Hyperliquid’s HYPE token surged by more than 25% over the past 24 hours after US President Donald Trump said regulators are working on a legal pathway to bring the decentralized trading platform to American users.
HYPE traded at around $73.27 at press time, up 25.7% on the day. The rally lifted the token’s market capitalization to roughly $18.49 billion, making it the ninth-largest cryptocurrency by market value.
HYPE price action over the past 24 hours (Source: CoinCodex)
Trump says CFTC is working on US pathway
The rally accelerated after Trump said Commodity Futures Trading Commission Chair Michael Selig is working to bring Hyperliquid into the United States in a “fully compliant and legal fashion.”
Trump made the comments during a White House event on Wednesday as he discussed efforts to bring perpetual futures markets onshore. Selig previously said regulators want to create a pathway for on-chain markets such as Hyperliquid to operate in the US under an appropriate regulatory framework.
The comments are particularly interesting because Hyperliquid’s primary interface currently restricts US persons under its terms of use. This is a limitation also disclosed in SEC filings for HYPE-linked investment products.
Hyperliquid dominates decentralized perpetuals
Hyperliquid has become the largest decentralized perpetual futures venue by trading volume. DefiLlama data shows the platform processed roughly $200.7 billion in perpetuals volume over the past 30 days, with open interest recently exceeding $10 billion.
A compliant US launch could therefore open one of crypto’s biggest derivatives platforms to a major new pool of traders.
The development also comes as the CFTC takes a more accommodating approach toward crypto derivatives. Reuters reported this week that Selig has already approved perpetual bitcoin futures. Industry executives now expect regulators to allow similar products tied to even more assets.
However, neither Hyperliquid nor the CFTC has announced a formal US launch plan, application or timeline.
