Hyperliquid's HYPE token surged 5% Friday to hit a new all-time high above $65, fueled by a combination of regulatory and high-profile endorsements.
Jeffrey Sprecher, founder and CEO of Intercontinental Exchange - the parent company of the New York Stock Exchange - told a recent conference that Hyperliquid has become "bigger than Nasdaq." He credited its founders, technology, and the platform's ability to enable continuous trading, including oil markets on weekends. Sprecher also noted Hyperliquid's decentralized structure and high-risk trading products as key drivers of its adoption.
The rally was further boosted by a landmark policy statement from the Commodity Futures Trading Commission recognizing perpetual contracts as a valid futures structure. The CFTC also allowed Kalshi's BTCPERP contract to move forward, marking the first perpetual futures product permitted on a registered US exchange. The agency issued formal guidance on continuous trading, margin practices, and clearing standards for around-the-clock markets.
These combined actions are seen as reducing regulatory risk and opening the door to greater institutional acceptance of perpetual derivatives.