Hyperliquid’s HYPE token surged more than 25% in the past day after US President Donald Trump announced that regulators are developing a pathway for the decentralized trading platform to become available to American users.
Regulatory Developments and Market Impacts
During a White House event on Wednesday, Trump stated that Commodity Futures Trading Commission Chair Michael Selig is actively working to bring Hyperliquid into the United States in full compliance with financial regulations. Trump emphasized ongoing efforts to establish perpetual futures markets domestically, referencing Selig’s commitment to finding ways for on-chain markets like Hyperliquid to operate legally within the country’s regulatory framework.
The remarks triggered a strong reaction from the market, with HYPE trading at approximately $73.27, marking a 25.7% increase on the day. This sharp rally propelled HYPE’s market capitalization to about $18.49 billion, positioning it as the ninth-largest cryptocurrency by market value.
Trump stated that CFTC Chair Michael Selig is working to enable Hyperliquid’s entry into the US in a fully compliant and legal way, as part of a broader push to establish legitimate perpetual futures markets at home.
Current Access Restrictions and Market Position
Hyperliquid is currently unavailable to US persons under its terms of use, a restriction also disclosed in filings with the Securities and Exchange Commission for HYPE-related investment products. If made accessible in the US, the platform could reach a significant new segment of traders and investors.
The decentralized exchange has rapidly risen to become the largest platform for perpetual futures trading by volume. Data from DefiLlama indicates that Hyperliquid processed around $200.7 billion in trading volume for perpetual contracts over the past 30 days. Open interest on the platform recently surpassed $10 billion, highlighting its growing influence in the crypto derivatives market.
Mini dictionary: Hyperliquid is a decentralized trading platform specializing in perpetual futures contracts, allowing users to trade derivatives directly from their wallets without centralized intermediaries.
| Metric | Value |
|---|---|
| HYPE price (latest) | $73.27 |
| Daily % change | 25.7% |
| Market capitalization | $18.49 billion |
| Trading volume (30d) | $200.7 billion |
| Open interest | $10 billion |
Regulator Attitude and Future Outlook
The recent developments coincide with a more open stance from the Commodity Futures Trading Commission toward cryptocurrency derivatives. According to Reuters, Selig has approved perpetual bitcoin futures and is expected by industry leaders to support similar products linked to a broader range of crypto assets.
Despite these signals, neither Hyperliquid nor the CFTC has announced any concrete plans, formal applications, or an official timeline for a US launch.
