Hyperliquid’s HYPE token jumped more than 10% as Kalshi began offering CFTC-regulated perpetual futures for U.S. traders, a move that also pushed HYPE ahead of XRP in derivatives open interest. The launch, combined with improved macro-risk sentiment after U.S. President Donald Trump said progress had been made toward a possible peace agreement with Iran, helped lift the token from near $52.70 to around $58.65 by the time of reporting.
Key takeaways
- Price move: HYPE rose more than 10%, rebounding from a session low of $52.70 to trade around $58.65.
- Catalyst: Kalshi launched CFTC-regulated perpetual futures tied to HYPE for U.S. traders, removing a waiting list and introducing zero trading fees for a limited time.
- Derivatives activity: HYPE futures open interest increased 10.7% in 24 hours to $2.48 billion, surpassing XRP’s $2.45 billion after XRP’s open interest rose 1.6%.
- Market implication: The derivatives setup suggests traders are positioning for further upside, but the token remains under key technical levels near $63.
- Bigger picture: Analysts cautioned that HYPE may still be closely linked to Bitcoin’s next directional move despite its relative outperformance.
What drove the move
Kalshi said it has started listing HYPE perpetual futures on its prediction market platform after receiving Commodity Futures Trading Commission approval. According to Kalshi, the product is now available to U.S. traders, with the waiting list removed and zero trading fees introduced for a limited time.
The exchange’s rollout is part of Kalshi’s broader push into perpetual futures. Earlier offerings under its American Perpetuals brand included contracts tied to Solana and XRP, which Kalshi said are CFTC-regulated perpetual futures that do not expire.
On timing, Kalshi also indicated that perpetual futures tied to Dogecoin, Stellar, Chainlink, Bitcoin Cash, Litecoin, Sui, Shiba Inu, Polkadot, and Hedera could be added in the coming days.
Separately, macro-driven risk appetite received a boost after Trump said progress had been made toward a possible peace agreement with Iran. The comments eased concerns about previously discussed military action, and sentiment improved across risk assets, according to the article’s account of market reaction.
Market reaction and derivatives positioning
Derivatives data showed the policy and product news translated into immediate positioning. CoinGlass data cited in the report indicated HYPE futures open interest climbed 10.7% over the prior 24 hours to $2.48 billion. Over the same period, XRP open interest increased 1.6% to $2.45 billion, allowing HYPE to overtake XRP in total futures interest.
In price terms, CoinGecko figures cited in the report showed HYPE rallied from $52.70 to an intraday high of $59.42 before trading around $58.65 at the time of reporting.
In addition to the exchange listing, liquidation mapping suggested traders were concentrated around several key price zones. The report referenced CoinGlass liquidation heatmap levels showing a dense cluster of short liquidations between $60 and $61, with other liquidity concentrations around $63 and $65.9. On the downside, liquidity clusters were noted near $54 to $55.
That configuration can matter because liquidation events may amplify moves when price approaches dense liquidity pockets. The article’s analysis also noted that HYPE was attempting to stabilize after backing away from a local high near $75, implying the rally has not fully erased earlier overextension.
Technical picture and what investors are watching
Technical indicators referenced in the report suggested HYPE remains in a transitional phase. Daily-chart Bollinger Band data placed the upper band near $74.5, the mid-band around $63, and the lower band close to $51.4. The article said current price action stayed below the mid-band near $63, meaning the token would likely need to reclaim that area before momentum improves meaningfully.
Relative strength measures also pointed to a recovery that is not yet fully confirmed. The report cited a 14-day Relative Strength Index recovering to roughly 50 from earlier readings above 70 during the June rally. It also said the RSI remained below its moving average near 59, indicating buyers had not fully regained control of the trend.
Overall, the near-term trade setup described in the report emphasized two levels: $60 to $61, where short liquidations could support further upside, and $54 to $55, where notable liquidity concentrations could become a key support reference if upside stalls.
What analysts say about follow-through
Crypto analyst Altcoin Sherpa said on higher time frames that reclaiming the $57 area would be constructive for HYPE, according to the report. Sherpa also argued that despite HYPE’s strength relative to many altcoins earlier this year, it may not trade independently of Bitcoin for long.
The report further cited Sherpa’s view that HYPE could revisit the low $50s or even the high $40s if momentum fades, underscoring that derivatives activity and exchange access do not eliminate broader market correlation risks.
What to watch next
Investors will likely focus on whether HYPE can reclaim the $63 Bollinger midline and sustain trading above it, a development the report framed as a prerequisite for stronger momentum. With Kalshi planning additional perpetual listings in the days ahead, market attention will also turn to whether new product launches drive further open interest and volume. On the macro side, traders are likely to monitor follow-through on U.S.–Iran diplomacy and upcoming U.S. economic releases for signals on risk appetite and rate expectations.
