Kalshi filed with the CFTC to list HYPE perpetual futures. The filing follows Bitcoin and ETH perpetuals that generated $1B in first-week volume. HYPE fell 7.4% to $61.95 as open interest dropped 8.3%.
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Kalshi files for HYPE perpetual futures after $1B perps debut
Kalshi filed with the Commodity Futures Trading Commission to list perpetual futures tied to Hyperliquid's HYPE token, expanding its regulated crypto derivatives lineup after Bitcoin and Ethereum perpetuals generated $1 billion in volume within their first week.
The CFTC's May 29 policy statement established that perpetual contracts on crypto assets may be listed through the agency's Regulation 40.3 approval process, the same pathway Kalshi used for its Bitcoin and Ethereum perpetuals, the regulator said.
Kalshi launched its first Bitcoin perpetual futures contract under the ticker BTCPERP on June 3, becoming one of the first CFTC-regulated platforms to offer the product to US investors. Ethereum followed as the second asset in the company's "American Perpetuals" lineup. The company has also filed for perpetual futures tied to XRP, Solana, Dogecoin, Stellar, Shiba Inu, Hedera, Litecoin, Chainlink, Polkadot, Bitcoin Cash and Sui, though those remain under regulatory review.
The filing intensifies competition between regulated US platforms and crypto-native exchanges for the perpetual futures market, where annual offshore trading volume has surpassed $90 trillion. Kalshi and Hyperliquid already share a strategic relationship through the HIP-4 infrastructure upgrade, which connected Kalshi's regulated markets with Hyperliquid's decentralized execution layer.
Hyperliquid's native token traded at $61.95, down 7.4% over the past 24 hours, as open interest fell 8.3% to $2.48 billion, Coinglass data shows. The platform recorded approximately $1.9 million in fees over a 24-hour period, reinforcing its position among the top fee-generating protocols in crypto.
Citrini Research recently described HYPE as a compelling investment opportunity, estimating that Hyperliquid has accounted for nearly half of all crypto token buybacks recorded in 2025. BitMEX co-founder Arthur Hayes argued earlier this month that Hyperliquid could face increasing competitive pressure as major exchanges and traditional financial firms expand their presence in perpetual futures markets.
The CFTC's May 29 actions also included a no-action letter enabling registered futures commission merchants to offer US institutional clients access to global crypto perpetual futures through affiliated foreign boards of trade, subject to Bank Secrecy Act and anti-money laundering requirements.
This article is for informational purposes only and does not constitute investment advice.
[1] Kalshi Files for Hyperliquid (HYPE) Perpetual Futures as U.S. Crypto Derivatives Market Expands[2] Kalshi Seeks CFTC Approval for Hyperliquid HYPE Futures[3] CFTC approves bitcoin perpetual futures; SEC and CFTC define crypto framework[4] Kalshi trading in 'perps' crosses $1 billion in volume within a week of launch[5] Kalshi targets Hyperliquid with HYPE perpetual futures filing - Bitget
