HYPE, the native token of on-chain perpetual futures platform Hyperliquid, has surged past $83 following reports that Payward, the parent company of crypto exchange Kraken, is in discussions about bringing Hyperliquid’s products to the US market. The token’s market cap swelled to between $17 billion and $21 billion during the rally.
Weekly gains topped 35% as traders priced in the possibility that America’s most restricted crypto market segment, on-chain perpetual futures, might finally get a compliant on-ramp.
What’s driving the rally
The price action kicked into gear after President Donald Trump remarked on August 19-20 that the Commodity Futures Trading Commission was taking steps to onboard Hyperliquid in a compliant manner. Those comments alone sent HYPE up roughly 19-20% in a single session, with the token hitting intraday highs around $77.55 on August 21 before continuing its climb above $83.
Payward acquired Bitnomial, a CFTC-licensed exchange, giving it the derivatives licensing infrastructure that most crypto firms simply don’t have.
