Hyperliquid USD

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.

Iore, listed on the Tokyo Stock Exchange Growth Market, announced on July 28 that it acquired approximately 10 million yen worth of the crypto asset Hyperliquid (HYPE), holding about 1,078.25 tokens. This marks the first publicly disclosed acquisition of HYPE by a Japanese listed company. The company plans to make additional purchases in multiple tranches by the end of August, bringing the total acquisition amount to 100 million yen, and indicated a policy of holding HYPE as a strategic asset alongside Bitcoin. HYPE is the native token of the decentralized exchange Hyperliquid, and Iore sees high compatibility with trading by autonomous AI agents.

Prediction markets saw $113.8 billion in volume in the second quarter of 2026, a 48.7% jump from Q1, while spot trading volume on the top 10 centralized crypto exchanges fell 27.9% over the same period. Kalshi's share of outcome markets volume climbed to 58.9% from 42.4%, and Polymarket's share declined to 30.2% from 35.8%. Bitget Wallet's analysis of 857,000 Polymarket users found that 60% had never engaged in on-chain crypto trading before, suggesting prediction markets are attracting fresh money rather than solely draining crypto capital. Hyperliquid broke into the top 10 crypto assets by market cap in Q2 after its HIP-4 upgrade enabled outcome contracts, positioning it to absorb prediction market volume directly.

Solana and Hyperliquid exchange-traded funds are attracting fresh capital even as spot Bitcoin ETFs shed roughly $8.2 billion over an eight-week outflow streak ending July 6, with Ethereum funds also turning negative. Solana ETFs now hold about $904 million in assets, while Hyperliquid ETFs have pulled in $350 million since their May launch. The inflows into Solana funds suggest investors are buying the dip ahead of the Alpenglow upgrade, which is expected to cut transaction finality from 12.8 seconds to 150 milliseconds between August and October. Hyperliquid’s appeal stems from a value-accrual mechanism that routes nearly all protocol fees into continuous buybacks of its HYPE token, with over $1.3 billion spent to burn 4.7% of the maximum supply so far.

Bitcoin price rose 1.57% over the past 24 hours to $65,324, or approximately 2,196,846 Thai baht, with a 1.02% change over the past 7 days. Ethereum gained 4.27% to $1,953. Solana increased 3.01% to $76.63, and Hype rose 2.94% to $59.80.

Crypto news highlights for July 27, 2026, covering several key issues, such as movements by regulatory bodies like the SEC and CFTC, developments in blockchain projects like Hyperliquid and Injective, as well as new financial products such as spot Bitcoin ETFs and Samsung Wallet expanding features to support digital assets. There are also reports on prediction markets and the growth of stablecoins like USDC.

Hyperliquid's real-world asset markets have overtaken crypto as the exchange's largest trading category for the first time. RWA-linked contracts generated $25.1 billion in volume between July 13 and July 19, representing 52% of Hyperliquid's $48.2 billion weekly total. The category traded more than every other asset group on the decentralized exchange combined. Single-stock contracts accounted for 61% of RWA activity, ahead of equity indexes and commodities. Hyperliquid generated $7.6 million in revenue during the same week, ranking third among crypto applications behind stablecoin issuers Tether and Circle.

Bitwise Chief Investment Officer Matt Hougan named Hyperliquid and Robinhood as the two investments he expects to lead the next crypto bull market, while XRP was not included despite Bitwise running the largest U.S. spot XRP ETF. Hougan favors protocols that return revenue to token holders, noting that Hyperliquid spends 99% of its earnings buying HYPE, which has gained about 146% this year, while the XRP price fell around 38%. Major institutional deals on the XRP Ledger settle in Ripple's RLUSD stablecoin, cutting token holders out of the ledger's 388% tokenized asset growth. Hougan said in June that he expects prices much higher in a year across Bitcoin, Ethereum, Solana and XRP, but he does not expect XRP to lead.

Bitwise Chief Investment Officer Matt Hougan argues that the next crypto bull market will be driven by the convergence of traditional and onchain finance, not speculation. In a new memo, Hougan outlines two lanes: the Hyperliquid Lane, where crypto-native protocols like Hyperliquid generate significant revenue and route it back to their tokens, and the Robinhood Lane, where established companies build real financial services on blockchain rails, with Robinhood Chain already surpassing $3 billion in volume since its July 1 launch. He points to Uniswap, Aave, Morpho, and Pump.fun as protocols moving in the same direction, while citing Citadel's move into Crypto.com, Morgan Stanley onto E*TRADE, and the DTCC going live on tokenization as examples of traditional finance adoption. Hougan contends that because this cycle would be built on real financial activity and revenue, it could be larger than previous ones, even if it arrives more slowly and with less volatility.

Decentralized exchange Hyperliquid has announced the introduction of a new feature that allows anyone to create and operate their own prediction market, provided they stake 500,000 HYPE tokens, worth approximately 4.9 billion yen. This feature expands the prediction market construction mechanism known as HIP-4, enabling market operators to create markets and finalize outcomes without individual approval by using validator-approved standard templates. It will first be deployed on the testnet before rolling out to the mainnet, though no specific timeline has been disclosed. The staked 500,000 HYPE will be locked for six months and cannot be released until all created markets are settled. Market operators will receive up to 50% of the trading fees generated by the markets they create.

Hyperliquid has surpassed XRP in futures open interest. The altcoin, trading under the ticker HYPE, achieved this milestone amid strong price moves and impressive network activity. The development marks a notable shift in the derivatives market, where XRP had previously held a larger position.

Hyperliquid has soared 150% this year, becoming one of the crypto market's standout performers even as Bitcoin is down 30% and Bitcoin ETFs experience massive outflows. The cryptocurrency, which now ranks among the top 10 by market cap, first gained traction in 2023 with perpetual futures trading and is now expanding into tokenized equities, prediction market contracts, and financial derivatives. Hyperliquid posted $800 million in revenue in 2025 and is being described by Grayscale as a potential financial services juggernaut that could eventually challenge CME Group. However, it faces growing competition from Robinhood Markets, Coinbase Global, and Kalshi, and U.S.-based customers are currently blocked from using its trading platform despite being able to own the HYPE token.

The probability of a July Federal Reserve rate hike has fallen to just 22% after a weak June payrolls report and guarded remarks from new Fed Chair Kevin Warsh, easing rate-hike anxiety that has pressured cryptocurrency prices all year. Bitcoin, which saw record monthly outflows of $4.5 billion from U.S. spot ETFs in June, stands to benefit as shifting liquidity expectations may bring back marginal bids. Hyperliquid, the largest decentralized perpetual futures exchange, could gain twice—through higher trading volume powering its automatic HYPE token buybacks, which totaled $148.6 million in Q2 2026, and through a Coinbase deal that now remits most of the yield on USDC backing assets to Hyperliquid, generating over $135 million annually for additional buybacks. Even if rates rise, Hyperliquid’s yield from Treasury-backed cash equivalents would increase, creating a win-win scenario for the token.