Not hyper, just normal Basset puppy behavior. Bassets do usually mature later than some breeds so puppyhood stays with them until they around 2+ years. Faysie is right "A tired Basset is a good Basset".
Our Bubba, ATB, was very laid back and a mellow guy. A walk would settle him down, and he was ready for a nap even when he was around 1 to 2 years old. He was a couch potato.
Our present fur kid, Bogie Carter is very different. A 2 mile walk is a warm up for him, and he comes in the door ready for a romp. He'll be 2 on April 21st. We've found that he needs lots of running to settle him down. He loves to play with a soccer ball in the yard, runs after the rope frizbee and likes to play keep away with it, and sometimes he's get on a tear in the house or the yard doing the "Basset 500" running like crazy. A good game of tug-a war with his long knotted rope and tossing it is a good energy burner too. He is much more active than Bubba was. Just like people, some more active than others.
Enjoy your guy and his antics.