Decentralized perpetual futures exchange Hyperliquid is pursuing regulated entry into the United States market, according to a report by The Information. The exchange aims to offer its derivatives products to US-based users through an existing regulatory framework. Hyperliquid currently operates exclusively offshore but has experienced significant growth over the past year, positioning itself among the largest onchain perpetuals venues by trading volume. The effort comes as several crypto-native platforms have sought clearer paths to offer derivatives within US jurisdiction, where the Commodity Futures Trading Commission has historically regulated commodity futures, including those tied to digital assets.

Hyperliquid Policy Center Engages CFTC

The Hyperliquid Policy Center (HPC), a research and advocacy group launched earlier this year, is actively engaging with US regulators to advocate for onchain trading. Last month, HPC jointly submitted a letter to the Commodity Futures Trading Commission (CFTC) alongside Phantom, urging the agency to modernize its framework and permit regulated access for onchain derivatives platforms.

The groups requested that the CFTC exempt developers of onchain software from exchange or clearinghouse registration requirements. They argued that existing rules were designed for traditional custodial intermediaries and should not fully apply to self-custodial markets, where users retain direct custody of their own assets.

Separately, HPC wrote to the CFTC Agricultural Advisory Committee, urging the Commission to allow US participation in the onchain perpetuals market. In that letter, the advocacy group called for gradual regulation of perpetual futures contracts and emphasized how blockchain technology can improve the efficiency of execution, clearing, and settlement processes. Perpetual futures contracts—swap-like instruments with no expiry date—are among the most heavily traded crypto derivatives products on offshore venues, though they have not been broadly available through CFTC-regulated entities in the United States.

Hyperliquid may face opposition from traditional exchanges, however. The Chicago Mercantile Exchange (CME) and Intercontinental Exchange (ICE) have both raised concerns regarding market integrity and manipulation. HPC has dismissed these concerns as unfounded. The CME already operates CFTC-regulated Bitcoin and Ethereum futures products, meaning any expansion of onchain perpetuals into the US market could overlap with the customer base of incumbent derivatives venues.

HYPE Token Reacts to US Market News

The report of Hyperliquid's potential US market entry triggered a rise in the price of its native token, HYPE. The token gained more than 3% on the day, peaking above $56.

This price movement came against the backdrop of a broader market decline, with Bitcoin trading around $63,000. The daily gain halted a downtrend that had seen HYPE lose approximately 11% of its value over the preceding 30 days.

Options traders had already been positioning for upward movement in HYPE. According to Delphi Digital, roughly 69% of call open interest for the token is concentrated at least 15% above its current value, with the majority positioned at the $90 strike. Conversely, approximately 60% of put options are situated around $50 or below, indicating that some traders anticipate potential downside from current levels.

"Calls had been priced at a steep discount to puts for weeks, but most of that gap closed in a single session while overall IV has drifted up from a three-week low. The options market is positioned for a large move in either direction."

Despite being down from its all-time high of $76.85, HYPE remains up 121% year-to-date, making it one of the strongest-performing crypto assets of the year. The outcome of HPC's engagement with the CFTC is likely to be a key variable for traders watching whether onchain perpetuals can secure a foothold in the regulated US market.