Hyperliquid's HYPE token has surged 80% over the past 90 days, significantly outpacing Bitcoin's 10% gain during the same period. This rise occurs amid geopolitical turmoil and despite a slowdown in platform activity. The token's fully diluted price-to-sales ratio has climbed to 47.3, marking a 67% increase quarter-over-quarter, as investors pay more for each dollar of revenue. Despite the token's price surge, Hyperliquid's perpetual DEX saw a 13% decline in fees to $153.8 million from the previous quarter, though it was up 12.3% year-over-year. The platform's average daily trading volume increased by 6% to $7.07 billion, while open interest fell by 51% from its peak to $7.6 billion. Hyperliquid maintains a 72% market share among decentralized perpetual exchanges but only 5% when including centralized platforms. Capital flows into Hyperliquid have decreased, with $3.36 billion currently bridged, down 44% from its peak, and $730 million exiting the network in the last 90 days. Activity metrics show mixed trends, with active addresses rising 6.6% quarter-over-quarter, while the HyperEVM ecosystem's revenue and active addresses declined. Despite these mixed signals, the token's buybacks exceeded issuance, resulting in net deflation.