Key takeaways
Hyperliquid’s HYPE token has gained 274% year-to-date, making it one of the strongest-performing large cryptocurrencies.
CFTC Chairman Michael Selig said US regulators are preparing for tokenization, onchain finance, and continuous markets.
Hyperliquid’s HIP-3 markets processed as much as $115 billion in monthly volume in June.
Hyperliquid (HYPE) has climbed 274% since the beginning of the year, outperforming other leading cryptocurrencies as demand for decentralized derivatives and tokenized real-world assets continues to grow.
The HYPE token recently approached the psychological $100 threshold, supported by expanding activity across Hyperliquid’s HIP-3 markets. Those markets allow builders to deploy permissionless perpetual futures, including contracts linked to real-world assets.
Comments from Commodity Futures Trading Commission Chairman Michael Selig have also strengthened expectations that tokenization and round-the-clock markets will become a larger part of the US financial system.
However, his remarks did not amount to regulatory approval for Hyperliquid or confirm that the platform will be allowed to serve US customers.
US regulators prepare for tokenized markets
Selig discussed the potential impact of tokenization during the 2026 Treasury Market Conference.
He said the CFTC is preparing financial markets for the arrival of large-scale tokenization, onchain finance and 24/7 trading. The chairman compared the shift with the transition from floor-based trading signals to electronic markets.
“Just as the transition from hand signals to electronic trading advanced our financial system, I believe tokenization can do the same for all asset classes,” Selig said.
He added that the regulator is committed to developing clear, principles-based rules intended to support innovation while protecting market integrity.
The comments reflect growing interest among US regulators in blockchain-based markets. The Securities and Exchange Commission recently introduced a temporary Innovation Exemption that allows eligible platforms to test certain tokenized securities products under defined conditions.
Tokenization converts ownership rights in assets such as stocks, bonds, or commodities into blockchain-based digital tokens. Supporters argue that the technology can provide faster settlement, fractional ownership, and continuous trading.
Regulatory support for tokenization could create opportunities for platforms offering real-world asset markets. Still, general statements supporting the technology do not guarantee market access for any specific decentralized protocol.
Hyperliquid would need to satisfy applicable derivatives, securities, and customer-protection requirements before directly offering regulated services in the United States.
HIP-3 volume reaches $115 Billion
HIP-3 has become an important source of growth for the Hyperliquid ecosystem. According to Hyperliquid Analytics, HIP-3 markets processed a recent monthly peak of approximately $115 billion in trading volume in June. Open interest continued rising afterward, reaching nearly $4 billion last month.
Open interest measures the value of outstanding derivatives positions that have not been closed. Its increase suggests traders are maintaining more exposure to HIP-3 markets rather than merely generating short-lived transaction volume.
The combination of high volume and rising open interest points to deeper participation. It may also create additional demand for HYPE because the token plays a central role in the broader Hyperliquid ecosystem.
CoinMarketCap data cited in the original analysis gives Hyperliquid an 18% share of the decentralized trading segment. That position makes it one of the largest venues competing for the expansion of onchain derivatives.
Real-world asset perpetuals have broadened the platform beyond cryptocurrency markets. Traders can use such contracts to gain price exposure without directly owning the referenced traditional asset.
These products can increase accessibility, but they also carry risks. Perpetual contracts use leverage, do not necessarily grant ownership rights, and may depend on external price feeds to track the underlying asset accurately.
Can HYPE reach $115?
HYPE recently moved close to the long-standing $100 price target, bringing a major psychological resistance level into focus.
Round-number thresholds often attract profit-taking because traders place sell orders around prominent levels. As a result, HYPE could experience a pullback after testing or briefly exceeding $100.
The former resistance area near $88 may provide the first meaningful support during such a correction. A successful retest would indicate that buyers remain willing to enter at higher levels and could establish a foundation for the next advance.
The medium-term upside target is approximately $115. The projection uses the length of HYPE’s previous rally to estimate the possible size of its next bullish leg.
A move from $100 to $115 would represent a further gain of 15%. Reaching that target would require the token to overcome profit-taking and maintain demand as its year-to-date increase approaches 300%.
If HYPE falls below $88, the immediate bullish structure would weaken, and the market could enter a longer consolidation. Rising open interest also introduces liquidation risk if highly leveraged traders crowd into long positions.
For now, HIP-3’s expanding volume, growing open interest, and broader momentum behind tokenized markets support the bullish outlook. The decisive near-term test is whether HYPE can convert $100 from resistance into support and extend its advance toward $115.
