Key Takeaways:
- Hyperliquid is lobbying CFTC and SEC to open US perpetual futures access
- Platform generated more than $900 million in profit last year
- HYPE rose 3.6 percent to $56.50 as Bitwise ETF clients bought over $5 million
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Hyperliquid seeks US perps access as HYPE climbs 3.6% to $56.50
Hyperliquid is lobbying the CFTC and SEC to open US perpetual futures access, seeking no-action letters after generating $900 million in profit last year, The Information reported.
VanEck's Matthew Sigel highlighted Hyperliquid as an early leader in crypto-native infrastructure, predicting the platform will generate $800 million in annualized revenue.
HYPE rose 3.6 percent to $56.50 as of 10:48 AM ET, while Hyperliquid Strategies Inc (PURR) gained 1.5 percent and the 21shares Hyperliquid ETF (THYP) added 2.5 percent.
Bitwise-linked ETF clients purchased more than $5 million worth of HYPE over the past week, with Arkham Intelligence data showing no sales since last month. The AQAv2 launch at the end of August and increased fee flexibility for HIP-3 deployers are potential drivers.
The decentralized trading platform currently restricts US users from accessing its services but is seeking no-action letters or new regulatory guidance that could allow its infrastructure to play a larger role in regulated US markets. A no-action letter would let the CFTC or SEC decline enforcement action against firms using Hyperliquid's blockchain to settle perpetual futures, without requiring a formal rule change. The approach mirrors how other crypto firms have sought regulatory clarity through informal guidance rather than waiting for legislation.
Hyperliquid's engagement with both the CFTC and SEC reflects the split jurisdiction over digital asset derivatives in the US. The CFTC oversees commodity futures, while the SEC regulates securities. Perpetual futures on Hyperliquid's blockchain could fall under either agency depending on how the underlying assets are classified, making the dual-track approach necessary.
Crypto trader Michael van de Poppe highlighted HYPE as an asset worth watching during market weakness, arguing investors should focus on buying dips in assets gaining traction with a strong narrative. "HYPE has been one of those assets for almost a year," he said.
Trader Crypto McKenna sees an improving technical setup, noting HYPE appears to be establishing a higher low following a deviation below its range low. Altcoin Sherpa is also looking for accumulation opportunities but would prefer a deeper correction, hoping to build a larger spot position if HYPE falls into the $40s.
Opening the US market could significantly expand Hyperliquid's user base and trading volume, potentially pressuring competitors such as dYdX and GMX to seek similar access. The push also points to increased institutional acceptance of decentralized derivatives platforms as Wall Street moves on-chain, with Robinhood and other brokers exploring crypto-native infrastructure. If approved, Hyperliquid would become one of the first decentralized exchanges to settle regulated perpetual futures on a public blockchain, setting a precedent for the broader DeFi sector. The outcome of the lobbying effort could shape how other decentralized platforms approach US market entry.
This article is for informational purposes only and does not constitute investment advice.
