Hyperliquid's HYPE token climbed above $77 on Friday to set a fresh all-time high, extending its advance for 2026 to nearly 200% as traders responded to improving cryptocurrency markets and growing prospects for regulated access to the United States.

HYPE Price Reaches Record Above $77

HYPE gained about 5% on Friday morning and moved above $77, setting a new all-time high. The rally extended gains that followed President Donald Trump's comments about potentially bringing Hyperliquid into the United States under federal rules.

The token has gained nearly 200% since the beginning of 2026, a performance that separates it from the broader trend among major cryptocurrencies. Bitcoin remains down about 12% this year, while Ethereum has fallen roughly 20% over the same period.

Speaking during a White House event this week, Trump said CFTC Chairman Michael Selig was working to bring Hyperliquid into the United States in a "fully compliant and legal fashion." The comments raised the prospect of a regulated route into the U.S. market for the perpetual futures platform.

Hyperliquid currently operates outside the United States and does not officially serve U.S. traders. The platform is a decentralized exchange that runs on its own purpose-built blockchain, and any entry into the country would depend on how its decentralized trading structure can comply with federal requirements governing derivatives and customer access.

Hyperliquid U.S. Prospects Put Perpetual Futures in Focus

Hyperliquid has built its business around perpetual futures, which allow traders to maintain leveraged positions without a fixed expiration date. The contract type was popularized in crypto after BitMEX introduced it in 2016 and has become one of the market's most heavily traded derivatives, though U.S.-regulated venues have traditionally listed futures with set expiry dates, leaving perpetuals largely to offshore platforms. Hyperliquid has also expanded into contracts linked to assets outside of crypto, including stocks and commodities.

Trading activity has grown alongside that expansion. Hyperliquid and Trade[XYZ] recorded almost $200 billion in notional volume during the previous month, based on figures compiled by executives at Hyperliquid Strategies.

The possibility of U.S. access has also affected companies linked to the platform and traditional derivatives markets. Hyperliquid Strategies, which follows a treasury strategy centered on accumulating HYPE, climbed as much as 31% after Trump's remarks.

Shares of traditional exchange operators, including Cboe and CME, moved lower as investors assessed how wider access to perpetual futures could affect established derivatives markets. Perpetual contracts remove the need to roll expiring futures positions into later contracts, a process that generates trading activity for conventional exchanges.

CFTC Developments Add to Hyperliquid Rally

The regulatory backdrop has shifted as the CFTC considers how to establish clearer rules for crypto markets. Selig has said the agency is prepared to move forward with crypto market structure proposals even if Congress fails to pass the CLARITY Act, a bill designed to clarify how oversight of digital assets is divided between the CFTC and the Securities and Exchange Commission.

Trump's reference to Hyperliquid provided a more direct link between those regulatory efforts and the decentralized trading platform. However, no formal approval for a U.S. launch has been announced, and questions remain around registration, market oversight and the treatment of decentralized protocols. U.S. derivatives exchanges have historically registered with the CFTC as designated contract markets, a framework built around centralized operators.

HYPE's latest record therefore comes as traders weigh both its growing perpetual futures activity and the possibility of U.S. market access. The token's nearly 200% year-to-date gain has continued even as Bitcoin and Ethereum remain lower for 2026.