Kalshi Files for Hyperliquid (HYPE) Perpetual Futures as U.S. Crypto Derivatives Market Expands

Kalshi has officially filed with the U.S. Commodity Futures Trading Commission (CFTC) to launch perpetual futures contracts for Hyperliquid (HYPE), further expanding its growing portfolio of crypto derivatives products. The move follows the successful introduction of Bitcoin and Ethereum perpetual futures trading for U.S. users and highlights Kalshi’s continued push into the digital asset market.

The filing marks another step in the evolving relationship between Kalshi and Hyperliquid. Both platforms previously collaborated on a major HIP-4 infrastructure upgrade that integrated Kalshi’s regulated financial and prediction markets with Hyperliquid’s decentralized execution technology. The latest development signals deeper ties between the two companies while also positioning Kalshi as a competitor in the crypto perpetual futures sector.

Earlier this year, Kalshi submitted applications for perpetual futures contracts linked to several leading cryptocurrencies, including Ethereum (ETH), XRP, Solana (SOL), Dogecoin (DOGE), Stellar (XLM), Chainlink (LINK), Litecoin (LTC), Bitcoin Cash (BCH), Sui (SUI), Shiba Inu (SHIB), Polkadot (DOT), and Hedera (HBAR). Hyperliquid’s native token HYPE was notably absent from that list until now.

The expansion places Kalshi in direct competition with major crypto trading platforms such as Hyperliquid, Binance, and Coinbase. Industry observers believe increasing participation from traditional finance firms and regulated exchanges could reshape the perpetual futures market in the coming years.

Meanwhile, HYPE price has shown positive momentum amid growing institutional and retail interest. The token traded around $61.95, gaining approximately 1% over the past 24 hours. Trading activity also strengthened, with daily volume rising by 20%.

According to CoinGlass data, total Hyperliquid futures open interest increased 2% to roughly $2.58 billion. Open interest on major exchanges, including Binance, OKX, and Bybit, also recorded gains, reflecting continued bullish sentiment among derivatives traders.

Adding to the optimism, Citrini Research recently described HYPE as an attractive investment opportunity. The firm highlighted Hyperliquid’s significant contribution to crypto token buybacks in 2025 and noted that the platform generated approximately $1.9 million in fees over a 24-hour period, drawing increased attention from both Wall Street investors and the broader crypto market.