Hyperliquid's native token, HYPE, rallied more than 10% on Tuesday, propelled by the launch of CFTC-regulated perpetual futures on the Kalshi prediction market platform. The move allowed HYPE to surpass XRP in futures open interest, marking a notable shift in derivatives market activity.
According to data from CoinGlass, HYPE futures open interest climbed 10.7% over the past 24 hours to $2.48 billion, edging past XRP's $2.45 billion, which rose 1.6% during the same period. The increase follows Kalshi's announcement that it has introduced HYPE perpetual futures for U.S. traders under its American Perpetuals brand, which the company describes as CFTC-regulated contracts that do not expire. Kalshi also removed its waiting list and is offering zero trading fees for a limited time.
The launch adds HYPE to Kalshi's growing lineup of perpetual futures products, which already includes contracts tied to Solana and XRP. In a separate announcement, Kalshi indicated that perpetual futures for Dogecoin, Stellar, Chainlink, Bitcoin Cash, Litecoin, Sui, Shiba Inu, Polkadot, and Hedera may be introduced in the coming days.
HYPE's price action saw the token climb from a session low of $52.70 to an intraday high of $59.42, before settling near $58.65 at the time of reporting, according to CoinGecko. The rally also found support from broader macroeconomic developments, as U.S. President Donald Trump indicated progress toward a possible peace agreement with Iran, easing concerns over military action and boosting sentiment across risk assets.
Crypto analyst Altcoin Sherpa commented on the price movement, noting that reclaiming the $57 level on higher time frames would be a constructive development for HYPE. However, the analyst cautioned that the token is unlikely to trade independently of Bitcoin for long, with the market leader expected to influence its next major move. "HyperLiquid has outperformed nearly all shitcoins this year but I also wouldn't be surprised to see this go to the low 50s/high 40s eventually too," Altcoin Sherpa wrote.
Technical and Derivatives Analysis
Liquidation data from CoinGlass reveals a large concentration of short liquidations between $60 and $61, with additional liquidity clusters near $63 and $65.9. On the downside, notable liquidity has formed around the $54 to $55 range. The Bollinger Bands on the daily chart place the upper band near $74.5, the mid-band around $63, and the lower band close to $51.4. Current price action remains below the middle band, suggesting that reclaiming the $62.9 to $63 region could be key for momentum improvement.
The 14-day Relative Strength Index (RSI) has recovered to roughly 50 from earlier lows, after cooling from overbought readings above 70 seen during the June rally. However, the indicator remains below its moving average near 59, indicating that buyers have not yet regained full control of the trend.
With HYPE still trading below the Bollinger Band midline near $63, buyers will likely need to reclaim that level before any attempt at the $65.9 liquidity cluster can develop. Failure to break through overhead resistance may leave the $54 to $55 support zone exposed, particularly as that area contains one of the largest liquidity pockets visible on the heatmap.
For broader context on market dynamics, readers may refer to coverage of XRP's open interest hitting $2.4 billion and the recent surge in Lido DAO's open interest amid governance votes.
This article is for informational purposes only and does not constitute financial advice.
