Hyperliquid USD

Major cryptocurrency exchange Binance announced on the 24th that it will list Hyperliquid (HYPE), the native token of the decentralized derivatives exchange operator Hyperliquid, on its spot market. Trading begins at 8:00 p.m. the same day Japan time, with three pairs offered: Tether (USDT), USDC, and Turkish lira (TRY). HYPE will carry the Seed Tag that the company applies to emerging projects, and trading requires users to pass a risk-awareness quiz every 90 days on the spot and margin trading screens and to agree to the terms of use. Deposits are already being accepted, and withdrawals are scheduled to begin at 8:00 p.m. Japan time on the 25th. Binance has offered HYPE perpetual futures with leverage of up to 75x since May 30, 2025, but had not handled the token on its global spot market, and the U.S. entity Binance.US had already begun spot trading earlier, on June 6, 2025.

Hyperliquid's HYPE token set its third all-time high in a week, trading at $95.17 on September 21, 2026, up 4.7% in 24 hours and 18.5% over the week, outpacing Solana at 13%, Bitcoin at 8.2%, Ethereum at 7.6% and XRP at 4.6%. The rally followed Payward, parent of the Kraken exchange, announcing on September 16 plans to offer perpetual futures for U.S. clients on Hyperliquid's blockchain through Bitnomial, a CFTC-regulated exchange and clearinghouse it owns, though the proposal still needs CFTC approval and former SEC attorney Ashley Ebersole estimates the process could take 10 to 12 months. Hyperliquid also launched manual lending on September 18, letting users borrow stablecoins against HYPE or Bitcoin as collateral, and users borrowed over $269 million on the first day. Only 251.5 million HYPE are in circulation out of a total supply of 951.6 million, about 26%, leaving roughly 700 million tokens locked and valued at around $66 billion at the current price as a future dilution threat. With no prior trading history above $95, traders are watching $100 as the next target and $90, near the September 6 record of $89.66, as the line below which a reversal could signal a double top.

Hyperliquid's native token HYPE has set a new all-time high and officially entered the top 10 largest cryptocurrencies in the world, according to CoinMarketCap. The move marks a fresh record for the decentralized exchange's token and lifts it into the ranks of the market's largest digital assets by valuation. One top analyst cited in coverage of the milestone predicts HYPE will reach a three-digit price tag of $100. No further figures on the token's market capitalization or the timing of the record were provided.

Near Protocol has launched the industry's first "confidential by default" perpetual contract trading on near.com, partnering with Hyperliquid, which serves as the core layer for execution and liquidity. Users can access more than 50 perpetual markets with leverage of up to 40x. The feature conceals all contract positions, including asset type, size, entry time, and trading direction, helping reduce the risks of front-running, strategy copying, and forced liquidations. This Perps trading runs on a multi-chain Confidential Intents pipeline, which has just reached a milestone of 70 million dollars in total locked asset value, and the network's USDC integration also enables payments between AI agents using stablecoins. However, this confidential Perps trading remains restricted in the United States and Canada for regulatory reasons. After the launch, NEAR surged 21.36% intraday, pulling back to trade at 3.21 dollars, while HYPE rose 10.82%, pulling back to trade at 86.72 dollars, after Payward, the parent company of Kraken, announced plans to bring Hyperliquid into the US market.

Hyperion DeFi CEO Hyunsu Jung called President Donald Trump's White House endorsement of Hyperliquid "extremely positive," saying the administration's push to bring the decentralized exchange to the U.S. market in a fully compliant and legal fashion, along with support from agencies like the CFTC, clears the way for broader adoption. Hyperion DeFi holds roughly 1.93 million HYPE, worth over $166 million, on its balance sheet, making it the second-largest HYPE treasury company after Hyperliquid Strategies Inc., and Jung said the company plans to consistently accumulate the token, funded by revenue from expanding business lines and accretive purchases through public markets. Jung added that more HYPE ownership is beneficial given the trend that future new primitives on Hyperliquid will require some quantity of HYPE stake, though he clarified the company is not solely focused on accumulation, running institutional-grade validators for native staking rewards and allocating HYPE to core DeFi primitives such as lending, borrowing, and vault strategies. The HYPD stock is up 37% in a month, while the HYPE token has surged 58%. Hyperion DeFi raised its full-year 2026 adjusted gross profit guidance to $7 million-$8 million, up from $5 million-$7 million, and the Nasdaq-listed company also authorized a $20 million share repurchase program.

