HYPE Reaches Record High Amid CFTC Crypto Derivatives Inquiry

The native token of the Hyperliquid platform (HYPE) surged by 18.9% to a new all-time high of $36.77. The catalyst was comments submitted to the CFTC regarding the potential approval of perpetual contracts and 24/7 cryptocurrency trading.

The following post is from Hyperliquid Labs

Hyperliquid Labs is committed to the advancement of defi and its promise in delivering a more open, transparent, and efficient financial system for all. As a contributor to the Hyperliquid blockchain, we believe in defi’s ability not…

— Hyperliquid (@HyperliquidX) May 23, 2025

Over the past 30 days, the coin has appreciated by 94.5%. The project’s market capitalization reached $12.27 billion, moving it to the 14th position in the rankings.

Hyperliquid Labs, the entity behind the DEX, supported the CFTC’s proactive stance and advocated for DeFi integration.

“Hyperliquid exemplifies how the core principles of DeFi can be practically implemented to enhance market efficiency and integrity, as well as user protection”, the statement read.

The organization noted that the platform and its community aim to be a “constructive partner on this journey.”

On May 23, open interest (OI) and daily turnover on Hyperliquid reached a new record of $9.2 billion.

The day before, trader James Wynn opened a long position on Hyperliquid using perpetual contracts for 10,200 BTC ($1.14 billion) with 40x leverage. Such a substantial $1.1 billion position may indicate a shift in interest from major players from centralized exchanges to DEXs.

The Hyperliquid platform is built on its proprietary high-performance L1 HyperEVM and offers functionality familiar to CEX: real-time order books, high liquidity, and competitive fees. Hyperliquid does not require KYC procedures.

The network employs a modified version of the Proof-of-Stake consensus algorithm called HyperBFT, with a throughput of 200,000 TPS.

Back in March, ForkLog examined a chain of events when high-risk positions threatened not only the platform’s stability but also the security of client funds in the Hyperliquidity Provider Vault.