Kalshi Launches Hyperliquid (HYPE) Perpetual Futures Trading in the US

Kalshi has officially launched Hyperliquid (HYPE) perpetual futures trading in the United States after receiving approval from the US Commodity Futures Trading Commission (CFTC). The new listing expands Kalshi’s growing portfolio of regulated cryptocurrency perpetual futures products and marks another milestone for both Kalshi and the Hyperliquid ecosystem.

According to an announcement shared on X, HYPE perpetual futures are now available to US traders without a waiting list. To encourage adoption, Kalshi is also offering zero trading fees for a limited period. Unlike traditional futures contracts, perpetual futures do not have an expiration date, allowing traders to maintain positions indefinitely while benefiting from a regulated trading environment.

The launch highlights the strengthening relationship between Kalshi and Hyperliquid. Both companies have collaborated on key initiatives, including the HIP-4 infrastructure upgrade, and continue to expand into areas traditionally associated with each other’s businesses. The addition of Hyperliquid perpetual futures follows Kalshi’s recent rollout of Solana (SOL) and XRP perpetual contracts under its “American Perpetuals” brand, which focuses on bringing CFTC-regulated perpetual futures to US investors.

The CFTC has been reviewing cryptocurrency perpetual futures products individually before granting approval. With HYPE now approved for trading, Kalshi is looking to further expand its offerings. The platform is reportedly preparing to launch perpetual futures contracts for several other cryptocurrencies, including Dogecoin (DOGE), Stellar (XLM), Chainlink (LINK), Bitcoin Cash (BCH), Litecoin (LTC), Sui (SUI), Shiba Inu (SHIB), Polkadot (DOT), and Hedera (HBAR).

The announcement had an immediate impact on the market. Hyperliquid’s native token, HYPE, surged more than 10%, reaching approximately $59.40. During the trading session, the token recorded a low of $52.70 and a high of $59.45.

Meanwhile, Hyperliquid continued to gain momentum in the derivatives market. Futures open interest for HYPE increased by 11% over the past 24 hours to around $2.49 billion, allowing Hyperliquid to surpass XRP in total futures open interest. Trading activity also strengthened across major crypto exchanges, including Binance, OKX, and Bybit, reflecting growing investor interest in the asset following Kalshi’s regulated perpetual futures launch.