Major crypto exchange Coinbase has added support for two new wrapped assets: Zcash (ZEC) and Hyperliquid (HYPE). The exchange now allows users to trade and custody these wrapped tokens, which represent the underlying assets on other blockchains. This move expands Coinbase's offerings amid growing interest in wrapped assets and decentralized finance. No further details were provided regarding the specific trading pairs or availability regions.

Hyperliquid (HYPE) has officially joined the regulated Nasdaq CME Crypto Index, a significant milestone for the institutional cryptocurrency market. The index, which already includes Bitcoin, XRP, and other leading digital assets, now incorporates Hyperliquid as a component. This addition underscores the growing acceptance of Hyperliquid within mainstream financial infrastructure. The move is expected to enhance Hyperliquid's visibility among institutional investors and further integrate it into the regulated trading ecosystem.

Iore, listed on the Tokyo Stock Exchange Growth Market, announced on August 31 that it has made additional acquisitions of the cryptocurrency Hyperliquid (HYPE), bringing the total acquisition amount since its initial purchase on July 28 to 100 million yen. The latest additional acquisition was conducted from July 30 to August 31, with approximately 8,709.57 HYPE acquired at a total cost of 89.915336 million yen, and an average acquisition price of about 10,324 yen. Including the initial purchase, the cumulative acquisition stands at approximately 9,787.82 HYPE, with a total cost of 100 million yen and an average acquisition price of about 10,217 yen. The company described this acquisition as part of its strategic efforts toward realizing its next-generation financial infrastructure initiative, the "Neo Crypto Bank," and stated that it will continue to consider additional acquisitions of digital assets while monitoring market conditions, liquidity, and its own financial situation. Additionally, on September 1, it joined the Japan Cryptoasset Business Association (JCBA) as an associate member, aiming to contribute to the formation of sound rules across the industry.

Bloomberg reported on August 31 that Hyperliquid Labs, the developer of decentralized exchange Hyperliquid, is in talks with Payward, the parent company of Kraken, to offer crypto perpetual futures in the United States. The discussions are at an advanced stage, but no agreement has been reached, and regulatory approval has not been obtained. If an agreement is reached and approved, US users would be able to trade certain perpetual futures linked to prices on Hyperliquid's blockchain through Bitnomial, a subsidiary of Payward. Payward has submitted a proposal to the US Commodity Futures Trading Commission (CFTC) outlining the basic framework of the plan. Payward completed its acquisition of Bitnomial on May 1 and had indicated it would leverage Bitnomial's functions as a CFTC-regulated exchange, clearinghouse, and futures commission merchant. On August 19, at a meeting with President Trump, CFTC Chairman Michael Selig expressed efforts to bring Hyperliquid into the US in a compliant manner, with the Bitnomial proposal being discussed as one option.

Crypto token buybacks reached a record $638 million this year, up from $545 million during the same period last year and just $366,000 in 2024, according to a report discussed by Scott Melker on Yahoo Finance's "The Daily Wolf." Hyperliquid and pump.fun account for 90% of that total, with Hyperliquid spending $370 million and pump.fun approximately $200 million. Hyperliquid directs almost all of its platform revenue towards buying its own token, while pump.fun allocates about 50%. This marks a shift from Bitcoin treasury companies that bought Bitcoin without planning for cash flow, and from past altcoins that lacked utility. Investors increasingly favor tokens with recognizable financial value accrual, as seen when Ethena announced a similar buyback and its token rose about 20%.

