Hyperliquid overtakes XRP after Kalshi rolls out HYPE futures

This article was updated to reflect revised information on HYPE open interest activity across major exchanges.

Hyperliquid has overtaken XRP in futures open interest after Kalshi launched CFTC-regulated HYPE perpetuals, pushing HYPE OI to $2.48 billion and lifting the token more than 10%.

According to Kalshi, Hyperliquid perpetual futures are now available for U.S. traders through the prediction market platform following approval from the Commodity Futures Trading Commission. The company also introduced zero trading fees for a limited period and removed the waiting list for users seeking access to the new market.

CoinGlass data showed HYPE futures open interest rising 10.7% to $2.48 billion in the past 24 hours, surpassing XRP’s $2.45 billion after the latter posted a 1.6% increase during the same period.

The launch extends Kalshi’s recent push into crypto perpetual futures after the platform introduced Solana and XRP contracts under its “American Perpetuals” brand. Kalshi has stated that the products are designed to offer CFTC-regulated perpetual futures trading to U.S. users without expiration dates.

A separate announcement from Kalshi indicated that additional perpetual futures tied to Dogecoin, Stellar, Chainlink, Bitcoin Cash, Litecoin, Sui, Shiba Inu, Polkadot, and Hedera could follow in the coming days.

HYPE price gains as derivatives activity accelerates

According to data from crypto.news, Hyperliquid (HYPE) gained more than 10% after Kalshi announced the launch of HYPE perpetual futures. At press time, the token traded near $58.31 after climbing from a session low of $52.70 to an intraday high of $59.42.

Futures data showed HYPE open interest rising across Binance, OKX, and Bybit as the token’s price moved higher during the session.

The rally also coincided with improving sentiment across risk assets after U.S. President Donald Trump indicated that progress had been made toward a potential peace agreement with Iran, reducing concerns surrounding previously planned military action.

Analysts identify key levels after breakout attempt

From a technical perspective, HYPE has recovered from the $52.6 area and reclaimed the $57 level highlighted by several market observers.

On the four-hour chart, HYPE has rebounded from the $52.6 support area and reclaimed the 0.786 Fibonacci retracement level near $57.6. The move has also pushed the token above the neckline of an inverse head-and-shoulders formation while bringing a descending trendline resistance from the early June highs into focus.

According to analyst Altcoin Sherpa, reclaiming $57 on higher-time-frame charts would be a constructive development for the asset. The analyst noted that while HYPE has outperformed many altcoins this year, its future direction will likely remain tied to Bitcoin’s performance. 

“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 too.”

Commenting on the market structure, market commentator Michaël van de Poppe noted that HYPE is approaching an important resistance zone that must be cleared for further upside.

Poppe added that the current area appears attractive for accumulation following the recent correction and suggested stronger assets could regain momentum if Bitcoin enters a consolidation phase.

Meanwhile, liquidation heatmap data from CoinGlass showed a large concentration of short liquidations between $60 and $61, placing that region in focus for traders. Additional liquidity clusters were visible near $63 and $65.9, while notable downside liquidity remained concentrated around the $54-$55 zone.