Hyperliquid’s native token surged more than 20% over 24 hours after United States President Donald Trump said regulators were working on a compliant pathway to make the decentralized trading platform available to American users.
HYPE traded around $62 immediately before Trump’s remarks and subsequently jumped as much as 16% to a 24-hour high of $72.28, according to CoinGecko. It later settled to about $70, up approximately 20% in the last day, with 24-hour trading volume reaching $1.4 billion.
“I understand that Mike is also working to bring Hyperliquid into the United States in a fully compliant and legal fashion,” Trump said during a Wednesday White House event, referring to Commodity Futures Trading Commission (CFTC) Chair Michael Selig. “Working very hard on that.”
Hyperliquid is a decentralized trading platform and layer-1 blockchain best known for its onchain perpetual futures exchange. It is the largest decentralized perpetuals venue, accounting for about 40% of the sector’s trading volume over the past 30 days, with roughly $201 billion in volume, according to DefiLlama.
Neither the CFTC nor Hyperliquid has released a formal proposal explaining how US access would work, whether an application has been submitted or when a compliant service could launch.
Hyperliquid’s 24-hour price chart. Source: CoinGecko
Options bet on HYPE treasury firm raises eyebrows
Meanwhile, shares of Hyperliquid Strategies, a Nasdaq-listed HYPE treasury company trading under the ticker PURR, closed Wednesday at $9.39, up 30.4%, according to Yahoo Finance. Despite sharing the protocol’s name, the company said it is independent and not affiliated with Hyperliquid.
Roughly four hours before Trump spoke, someone reportedly paid about $65,000 for 719 PURR call options with an $8 strike price expiring in mid-October. According to CNBC, the contracts were purchased for approximately $0.90 each and were quoted at $2.45 by the close, valuing the position at roughly $176,000 and producing an unrealized gain of about $111,000.
Related: Rushed CLARITY Act vote could set legislation back, Gallego warns
Delayed market data derived from the Options Price Reporting Authority corroborates the unusually heavy activity in the contract. OptiView data showed 2,575 of the October $8 calls traded during the session, compared with just 67 contracts in open interest beforehand. Volume was more than 140 times the contract’s 30-day average.
The publicly available data does not identify the buyer or establish that the trade was based on material nonpublic information.
Magazine: ‘Fabricated rumors’ about BitMart founder, Binance bStocks dominate: Asia Express