Intercontinental Exchange and Nasdaq shares declined on Monday following a Bloomberg report that decentralized crypto trading platform Hyperliquid is in talks with Kraken's parent company about entering the U.S. market. Intercontinental Exchange dropped 1.5%, while Nasdaq fell 1.4%. According to the report, Hyperliquid Labs is in advanced discussions to bring its perpetual futures to U.S. traders through Kraken's parent company Payward, weeks after President Donald Trump said his administration was working to bring the platform into the U.S. The deal, if approved by regulators, would allow U.S.-based traders to use Payward's Bitnomial exchange to trade some perpetual futures tied to the price of crypto tokens built on Hyperliquid's blockchain technology. This would mark the first entry into the U.S. market by Singapore-based Hyperliquid Labs, whose crypto platform has grown in popularity with traders but remains unavailable to U.S. customers. The monetary terms of the deal were not disclosed. Payward has reportedly presented the Commodity Futures Trading Commission with a proposal outlining the basic structure. Payward's subsidiary Bitnomial, a U.S.-regulated digital asset exchange and clearinghouse, would allow its registered users access to a subset of Hyperliquid's crypto-linked futures. The structure would address the main issue that has kept Hyperliquid out of the U.S. As a decentralized platform, Hyperliquid does not have a central operator for the more than $4 billion in volume that the platform handles daily.

A bipartisan group of former SEC and CFTC officials is urging regulators to adopt a lighter touch in defining derivatives jurisdiction, warning that overly burdensome rules could keep the lucrative crypto perpetual futures market offshore. In a comment letter, former CFTC Chairman Chris Giancarlo, former CFTC Commissioners Brian Quintenz and Sharon Brown-Hruska, former SEC Commissioner Steven Wallman, and former SEC Chief Economist Chester Spatt argue that similar risks should face similar regulatory treatment and that overlapping rules shouldn't pile on additional compliance costs. The letter comes as the SEC and CFTC seek public input on swaps and novel products, and as the CFTC looks to bring perpetual futures onshore, with President Trump saying CFTC Chairman Michael Selig is working to bring Hyperliquid into the U.S. Kalshi, which sponsored the letter, estimates offshore perpetuals trading topped $90 trillion in 2025, up from around $28 trillion two years earlier. Separately, the SEC has sent a planned rewrite of its crypto custody rules to the White House for review, aiming to clarify how investment advisers can custody digital assets, and its 'Reg Crypto' proposal is open for comment until October 20.

On the 26th, Hyperliquid Policy Center (HPC), the policy advocacy arm of decentralized crypto exchange Hyperliquid, and Trade XYZ, a third-party market maker on the exchange, jointly submitted a comment letter to the U.S. Commodity Futures Trading Commission (CFTC) requesting a framework to allow perpetual futures on crude oil and natural gas in U.S. regulated markets. Both parties also expressed support for 24/7 trading. The letter cited the military conflict in the Middle East that occurred on February 28 this year, explaining that while traditional crude oil futures markets were closed over the weekend, trading continued on Hyperliquid's oil-linked perpetual futures, with about two-thirds of the price movement being priced in on-chain ahead of the benchmark reopening. According to HPC's research, in about 75% of cases where markets were closed over the weekend, the weekend price of crude oil perpetual futures was closer to the price after Sunday's reopening than to Friday's closing price. The letter also requested that stablecoins and tokenized traditional assets be allowed as margin, and sought approval for on-chain infrastructure in trading, clearing, and settlement. Since Trade XYZ began operations in October 2025, it has recorded cumulative trading volume exceeding $500 billion in markets such as WTI crude oil, Brent crude oil, and Henry Hub natural gas. In May, the CFTC for the first time allowed the listing of perpetual futures on U.S. exchanges, limited to those referencing crypto assets, and in June it solicited comments on energy perpetual futures and 24-hour trading. On the 24th, HPC also submitted another comment letter to the U.S. Securities and Exchange Commission (SEC) and the CFTC, requesting that perpetual futures be uniformly classified as "futures contracts" rather than "swaps," regardless of the underlying asset.

