Intercontinental Exchange (ICE) and the Chicago Mercantile Exchange (CME) are pushing US regulators to curb Hyperliquid's expansion into energy commodity markets. Executives from both firms argue that Hyperliquid’s onchain derivatives for oil and gas pose risks of insider trading and price manipulation, citing the platform’s anonymous and unregulated nature as a potential tool for sanctions evasion by state actors, according to Bloomberg.
Hyperliquid introduced HIP-3 in January 2025, allowing users staking 500,000 HYPE tokens to launch perpetual futures markets for any electronically traded asset. The HYPE token surged over 58% within three days of HIP-3's launch, climbing from around $20 to $38. It currently trades near $44. Analyst Arthur Hayes predicts HYPE could reach $150 by August, driven by demand for commodity-linked onchain derivatives. He notes Hyperliquid is the largest revenue-generating non-stablecoin project, with 97% of trading fees used for token buybacks, boosting demand. Open interest in HIP-3 markets has risen to over $2.5 billion as of May.
