Hyperliquid Rallies to $67 After CFTC Clears Perpetual Futures

HYPE reached $67.24 during trading on May 29. The rise followed a May 28 decision by the U.S. Commodity Futures Commission to approve a bitcoin-linked perpetual futures product for KalshiEX, and the agency indicated it would permit certain perpetual products at Coinbase.

Hyperliquid was not named in the CFTC approval. The token had passed a prior high near $64 the week before and extended gains to the late-May peak.

Grayscale published a research report titled “Hyperliquid Breaks the Mold” describing the protocol as a breakout success. The firm reported Hyperliquid processed about $2.9 trillion in perpetual volume in 2025, held roughly $7 billion in open interest, and that HYPE accrued around $800 million in fees during the year.

Grayscale filed a third amended registration statement with the Securities and Exchange Commission on May 22 for a spot Hyperliquid exchange-traded fund under the ticker GHYP. Rival issuer 21Shares launched its own Hyperliquid ETF on May 12.

Hyperliquid operates a fully on-chain order book for perpetual futures, offering continuous trading and allowing users to retain custody of their assets. The protocol directs a portion of trading fees to buy back HYPE tokens, which reduces circulating supply as volume rises. On-chain records show wallets that analysts link to Andreessen Horowitz accumulated tens of millions of dollars in HYPE beginning in mid-April.

Market participants are watching how regulatory developments and ETF filings affect institutional flows into HYPE. Analysts note that inflows from institutional channels remain untested and that high leverage common in derivatives trading could cause rapid price swings if sentiment shifts.