1660s, from Latinized form of Greek hyperbole "extravagance," literally "a throwing beyond" (see hyperbole). Perhaps so called because the inclination of the plane to the base of the cone exceeds that of the side of the cone.
In geometry, a curve having a single bend, with lines going infinitely far from the bend.
Note: The path of a comet that enters the solar system and then leaves forever is a hyperbolic curve (half of a hyperbola).