The Hyperliquid Policy Center, a policy advocacy group for Hyperliquid, submitted a comment letter to the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission on August 24, calling for the adoption of a unified classification framework for perpetual contracts. The letter responds to a joint request for comment issued by the two commissions in June on the definitions of swaps and security-based swaps, and argues that whether a perpetual contract is a future or a swap should be determined by the contract's economic structure and trading mechanics, not by the reference asset. If a contract has the characteristics of a future—standardization, fungibility, future delivery, and offset by opposite trades—it should be treated the same whether it references bitcoin, crude oil, or individual stocks. As the market has grown without a settled classification, activity has flowed offshore, and CFTC Acting Chairman Michael Selig has said the question is whether it will exist under U.S. oversight and standards. President Donald Trump said at the White House on the 19th that Selig is working to bring Hyperliquid into the United States in a fully compliant and lawful manner, and the native token HYPE rose sharply afterward. Hyperliquid has accumulated $480 billion in trading volume and about $4 billion in open interest in the HIP-3 market alone over ten months. CME Group and Intercontinental Exchange are seeking to bring it under regulation, citing price manipulation risk, and CME sued the CFTC in June. In Japan, the revised Financial Instruments and Exchange Act was enacted in July, classifying crypto assets as financial instruments under the law, but industry self-regulation limits leverage for retail investors to two times, and perpetual contracts referencing stocks or crude oil are not offered. If the United States resolves the classification issue, it could also influence domestic regulatory design in Japan.

Coinbase Global has integrated Hyperliquid's perpetual futures into its Base App, adding access to leveraged derivatives on crypto, tokenized stocks, and commodities. The launch expands the Base App to more than 290 markets, with leverage of up to 50x available to eligible users. This move broadens Coinbase's product range beyond spot crypto trading and introduces more complex trading tools alongside the app's existing social features.

Lion Group Holding Ltd. says it remains committed to holding its Hyperliquid tokens, maintaining an approximately 195,000-token position as part of its cryptocurrency treasury management strategy. The company said the HYPE holdings were valued at approximately $15.8 million as of August 24, 2026, based on prevailing market prices, while confirming it has not sold any tokens since establishing the position. Lion Group also highlighted recent developments surrounding Hyperliquid, including on-chain perpetuals trading volumes, protocol revenues and continuing protocol upgrades. The company pointed to public discussion of potential U.S. regulatory pathways, integrations by major platforms and institutional interest through spot HYPE ETFs as factors contributing to increased attention around the ecosystem. Lion Group said it will continue monitoring market developments and provide updates when appropriate.

Altcoins have come back to life, with total market value rising by about 215 billion dollars between August 19 and 22, pushing Total2, the combined market cap of all cryptocurrencies excluding Bitcoin, back above 1 trillion dollars. On Binance, 56 percent of altcoins are trading above their 200-day moving average, a reversal from the prior period when 80 to 85 percent of tokens were below that level. Zcash jumped 71.3 percent over the week to near 832 dollars, leading all top 50 assets, while XRP gained 48.7 percent to near 1.47 dollars and Hyperliquid added 38.4 percent to near 80 dollars. Pump.fun rose 81 percent over the week after announcing zero trading fees for tokens on Solana. Even Bitcoin and Ethereum gained more than 20 percent over the week, with Bitcoin trading near 77,000 dollars and Ethereum near 2,437 dollars.

Hyperliquid's HYPE token surged 20% on August 19 after President Donald Trump said CFTC Chair Michael Selig is working on a pathway for the decentralized crypto derivatives exchange to operate legally in the United States. Hyperliquid currently blocks U.S. users due to legal uncertainty around its perpetual futures contracts, so potential U.S. access could be a major catalyst. However, no official CFTC approval or regulatory process has been announced, and some features may remain restricted even if access is granted. The exchange's revenue peaked at $357 million in Q3 2025 and has declined for three straight quarters to $202 million in Q2 2026, with most trading fees used to buy back and burn HYPE tokens. The article argues the coin is worth buying despite the preliminary nature of the news, citing potential tailwinds from U.S. entry and an eventual crypto market recovery.

