Kalshi has introduced CFTC-regulated HYPE perpetual futures under its "American Perpetuals" brand, immediately driving a surge in Hyperliquid ecosystem derivatives activity. The prediction market platform is offering zero trading fees for a limited period and has removed the waiting list for eligible U.S. users.
Open Interest Surpasses XRP
According to CoinGlass, HYPE futures open interest rose 10.7% in the past 24 hours to $2.48 billion, overtaking XRP's $2.45 billion (up only 1.6%). This marks Hyperliquid's continued momentum after Kalshi previously launched Solana and XRP perpetuals. Kalshi also indicated that perpetuals for DOGE, Stellar, Chainlink, BCH, LTC, SUI, SHIB, DOT, and Hedera could follow in the coming days.
HYPE Price Action Gains Steam
Data from crypto.news shows HYPE rallying over 10% from a session low of $52.70 to an intraday high of $59.42, currently trading near $58.31. Open interest across Binance, OKX, and Bybit increased alongside the price move. Broader risk-on sentiment improved after U.S. President Donald Trump signaled progress toward a potential peace agreement with Iran, easing geopolitical tensions.
Analysts Weigh Key Levels
Technically, HYPE has reclaimed the $57 level — a threshold many observers flagged as critical. The four-hour chart shows a rebound from $52.6 support, a break above the 0.786 Fibonacci retracement (~$57.6), and a push above the neckline of an inverse head-and-shoulders pattern. Resistance from the early-June descending trendline now comes into play. Analyst Altcoin Sherpa noted that reclaiming $57 on higher time frames is constructive but added: "HyperLiquid has outperformed nearly all shitcoins this year but I also wouldn't be surprised to see this go to the low 50s/high 40s eventually." Trader Michaël van de Poppe said HYPE is approaching a significant resistance zone that must be cleared for further upside, and that the current area looks attractive for accumulation if Bitcoin enters consolidation.
Liquidation Heatmap Highlights Battle Zones
CoinGlass liquidation data shows a heavy concentration of short liquidations between $60 and $61, placing that region in focus for traders. Additional liquidity clusters sit near $63 and $65.9, while downside liquidity remains concentrated around the $54-$55 zone. These levels could trigger significant volatility.