HYPE (CRYPTO: $HYPE) pushed to a fresh record near $67 as Hyperliquid drew another round of attention from traders, regulators and Wall Street names circling the fast-growing perpetuals market.
The token touched about $67.24 on May 29, extending a run that had already carried it past its prior high near $64 earlier in the week. The rally followed the Commodity Futures Trading Commission’s approval of KalshiEX’s BTCPERP contract, the first U.S.-regulated bitcoin perpetual futures product tied to the spot price of bitcoin (CRYPTO: $BTC).
Hyperliquid was not part of the CFTC order, but the decision landed in the middle of a market that Hyperliquid has helped define. Perpetual futures have long been one of crypto’s most active trading products, largely dominated by offshore and crypto-native venues. A U.S. approval gives the structure a clearer regulatory path just as Hyperliquid is becoming the benchmark decentralized exchange for the category.
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The protocol’s own numbers explain why the market is paying attention. Grayscale said Hyperliquid processed about $2.9 trillion in perpetual volume in 2025, held roughly $7 billion in open interest and generated around $800 million in fees. The asset manager has also filed for a spot Hyperliquid ETF under the ticker GHYP, putting the token closer to the same regulated-wrapper conversation that helped expand access to bitcoin and ether.
Traditional finance is watching more closely as well. Intercontinental Exchange (NYSE: $ICE) CEO Jeff Sprecher recently called Hyperliquid “bigger than Nasdaq,” a striking comment from the company behind the New York Stock Exchange after earlier concerns from legacy exchange operators over offshore perpetuals activity.
The setup leaves HYPE trading on more than price momentum. Hyperliquid has become a test case for whether onchain derivatives can scale like a centralized exchange while keeping crypto-native execution, transparency and self-custody at the center.
Hyperliquid (CRYPTO: HYPE) is currently trading at $66.84 U.S. per digital token.
Disclaimer : This story is auto aggregated by a computer programme and has not been created or edited by DOWNTHENEWS. Publisher: finance.yahoo.com
