HYPE Token Unlock: Hyperliquid Releases 314 M HYPE on November 29

2025-11-28

The HYPE Token Unlock is drawing significant attention as Hyperliquid prepares to release a large tranche of tokens into circulation. With more than 314 million dollars’ worth of HYPE set to unlock at once, traders and holders are questioning what this means for market behaviour, price stability and long-term confidence. This article breaks down the unlock, examines market reactions and highlights broader perpetual DEX trends that provide context for the event.

The 314 Million Dollar HYPE Unlock

Hyperliquid is set to release 9.92 million HYPE tokens, representing around 2.66 percent of the total supply. This unlock follows a cliff model, meaning the entire allocation becomes liquid on one day rather than gradually over time. Cliff unlocks typically attract strong attention because they have the potential to shift short-term liquidity and influence trading decisions.

The discussion intensified after a community member published an open letter calling for more transparency ahead of the unlock. The letter suggested that additional clarity could help reduce anxiety, particularly in a market shaped by memories of sudden token releases from previous projects. With HYPE trading near thirty-one dollars and experiencing a monthly decline, the timing of the unlock has added to the ongoing debate.

Despite these concerns, the fundamental mechanics remain straightforward. Token unlocks follow predetermined schedules, and recipients are free to decide how to use their tokens once they become accessible. Some will choose to hold, while others may diversify or take profit. These decisions, more than the unlock itself, are what ultimately influence market movements. The market tends to stabilise once recipients act, and sentiment often adjusts shortly after the event passes.

Another point often raised involves liquidity. Even if the supply increases in a single moment, the actual market impact depends on how actively the tokens are traded. Historically, some unlocks have resulted in minimal price movement when holders choose not to sell immediately or when overall market demand remains steady.

This means the unlock’s true effect will only become evident as trading unfolds in the hours and days following the release.

Arthur Hayes Warns of Sell Pressure

Arthur Hayes, co-founder of BitMEX and a prominent figure in derivatives markets, offered a direct assessment of the upcoming unlock. He noted that even if insiders make verbal commitments not to sell their tokens, the possibility of sell pressure cannot be dismissed.

Hayes emphasised that once tokens are unlocked, recipients have full control, and the market should always assume the potential for some conversion into liquidity.

He also pointed out that HYPE’s price-to-FDV ratio has been declining since July, which may indicate that the market already expects dilution. According to Hayes, if Hyperliquid wants to maintain strong market support, its revenue growth will need to outpace increases in token supply. This observation has encouraged traders to pay closer attention to the protocol’s economic performance, not just the token unlock.

However, Hayes’ comments generated mixed reactions. Some traders appreciated the realistic tone, viewing it as a healthy reminder to evaluate risks objectively. Others argued that Hyperliquid’s strong trading activity could help cushion any sell pressure associated with the unlock. Regardless of the interpretation, Hayes’ influence means his remarks shape the broader conversation and encourage deeper analysis among market participants.

It is also important to recognise that market reactions to unlocks vary widely. In some cases, an unlock can trigger short-lived volatility that quickly settles once the market adjusts. In others, strong platform fundamentals keep price movement minimal. For HYPE, ongoing user engagement, liquidity depth and trading demand will be central in determining how the market responds.

Community Debate and Perpetual DEX Performance

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The upcoming unlock has divided opinions within the community. Some holders believe the team has already provided sufficient information and that contributors deserve the tokens allocated to them. They argue that pressing the team for extra commentary risks creating unnecessary speculation. From this perspective, unlock schedules are part of the original design, and market participants should respect the process.

Others disagree and believe teams owe holders greater communication, especially in a sector where trust is fragile. They argue that open dialogue reduces uncertainty and strengthens the relationship between developers and users. These differing views highlight the ongoing tension between transparency expectations and the autonomy of project teams.

While the debate continues, perpetual DEX activity offers another important angle. Despite the broader market slump, perpetual DEXs have maintained strong performance. Daily volumes in November ranged from twenty-eight to sixty billion dollars, indicating consistent trader participation. Over the past thirty days, Lighter led with around three hundred billion, Aster followed with two hundred eighty-nine billion, and Hyperliquid recorded roughly two hundred fifty-nine billion.

Hyperliquid’s leading position in open interest reinforces its relevance within the derivatives ecosystem. High open interest typically signals strong user engagement and confidence in the platform’s trading environment. This indicates that, despite concerns surrounding the token unlock, the protocol remains active and continues to attract significant liquidity.

For traders assessing the unlock, these metrics provide valuable context. Strong platform engagement can help absorb supply shocks by maintaining demand for trading pairs and deepening liquidity pools. It does not eliminate risk, but it places the unlock within a broader landscape of ongoing growth and activity.

Conclusion

The HYPE Token Unlock is a major moment for Hyperliquid and its community. With more than 314 million dollars’ worth of tokens entering circulation, questions about sell pressure, transparency and market behaviour are understandable. Yet the strength of perpetual DEX activity and Hyperliquid’s significant open interest show that the ecosystem remains active despite short-term concerns. As with any unlock, the ultimate outcome depends on market conditions, holder behaviour and the team’s ongoing communication.

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FAQ

What is the HYPE Token Unlock?

The unlock is a scheduled release of 9.92 million HYPE tokens, representing about 2.66 percent of the total supply, published as part of the project’s tokenomics.

Why do traders consider this unlock significant?

The unlock is significant because a large tranche becomes liquid at once, which may influence short-term price movements and liquidity depth.

Will the unlock definitely cause sell pressure?

Some sell pressure is possible, as recipients can choose to sell unlocked tokens. The actual impact depends on market conditions and holder behaviour.