HYPE gains support from Kraken and whale staking.
Hyperliquid is rapidly establishing itself as a major decentralized finance platform, demonstrating how blockchain infrastructure can support high-speed, continuously traded financial markets. Best known for perpetual futures, the decentralized exchange combines an onchain orderbook with blockchain settlement, allowing trading around the clock.
In today's newsletter, Michael Zhao from Grayscale Research on how Hyperliquid moved exchange-level trading onchain, and why its prices are starting to matter beyond it.
This integration enhances institutional trading efficiency while maintaining security, potentially increasing decentralized derivatives market participation. Hyperliquid integrates with BitGo self-custody wallets to streamline institutional trading.
Open Interest on Hyperliquid has reached levels not seen in nearly eleven months. Data from DefiLlama shows that OI crossed the $14 billion mark on September 4 and now reads at $14.669 billion.
Jump Trading's Hyperliquid volume nears $150 billion, making the firm responsible for nearly 8% of perpetual futures activity overall.
HYPE still targets $100 after the USELESS listing, but weakening momentum raises the risk of a near-term pullback toward $75.
Hyperliquid is among the platforms that could be affected by the lawsuit that CME Group filed against the Commodity Futures Trading Commission (CFTC), after the regulator approved the first perpetual futures contracts on a regulated U.S. exchange. In response, the organization Healthy Perps Coalition (HPC), represented by former Solicitor General Elizabeth Prelogar of the firm Cooley LLP, filed an amicus brief with the U.S.
The Hyperliquid Policy Center accused CME Group of stifling innovation and urged a court to dismiss the exchange's lawsuit against the CFTC.
Renzo Protocol rebranded as Renzo Finance and launches Renzo Basis, its first onchain yield product, built on the Hyperliquid network. The product automates a basis trade by combining spot and perpetual positions, generating yield from funding rates. Renzo Finance competes with Ethena and Bitwise's Superstate, differentiating itself by being fully onchain, self-custodial, and user-configurable.
The Hyperliquid Policy Center has asked a federal court to dismiss CME Group's lawsuit against the CFTC, arguing that the derivatives exchange lacks standing and cannot rely on the Commodity Exchange Act provisions cited in its complaint.
Hyperliquid price remained close to its record high on Sep. 9 as buyers absorbed an estimated $820 million token unlock, although weakening daily momentum and heavy liquidity near $87–$90 could slow the next advance.