Kalshi has filed with the U.S. Commodity Futures Trading Commission to list perpetual futures tied to Hyperliquid’s HYPE token, adding the asset to a growing roster of crypto derivatives products under review.
Summary
- Kalshi has filed with the CFTC to launch perpetual futures tied to Hyperliquid’s HYPE token.
- The filing follows Kalshi’s recent rollout of Bitcoin and Ethereum perpetual futures for U.S. traders.
- HYPE fell 7.4% over the past 24 hours as Hyperliquid futures open interest declined 8.3% to $2.48 billion.
According to a recent filing with the Commodity Futures Trading Commission, prediction market operator Kalshi has applied to launch perpetual futures contracts linked to Hyperliquid’s native token, HYPE, extending its push into regulated cryptocurrency derivatives in the United States.
The proposed listing comes just days after Kalshi introduced Ethereum perpetual futures for U.S. users under what the company has branded as “American Perpetuals.”
As previously reported by crypto.news on June 4, Ethereum became the second cryptocurrency available through Kalshi’s perpetual futures lineup following the launch of Bitcoin perpetual futures.
Several other proposed contracts tied to assets including XRP, Solana, Dogecoin, Stellar, Shiba Inu, Hedera, and additional cryptocurrencies remain subject to separate regulatory review.
While Hyperliquid was absent from Kalshi’s earlier altcoin filing, the latest submission places HYPE alongside the assets the company wants to bring into its regulated derivatives offering.
Information published by Kalshi and the CFTC states that perpetual futures differ from traditional futures because they do not expire and instead use funding payments to keep contract prices aligned with spot markets.
Kalshi expands its crypto perpetual futures lineup
Recent activity shows Kalshi moving steadily beyond prediction markets and into cryptocurrency trading products. The company said its Ethereum perpetual futures launched after receiving regulatory approval, while trading fees were temporarily waived for users who joined a waiting list.
At the same time, Kalshi and Hyperliquid have already worked together on infrastructure development. Through Hyperliquid’s HIP-4 upgrade, Kalshi integrated its regulated financial and prediction markets with Hyperliquid’s decentralized execution layer.
The latest filing also places Kalshi in a market currently dominated by crypto-native venues. Hyperliquid, Binance, and Coinbase all offer access to perpetual futures trading, though regulatory frameworks differ across jurisdictions.
Earlier this month, BitMEX co-founder Arthur Hayes argued that Hyperliquid could face increasing competition as traditional finance firms and major exchanges expand their presence in the perpetual futures market. Hayes made those comments while discussing the growing number of institutions entering the segment.
Market sentiment remains cautious on HYPE
In spite of Kalshi’s move to seek approval for HYPE perpetual futures, the token remained under pressure. According to data from crypto.news, Hyperliquid (HYPE) fell 7.4% over the past 24 hours to trade at $61.95.
CoinGlass data pointed to declining participation in the derivatives market alongside the price drop. Total open interest in Hyperliquid futures fell 8.3% over the past day to $2.48 billion, indicating traders reduced leveraged positions as the sell-off unfolded.
Separately, Citrini Research recently described HYPE as a compelling investment, estimating that Hyperliquid has accounted for nearly half of all crypto token buybacks recorded in 2025.
Despite the recent weakness in HYPE’s price, Hyperliquid remained one of the crypto industry’s top fee-generating protocols. The platform recorded roughly $1.9 million in fees over the past 24 hours, helping keep it on the radar of institutional investors and trading firms.
