Hyperliquid’s HYPE Hits Record After CFTC Approval, ETF Inflows

Hyperliquid’s HYPE token reached a record $68.64 on May 30. The rise followed the CFTC’s May 29 approval of KalshiEX’s Bitcoin perpetual futures contract and two U.S.-listed HYPE spot ETFs reporting $136 million in combined net inflows within 13 trading sessions. HYPE rose about 50% during May and recorded more than $1.4 billion in single-day trading volume.

The CFTC cleared KalshiEX’s BTCPERP on May 29 under Section 5c(c)(4) of the Commodity Exchange Act, making it the first Bitcoin perpetual futures product approved for listing on a U.S.-regulated exchange. CFTC Chairman Mike Selig described the approval as bringing perpetual futures “onto regulated exchanges that uphold customer protections and market integrity.” The agency also issued a 24/7 trading advisory noting that cryptoasset derivatives may suit continuous trading.

Bitwise’s BHYP and 21Shares’ THYP together reported $136 million in cumulative net inflows by May 29. Research from Kairos found the HYPE spot ETFs absorbed about 1.04% of HYPE’s market capitalization in their first 10 trading days. Data from Farside Investors showed combined inflows of $68 million in the week ending May 22, compared with about $6.9 million in the initial partial launch week. Bitwise directs 10% of BHYP’s management fees to buy and stake HYPE on its corporate balance sheet. Grayscale has a pending filing for a staking ETF.

ICE chairman and CEO Jeffrey Sprecher called Hyperliquid “bigger than Nasdaq” in trading activity and noted meetings between his team and Hyperliquid’s founders. Sprecher pointed to a SpaceX perpetual futures market on Hyperliquid ahead of the company’s June 11 public listing. Market figures cited by participants show Hyperliquid clearing roughly $180 billion in monthly perpetual futures volume and holding more than 70% of the decentralized perpetual futures market.

Grayscale provided figures including $800 million in projected 2025 revenue, $2.9 trillion in perpetual futures volume and about $10 billion in open interest. Hyperliquid’s protocol directs nearly 99% of its revenue to daily open-market HYPE buybacks, which reduces circulating supply as ETF and other buying demand increases.

Hyperliquid geofences U.S. users and operates outside the U.S. regulatory perimeter. The CFTC approval creates a regulatory path for perpetual futures in U.S.-regulated markets but does not change Hyperliquid’s operating jurisdiction. Regulated U.S. venues such as Coinbase and Kalshi have compliance infrastructure and U.S. customer bases that could attract traders who prefer domestic platforms.

Market participants flagged risks including competition from regulated U.S. platforms, unresolved regulatory questions around tokenized equities and prediction-style markets, and the possibility that ETF inflows could reverse if momentum slows.