The cryptocurrency market rallied sharply today, with Bitcoin climbing above 70,000 dollars and Ethereum gaining about 20 percent in a single day, while many other altcoins rose only around 5 to 7 percent. The move was driven by the liquidation of short positions worth 1.2 billion dollars within one hour, alongside a new measure from the U.S. Treasury to increase buybacks of long-term government bonds from 2 billion dollars to at least 4 billion dollars per month, starting from September 9 through November 4, to ease pressure on long-term yields. In addition, President Donald Trump met with major crypto executives at a White House summit and said the government is considering holding Bitcoin in a significant size, as well as bringing Hyperliquid into the United States legally, sending the HYPE token up about 11 percent. Meanwhile, Injective received SEC registration for transfer agent services, supporting its push into tokenized assets. U.S. spot Bitcoin ETFs recorded inflows for a third consecutive day, with more than 8,000 Bitcoin purchased through ETFs in the latest session, and BlackRock alone bought more than 4,000 Bitcoin. The next key price levels for Bitcoin are 73,000 to 75,000 dollars and 80,000 to 82,000 dollars, while Ethereum needs to clear 2,400 to 2,500 dollars to strengthen its recovery.

On-chain analytics account Lookonchain reported on August 20 that a new wallet on the decentralized exchange Hyperliquid had built a long position of 20,000 ETH and was sitting on unrealized gains of about 6.66 million dollars, or roughly 1.07 billion yen, at the time of posting. The wallet deposited 20 million USDC, about 3.2 billion yen, and used 4x leverage to build a long position equivalent to 20,000 ETH, with the position size reaching about 45.38 million dollars, or around 7.26 billion yen, at the time of posting. The move came amid a sharp rally in ETH on the 20th, when ETH briefly climbed to 2,311.8 dollars on Bitstamp, a gain of about 20 percent from the previous day's close of 1,916.5 dollars. In addition, the platform's core token HYPE also rose about 20 percent after US President Trump revealed on the 19th that CFTC Chairman Mike Selig was working on bringing Hyperliquid to the United States.

President Donald Trump said Michael Selig, chairman of the CFTC, is working to bring perpetuals trading platforms such as Hyperliquid into the United States in a fully lawful and compliant manner. Speaking at a joint press conference with technology leaders and heads of federal agencies on Wednesday, Trump said Selig is working to bring perpetual futures markets into the country. The CFTC previously approved KalshiEX and Coinbase to list bitcoin perpetuals in the US for the first time. JPMorgan analysts said blockchain-based perpetual platforms such as Hyperliquid have surged in popularity because non-crypto traders are turning to 24-hour markets to access certain assets such as oil outside traditional market hours. Traditional exchanges such as CME and ICE are concerned that such platforms could be used to manipulate prices and distort markets, and want them to register with the CFTC, according to a Bloomberg report. After the press conference, Hyperliquid's HYPE token rose 17% over the past 24 hours, according to price data from The Block, while the 21Shares Hyperliquid ETF, Bitwise Hyperliquid ETF and Grayscale Hyperliquid Staking ETF rose nearly 20% in Wednesday's session. Hyperliquid Strategies, listed on Nasdaq, rose 30.4% on the same day. Trump also called on members of Congress to pass the Clarity Act, a broad cryptocurrency bill that would provide comprehensive federal oversight of the industry for the first time, describing it as a very structured and powerful law that would help the United States stay ahead of China and all other countries.

Matt Hougan, chief investment officer at crypto asset manager Bitwise, said in a blog post on August 12 that crypto valuations could at least double. According to Hougan, crypto assets beyond bitcoin are becoming a revenue-driven market, with network activity increasingly reflected in the value of native tokens. He noted that investors have not yet priced in this shift, and some crypto assets are undervalued. He cited Hyperliquid, Uniswap, Aave, Pump.fun, and Lighter as protocols that buy back tokens with fees or remove them from circulation. For example, Hyperliquid used about 99 percent of its roughly 800 million dollars in revenue last year to buy back and burn its native token HYPE, and has burned a cumulative 1.3 billion dollars worth. Hougan expects decentralized finance applications and other layer-1 networks to adopt similar revenue-generation mechanisms over the next 12 to 24 months. However, he cautioned that token holders do not have legal claims to cash flows like shareholders, and tokenomics can change. If the link between revenue and price becomes established, crypto assets could be valued using metrics closer to equities, further expanding room for institutional participation.

