Kalshi has officially submitted a filing to the U.S. Commodity Futures Trading Commission (CFTC) seeking approval to launch perpetual futures contracts tied to Hyperliquid (HYPE), further expanding its growing cryptocurrency derivatives offerings.
The move follows Kalshi’s recent filings for perpetual futures linked to several major digital assets, including Ethereum (ETH), XRP, Solana (SOL), Litecoin (LTC), Dogecoin (DOGE), Shiba Inu (SHIB), Hedera (HBAR), and other leading altcoins. The company has already introduced Bitcoin and Ethereum perpetual futures trading for users across the United States under its regulated framework.
Kalshi Expands Crypto Perpetual Futures Ambitions
The latest filing highlights Kalshi’s intention to bring Hyperliquid’s native token into the regulated perpetual futures market. The development comes as Kalshi and Hyperliquid continue strengthening their relationship through strategic collaboration and infrastructure integration.
One of the most notable initiatives between the two firms involved a major HIP-4 infrastructure upgrade, which enabled Kalshi’s regulated prediction and financial markets to leverage Hyperliquid’s decentralized execution technology.
While Kalshi previously sought approval for perpetual futures contracts on numerous altcoins, Hyperliquid was initially absent from the list. The latest filing now places HYPE among the growing number of crypto assets potentially available through Kalshi’s regulated perpetual futures platform.
Competition Intensifies in the Perpetual Futures Market
Kalshi’s expansion into crypto derivatives further increases competition within the rapidly growing perpetual futures sector. The platform is now challenging established industry players such as Binance, Coinbase, and Hyperliquid itself.
Market observers have noted that traditional financial firms and major centralized exchanges are increasingly targeting the perpetual futures market. Some analysts, including Arthur Hayes, have suggested that Hyperliquid could eventually face market-share pressure as larger institutions and regulated platforms enter the space.
Meanwhile, regulators continue evaluating new crypto derivatives products. The CFTC has indicated that perpetual futures contracts beyond Bitcoin will be assessed individually through a case-by-case approval process.
HYPE Price Rises Following the Filing
Hyperliquid’s native token reacted positively to the news, recording gains over the past 24 hours. HYPE traded around $61.95 at the time of reporting after reaching an intraday high near $65.56.
Trading activity also strengthened, with daily volume increasing approximately 20%, reflecting growing investor engagement.
Data from the derivatives market showed continued bullish positioning. Total open interest in Hyperliquid futures climbed to roughly $2.58 billion, while open interest on major exchanges such as Binance, OKX, and Bybit also posted notable increases. The trend suggests that derivatives traders remain optimistic about HYPE’s near-term prospects.
Wall Street Attention Continues to Build
Institutional interest in Hyperliquid has also been gaining momentum. Research firm Citrini Research recently described HYPE as an attractive investment opportunity, pointing to the platform’s dominant role in crypto token buybacks throughout 2025.
Hyperliquid has additionally emerged as one of the leading revenue-generating protocols in the industry, producing approximately $1.9 million in fees over a 24-hour period. Strong network activity, growing adoption, and rising institutional attention continue to position Hyperliquid as one of the most closely watched projects in the digital asset market.
