When the Commodity Futures Trading Commission (CFTC) allowed Kalshi to begin offering the first regulated perpetual futures contracts in the U.S., it created some disruption in the cryptocurrency market. The price of HYPE, the token for the decentralized exchange Hyperliquid – a leading platform in this area – was a key sign of how investors were reacting.
When Kalshi launched, the price of HYPE initially fell by 3%, briefly reaching $62. Investors reacted by factoring in potential risks, as Kalshi’s entry as a regulated exchange in the U.S. could draw some investment funds away from decentralized finance (DeFi).
.@CFTC Approves BTCPERP Contract Submitted by KalshiEX, LLC:
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Until today, U.S. financial institutions haven’t been able to participate in the perpetual contracts market, which has seen massive growth – from $28 trillion in 2023 to $90 trillion in 2025. Now, Kalshi is providing them with direct access.
Why Hyperliquid (HYPE) rewrote price all-time high anyway
What started as a brief drop in price for the Hyperliquid token quickly turned into a surge of buying. The token not only recovered all its losses but also reached a new record high of $66.84. This surprising turn of events has led traders to reconsider the impact of U.S. regulations – it seems the legalization of perpetual futures contracts isn’t driving decentralized platforms out of business.
Honestly, this is a big relief for the whole crypto space. It means Hyperliquid’s approach is likely sustainable, and it lowers the chances of major regulatory issues cropping up and hurting everyone involved. As an investor, that’s exactly what I want to see – a project that can navigate the rules and keep building.
The shift in the market was also fueled by positive news when U.S. trading began. Reports from Reuters suggested easing tensions in the Middle East and a stable situation in the Strait of Hormuz, which encouraged investors to take on more risk in markets around the world.
The recent decision by the CFTC marks a significant shift for the derivatives market in the U.S. Rather than harming leading decentralized platforms, the agency’s approval of perpetual contracts has eased investor concerns, and Hyperliquid is now well-positioned to benefit from this evolving industry.
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2026-05-29 20:03