Hyperliquid is exploring a path into the U.S. perpetual futures market by pressing federal regulators for rules that could bring onchain derivatives under a regulated domestic framework. Hyperliquid Policy Center CEO Jake Chervinsky said the goal is for regulators to interpret existing rules favourably or create new ones that would allow regulated firms to offer perpetual futures using markets built on Hyperliquid. In July, the Hyperliquid Policy Center and Phantom asked the Commodity Futures Trading Commission to clarify that developers of onchain software should not automatically face exchange or clearinghouse registration requirements, and urged regulators to let registered firms use blockchain infrastructure for execution, margining, clearing and settlement. The groups argued that self-custodial markets do not fit neatly into rules written for traditional intermediaries because users retain control of their own funds, and their filing said the current framework leaves American users walled off from onchain derivatives while development continues offshore. About 32% of Hyperliquid's second-quarter trading volume was linked to stocks and other real-world assets, potentially placing parts of the business across both CFTC and Securities and Exchange Commission jurisdiction.

Hyperliquid's HYPE token is more likely to recover before XRP, according to an analysis from 24/7 Wall St. HYPE trades near $55, about 28% below its June 16 all-time high of $76.70, but still up more than 160% from its 52-week low of $20.50. XRP trades at $1.02, roughly 73% below its all-time high, and has lost about $146 billion in market value over 13 straight months of declines. XRP's recovery hinges on a Senate cloture vote on the CLARITY Act on September 15, with Polymarket odds of the bill becoming law this year at 14%, down from 82% in February. HYPE's Assistance Fund buys between $53 million and $83 million of HYPE monthly from trading fees, but monthly token unlocks worth roughly $548 million dwarf that support.

The crypto industry is facing a major shakeout crisis, with more than 100 projects shutting down, filing for bankruptcy, or disappearing in 2026, according to data from RootData. In late July alone, four major players closed simultaneously: exchanges BitMEX and BitMart, Movement Labs, and Storj Labs. The main cause is that treasuries holding their own tokens saw values drop 70 to 90 percent in the bear market, depleting operating funds. This was compounded by hacks causing over 1.1 billion dollars in damage in the first half of the year, with North Korean hacker groups accounting for 66 percent of total losses. Meanwhile, surviving projects share a common trait: generating real revenue from fees. For example, Hyperliquid has accumulated 1 billion dollars in fees and commands a 70 percent share of the decentralized perpetuals market.

Hyperliquid closed the second quarter of 2026 with a 79% surge in its HYPE token, marking one of the strongest performances in the digital asset industry, according to its recent report. The platform's breakout quarter was driven by significant growth in trading volume and user adoption. Specific financial figures and operational metrics were detailed in the report, underscoring Hyperliquid's rapid ascent in the decentralized exchange space.

S&P Global and Pantera Capital launched a new digital asset index that excludes Bitcoin and XRP while including Ethereum, Solana, and Hyperliquid. The S&P Pantera Digital Asset Index selects tokens based on protocol revenue and mechanisms that return value to holders, such as buybacks, burns, or staking rewards. Bitcoin was omitted because its transaction fees go to miners rather than holders, and XRP was excluded due to negligible fee revenue that fails to meet the index's threshold. The index is designed for institutional investors seeking crypto assets with financial fundamentals, and it may eventually underpin an exchange-traded fund.

Hyperliquid has updated its platform to let anyone launch a prediction market by staking at least 500,000 HYPE tokens, worth about $30 million as of July 29. The stake serves as collateral rather than a fee, and the move builds on outcome markets that debuted in May 2026 with validator-approved listings. While outcome contracts have generated only $391.8 million in volume since launch—compared with $424.1 billion from perpetual futures—the new feature could attract hedge funds by letting them hold perps and event contracts in one margin account. Because the platform uses most trading fees to buy back HYPE, any volume growth from prediction markets would accelerate the buybacks that have already removed roughly 4.7% of the token’s maximum supply from circulation.