The native token of decentralized trading platform Hyperliquid, HYPE, jumped as much as 20% after President Donald Trump announced that the Commodity Futures Trading Commission (CFTC) is working to bring the platform into the United States under a compliant framework.
HYPE traded near $62 prior to the remarks and subsequently reached a 24-hour high of $72.28 on CoinGecko before settling close to $70. Total trading volume over the 24-hour period reached $1.4 billion.
President Trump made the statement during a White House event on August 19, referencing CFTC Chair Michael Selig. The gathering was also attended by SEC Chair Paul Atkins and several executives, including Coinbase CEO Brian Armstrong, Ripple CEO Brad Garlinghouse, and Robinhood CEO Vlad Tenev. CFTC Chair Selig stated that he would share additional details regarding a regulatory path the following day.
Hyperliquid is a decentralized trading platform operating on its own layer-1 blockchain and functions as a prominent decentralized perpetuals exchange by volume. According to DefiLlama data, the protocol handled approximately $201 billion in trading over a 30-day period, representing about 40% of the sector's total volume.
Neither Hyperliquid nor the CFTC has released a formal proposal detailing how US access would operate, and it remains unclear whether an application has been submitted or when services might launch.
Meanwhile, shares of Nasdaq-listed treasury firm Hyperliquid Strategies, which trades under the ticker PURR and holds HYPE as its main treasury asset, closed up 30.4% at $9.39. CNBC reported that unusual options activity occurred in PURR call contracts hours prior to President Trump's comments, generating an unrealized gain of approximately $111,000.
