Hyperliquid lobbies US regulators for perp trading as volume tops $47B

Hyperliquid has stepped up lobbying of U.S. regulators to secure a compliant pathway for perpetual futures trading, targeting a market that could expand its $833 million annual protocol revenue.

"Hyperliquid has stepped up outreach to U.S. regulators as it looks for a path to U.S. markets," Yueqi Yang, a reporter at The Information, said after interviewing Hyperliquid Policy Center. The report was published Aug. 12.

The L1 exchange's weekly perpetual futures volume peaked at $47 billion in 2025, up from $13 billion in late 2024, with open interest settling around $9.6 billion across more than 100 markets at 50x leverage. The protocol generated $833 million in maker-taker fees, transitioning from HYPE token emissions to self-sustaining operations. Programmatic traders drove 60 percent of flow, with keeper nodes achieving sub-100ms fills that rival mid-tier centralized exchanges. Hyperliquid holds more than 70 percent of DeFi perpetuals market share, according to market analysis.

A U.S. entry would expand Hyperliquid's total addressable market significantly, potentially pressuring centralized competitors such as Binance, which holds 29 percent of global derivatives volume with $25 trillion in 2025 turnover. The move also reflects a broader shift of DeFi protocols pursuing regulatory compliance, with direct implications for HYPE token holders and the wider on-chain derivatives sector.

What a U.S. license would mean for Hyperliquid's growth

The U.S. is the world's largest derivatives market, and access would open a new revenue stream for Hyperliquid, which currently operates without U.S. retail participation. The exchange's HYPE token trades around $30 with a $7.2 billion market capitalization and $14.7 billion fully diluted valuation, supported by a $1.3 billion buyback treasury. PURR and THYP, two tokens in the Hyperliquid ecosystem, showed increased trading activity following the news, according to market data. A successful U.S. entry could also attract institutional flow that has been hesitant to engage with non-compliant on-chain venues.

Regulatory framework and competitive pressure

Hyperliquid's push comes as U.S. regulators intensify oversight of crypto derivatives. The exchange would need to navigate the Commodity Futures Trading Commission's licensing framework, which governs leveraged trading products. Binance, the dominant player, has maintained its position through licensed subsidiaries that reroute non-U.S. flows around regulatory blocks, though its growth has cooled to mid-single digits because of compliance costs. The timeline for any U.S. approval has not yet been disclosed.

The compliance path Hyperliquid pursues could set a precedent for other on-chain derivatives platforms seeking U.S. market access. If successful, Hyperliquid's transparent order books and non-custodial execution model could appeal to institutional traders who currently rely on centralized venues for regulated access. The exchange's gasless execution and independently verifiable liquidations differentiate it from traditional clearinghouse models.

The outcome of Hyperliquid's regulatory engagement will be closely watched by the broader DeFi derivatives sector. A successful U.S. entry could double Hyperliquid's open interest to $20 billion, according to projections cited in market analysis, while a rejection would reinforce the current split between centralized and on-chain trading venues. For HYPE holders, the regulatory outcome represents a binary event that could significantly affect token valuation, given that the protocol's fee-sharing model directly accrues value to the token.

This article is for informational purposes only and does not constitute investment advice.