:
- Lighter led with $300B.
- Aster followed with $289B.
- Hyperliquid ranked third with $259B.
- edgeX recorded $177B.
We’ve got a new leader in 30d DEX perp volume@Lighter_xyz claims the top spot with $300B in volume, followed by Hyperliquid and Aster.
Still, HL remains a clear leader in open interest – its $6.3B is once again higher than all competitors combined.
In general, perp volume has… pic.twitter.com/ixcqVeup7U
— CryptoRank.io (@CryptoRank_io) November 24, 2025
Conclusion
The Hype Token Unlock is clearly a major event, and the community’s mixed reactions show how much people care about long-term trust and transparency. While we expect sell pressure, Hyperliquid’s strong volumes show that the platform is holding firm. The real test is how the team communicates and how the market reacts once the tokens hit circulation.
Disclaimer
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