The decision by the Commodity Futures Trading Commission (CFTC), which opened the way for Kalshi to launch the first regulated perpetual futures in the United States, caused turbulence across the crypto market. The main indicator of sentiment was HYPE, the token of decentralized exchange Hyperliquid, which maintains dominance in this sector.
Hyperliquid launched HIP-4 outcome contracts on Trust Wallet, making it the first major wallet to integrate them. Contracts are priced between $0 and $1, with no leverage or liquidation risk, and maximum loss is limited to the position size.
Grayscale filed a fourth amendment for its Hyperliquid ETF, HYPG, with a seed capital plan of 2 million HYPE tokens valued at around $113 million. Bloomberg analyst James Seyffart indicated that Grayscale's product is approaching launch, though the management fee has not yet been disclosed.
Hyperliquid's rise pressures traditional exchanges to innovate, potentially reshaping trading hours and market dynamics globally. Hyperliquid hits new all-time high after CFTC perp approval, NYSE boss endorsement.
Grayscale is negotiating a $115 million HYPE-for-shares seed swap for its proposed Hyperliquid staking ETF, in a move that deepens Wall Street's exposure to on chain derivatives.
Reasons why Hyperliquid's trade is bullish in the long term.
The man who built the modern NYSE just said Hyperliquid is bigger than Nasdaq. JPMorgan says the debasement trade is unwinding.
With double-digit gains, Hyperliquid's native token HYPE emerges as the clear winner among the largest assets in the cryptocurrency market, while Bitcoin, Ethereum, Solana, and XRP struggle to maintain their momentum. HYPE is the only asset in the top five cryptocurrencies by futures open interest to see significant growth, according to the most recent market data, which shows that it has increased by more than 11% in the past day.
The SPACEX-USDH perpetual on Hyperliquid's Ventuals market crashed 45% after Notice.co's oracle mishandled SpaceX's 5-for-1 stock split, triggering liquidations across 405 users and 1,393 trades.
Ventuals to compensate traders after faulty oracle data sent SPACEX perps down 45% on Hyperliquid, wiping $1.51 million.
Grayscale has filed a fourth HYPG amendment with a potential 2M HYPE seed plan as HYPE pulled back near $56.93.
A competitive race has emerged between two prominent cryptocurrency asset management firms seeking to provide mainstream investors with access to Hyperliquid, a decentralized trading platform establishing itself as critical financial infrastructure.