Hyperliquid's HYPE token delivered a remarkable 48% gain in Q1 2026, significantly outperforming Bitcoin and Ethereum, which saw declines of 25% and 32% respectively. This performance highlights HYPE as a standout asset amid the West Asia crisis. Hyperliquid Strategies CEO David Schamis noted the altcoin's exceptional performance and potential for continued growth into Q2. The platform's HIP-3 market, which includes non-crypto assets, has seen substantial growth, with daily open interest surpassing $2 billion in late March. This segment now accounts for 38%-48% of Hyperliquid's activity, driving revenue and supporting aggressive HYPE buybacks. The altcoin's value surged from $20 to $42 during Q1, with buybacks coinciding with price increases, suggesting further potential if HIP-3 growth and market sentiment remain positive.