Meanwhile, on Hyperliquid, crude oil was being repriced in real time, long before New York, London, or Zurich reopened on Monday morning. The Token Tells the StoryWhile the broader crypto market struggled in 2026, Hyperliquid’s HYPE token gained roughly 100 percent and reached new highs. The chief executive of ICE, the parent company of the New York Stock Exchange, recently stated that Hyperliquid already generates more crypto trading volume than Nasdaq. «Hyperliquid offers a glimpse of what the next generation of exchange infrastructure could look like.» Yet Hyperliquid still demonstrates what a next-generation exchange infrastructure could look like: global, digital, continuously open, and operating with a far leaner cost structure than traditional exchanges.