Kalshi Launches CFTC‑Approved HYPE Perpetuals as Open Interest Tops $2.48 Billion

CFTC approval creates a U.S. route for around‑the‑clock perpetual trading, a move that could draw offshore activity onshore and speed flows into HYPE.

Overview

Kalshi announced CFTC‑regulated Hyperliquid (HYPE) perpetual futures are live for U.S. traders and temporarily removed the access waitlist while waiving trading fees.
Market response was immediate as futures open interest jumped to about $2.48–$2.49 billion, briefly surpassing XRP, and spot HYPE climbed roughly 10% into the high‑$50s.
Data from CoinGlass and market reports show heavy derivatives activity on Binance, OKX and Bybit as well as concentrated liquidation clusters between $60 and $61 that act as near‑term resistance.
Analysts flagged $57 as a constructive support level but warned that concentrated positions and rising open interest raise the risk of sharp squeezes or retracements.
The rollout deepens a recent trend of on‑shoring perpetuals into regulated U.S. venues and Kalshi said additional token perpetuals could follow, a shift that may strain clearing and surveillance systems while changing trader access and fee dynamics.