Kalshi Launches CFTC‑Reviewed HYPE Perpetuals, Driving Billions in Open Interest
The move expands U.S. access to on‑chain perpetuals, concentrates derivatives positions, prompts closer regulatory scrutiny.
Overview
- Kalshi launched CFTC‑reviewed HYPE perpetual futures on June 12, opening the product to U.S. traders with a limited zero‑fee promotion and no waiting list.
- Futures open interest climbed into the $2.48–$2.56 billion range and overtook XRP, and HYPE’s price jumped roughly 10% to the high‑$50s after the announcement.
- Hyperliquid’s fee‑driven Assistance Fund buybacks, recent USDC routing with Coinbase/Circle, and spot ETF inflows have tightened circulating supply and reinforced demand for HYPE.
- Trading has become highly concentrated with visible liquidation clusters near $60–$63, a surge in perpetual volumes and technical setups that increase both upside targets and downside risk.
- Market participants should watch Kalshi’s planned rollouts of more American Perpetuals and shifts in ETF flows or protocol buybacks, since those moves could amplify price swings and draw intensified oversight.