Hyperliquid’s token, HYPE, jumped 11% after U.S. President Donald Trump said Wednesday that Commodity Futures Trading Commission (CFTC) Chair Mike Selig is working on a way to bring Hyperliquid (HYPE) into the U.S.
"I understand that [CFTC Chairman] Mike [Selig] is also working to bring hyperliquid into the United States in a fully compliant and legal fashion, working very hard on that," Trump said.
Trump made the remarks during a White House event with crypto and technology executives, including Coinbase (COIN) CEO Brian Armstrong, Ripple CEO Brad Garlinghouse and Robinhood CEO Vlad Tenev. Leaders from Nasdaq and Intercontinental Exchange also attended.
Hyperliquid is a blockchain-based exchange best known for perpetual futures, or “perps,” which allow traders to bet on the price of an asset without owning it. Unlike traditional futures, the contracts have no expiration date. Traders connect their crypto wallets directly to the platform instead of opening an account with a traditional futures broker.
Hyperliquid's growth earlier this year put a fresh spotlight on the popularity of perpetual futures, a market that has long been dominated by offshore crypto exchanges. It also drew the attention of U.S. trading venues looking to capture some of that business at home.
The CFTC cleared Coinbase Derivatives to offer perpetual-style bitcoin and ether futures in April 2025, with trading beginning that July, and prediction market operator Kalshi to offer a similar product. Other U.S. venues have since moved into the market, giving American traders more ways to trade a product that was once largely confined to offshore platforms.
Bringing Hyperliquid itself onshore would be a different matter. U.S. derivatives exchanges face rules governing registration, customer protections and market oversight. Those requirements have kept many crypto platforms from serving U.S. customers directly.
Trump did not say what an onshore version of Hyperliquid would look like or what regulatory approvals it would need. His comments also don't mean the CFTC has approved the exchange. But they suggest the agency is exploring whether one of crypto's biggest venues for perpetual futures can operate within the U.S. regulatory system.