Hyperliquid seeks US approval for perpetual futures after $900M profit year

Hyperliquid is lobbying the Commodity Futures Trading Commission and Securities and Exchange Commission to let US-regulated firms offer perpetual futures that trade and settle on its blockchain, following the CFTC's approval of the first listed bitcoin perpetual contract. The decentralized exchange currently blocks US users from its offshore platform but is seeking no-action letters or new regulatory guidance that would allow its infrastructure to serve regulated US venues.

"Hyperliquid has stepped up outreach to U.S. regulators as it looks for path to U.S. markets," Yueqi Yang, a reporter at The Information who interviewed Hyperliquid's Policy Center, said.

The platform generated more than $900 million in profit last year, according to The Information. VanEck's Matthew Sigel highlighted Hyperliquid as an early leader in crypto-native infrastructure and predicts HYPE will generate $800 million in annualized revenue. Arkham Intelligence data shows Bitwise-linked ETF clients purchased more than $5 million worth of HYPE over the past week, with no sales since last month.

HYPE traded at $56.31 as of Aug. 12, up 3.57 percent, per CryptoRank data. The 21shares Hyperliquid ETF (THYP) rose 2.5 percent and Hyperliquid Strategies Inc (PURR) gained 1.5 percent on the day.

What a US approval would change

The lobbying effort targets a structural gap: US-regulated venues can now list certain crypto perpetuals after the CFTC's precedent-setting approval, but Hyperliquid's own platform remains off-limits to US users. A compliant pathway would let US firms deploy Hyperliquid's blockchain for derivatives without the exchange itself entering US jurisdiction directly.

The CFTC's approval of the first listed bitcoin perpetual contract in recent months established a regulatory framework for these no-expiry derivatives on US-registered venues. Hyperliquid's approach differs from a direct US market entry: instead of seeking approval for its own offshore platform, the exchange wants its blockchain to serve as infrastructure that US-regulated firms could use to offer compliant perpetual products.

The regulatory push comes as Hyperliquid's ecosystem expands. The AQAv2 launch scheduled for end of August and increased fee flexibility for HIP-3 deployers are cited by traders as near-term events. Crypto trader Michael van de Poppe said HYPE has been "one of those assets for almost a year" and worth buying on dips. Trader Crypto McKenna noted HYPE appears to be establishing a higher low following a deviation below its range low. Altcoin Sherpa said he would prefer a deeper correction before building a larger spot position, hoping for HYPE to fall into the $40s.

Polymarket prediction markets price HYPE reaching certain levels by year-end at 15.5 percent odds for a December 31 target, with January 1 2027 targets ranging from 3 percent to 30 percent odds.

The stakes for DeFi derivatives

If Hyperliquid secures approval, it would set a precedent for other DeFi derivatives protocols seeking US regulatory acceptance, potentially reshaping competition between decentralized and centralized exchanges. The CFTC's openness to listed bitcoin perpetuals suggests a broader regulatory thaw, but the SEC's jurisdiction over token classification remains a separate hurdle. Hyperliquid's Policy Center has not disclosed a timeline for regulatory decisions.

The outcome could also influence how other offshore crypto platforms approach US compliance. Rather than seeking direct registration, protocols may increasingly pursue infrastructure-level partnerships with US-regulated entities, a model that keeps the underlying blockchain decentralized while routing compliance through licensed intermediaries.

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