News linked to both this project and an event.
Odaily News: CZ commented on the possibility that the Trump administration may push Hyperliquid to enter the U.S. market in a "fully compliant and lawful manner," stating that the significance of this development extends beyond Hyperliquid itself.CZ noted that in the future, a large number of perpetual contract DEXs and other decentralized services could become available to U.S. users, adding, "This would be a tremendous positive for all participants across the industry."
US President Trump stated that this May, CFTC Chairman Selig approved the launch of the first ever true Bitcoin perpetual futures contract on CFTC-registered exchanges, and revealed that relevant personnel are working to bring the decentralized derivatives trading platform Hyperliquid into the US market in a fully compliant and legal manner. Trump also criticized the Biden administration for suppressing cryptocurrency and the spirit of emerging financial technology innovation during their tenure, emphasizing that the current situation has completely changed.
Odaily报道：Galaxy的研究主管在X平台上发帖表示，他对Hyperliquid如何以完全合规合法的方式进入美国市场非常关注。
According to Odaily, renowned crypto KOL Ansem stated that institutional funds are turning bullish on the market. For example, billionaire Stanley Druckenmiller has bought HYPE, Robinhood has launched its own L2, and hedge fund giant Paul Tudor Jones has increased his Bitcoin holdings. Meanwhile, the crypto regulatory environment has improved significantly, but crypto-native investors remain broadly extremely pessimistic. Ansem believes that the coexistence of institutional bullishness, regulatory improvement, and extreme pessimism within the market constitutes the typical conditions for a market bottom formation.
Odaily News - Hyperliquid Policy Center announced that it has recently submitted a joint comment letter with Douro Labs to the U.S. Securities and Exchange Commission (SEC), supporting the SEC's proposal to rescind Rule 611 of Regulation NMS (the "Trade-Through Rule") and calling on regulators to establish a clearer Best Execution regulatory framework for on-chain markets.The Hyperliquid Policy Center believes that the current Trade-Through Rule is built on traditional securities market structures and is clearly incompatible with blockchain-native trading models. HPC and Douro Labs put forward three recommendations in their joint comment letter:First, they support the SEC in rescinding the Trade-Through Rule. The two companies argue that this rule relies on a traditional quote system that cannot accurately reflect the on-chain trading environment, and its continued application could hinder the development of on-chain financial markets.Second, the SEC should establish clear best execution guidance for on-chain trading. On-chain markets feature new factors that do not exist in traditional markets, such as quote-less trading, 24/7 operation, blockchain network fees, and MEV (Maximal Extractable Value). Brokers need clearer regulatory standards to ensure they can execute trades on behalf of clients.Third, the regulatory framework should be principles-based and recognize independent price reference mechanisms. HPC and Douro Labs suggest that when the traditional NBBO cannot cover on-chain markets, the SEC should recognize independent price reference data formed through transparent, manipulation-resistant mechanisms. For example, the Pyth Network, which Douro Labs helped build, provides price oracle services for on-chain markets by aggregating real-time data supplied by exchanges and market participants.
Odaily News: Hyperliquid is seeking a compliant path to bring its perpetual contract business into the U.S. market, and the platform is currently not open to U.S. users.Previously, the Hyperliquid Policy Center, funded by the Hyper Foundation, has been conducting policy research and advocacy work in Washington, D.C., promoting a regulated access framework for on-chain perpetual contracts and decentralized market infrastructure in the United States.If the relevant regulatory pathways are clarified, it would create conditions for Hyperliquid to offer products such as perpetual contracts to U.S. users. (The Information)
The Hyperliquid Policy Center announced that HPC attended the CFTC Agriculture Advisory Committee meeting on August 7 and submitted a formal statement. The statement centered on three points: First, agricultural end-users need diversified market choices, and historical bans on agricultural options have proven the cost of excessive restrictions; Second, the CFTC's phased approach to perpetual contracts is the correct path, and end-user demand should drive the adoption of new derivatives; Third, public blockchains help modernize clearing and settlement infrastructure, while improving collateral liquidity and retaining the market integrity protection mechanisms of the Commodity Exchange Act. HPC stated it will continue to collaborate with the agricultural community to promote the regulated implementation of perpetual contracts in the U.S. market.
Odaily News - Hyperliquid Policy Center (HPC) announced that it has submitted a policy statement regarding the Commodity Futures Trading Commission (CFTC) Agricultural Advisory Committee meeting, supporting U.S. users' participation in the on-chain derivatives market and calling on regulators to adopt a gradual path to promote the development of innovative products such as Perpetual Futures.HPC stated that the U.S. derivatives market originated in agriculture. In the 19th century, grain exchanges in the U.S. Midwest used futures contracts to help farmers and traders discover prices and manage future delivery risks. Since 1922, the U.S. futures market had been regulated under the Department of Agriculture for a long period, until Congress established the CFTC in 1974, placing oversight of the agency under the jurisdiction of the Senate and House Agriculture Committees. Modern derivatives regulation should still revolve around the actual users of the market. Agricultural producers and processors have always been important constituents served by the CFTC, and market participants' needs for product choice, risk management tools, and market innovation should also serve as important references for the evolution of regulatory policy.HPC noted that perpetual futures are now becoming an important innovative derivative in the digital asset era. The committee's discussions on product choice, risk management gaps, and market modernization are highly relevant to current regulatory efforts to explore a regulatory framework for on-chain derivatives. In the submitted statement, HPC put forward three key points:1. Market choice is crucial for risk management. Users in agricultural and other derivatives markets need more tool options. Past experience with restricting innovative products suggests that closing off market choices without adequate evaluation can impose costs.2. A phased approach by the CFTC to regulating perpetual futures is a reasonable direction. HPC stated that the development of new derivatives should be driven by end-user demand rather than relying solely on regulatory presuppositions.3. Public blockchains can enhance the efficiency of financial infrastructure. HPC believes that blockchain technology can modernize clearing and settlement systems, improve collateral liquidity, while continuing to comply with the Commodity Exchange Act's requirements regarding market integrity and risk protection.
Hyperliquid co-founder iliensinc responded to the abnormal SK Hynix pricing incident on Trade.xyz this morning, stating that Hyperliquid is a permissionless blockchain, and different teams can deploy and operate markets based on its infrastructure. Among them, the xyz:SKHYNIX perpetual contract was deployed and is operated by the XYZ team. The XYZ team is currently investigating the situation and will release updates once a conclusion is reached.Iliensinc also explained that the HIP-3 market deployer is responsible for providing data such as the mark price, oracle, and external perpetual contract price. Taking the pricing mechanism of a BTC perpetual contract as an example, the protocol provides the median of the latest on-chain transaction price, the best bid price, and the best ask price as one of three price components. The other two prices are provided by the deployer, and together these three influence the final mark price.
CME Group, the operator of the largest U.S. derivatives exchange, sued the Commodity Futures Trading Commission (CFTC) and its Chairman Mike Selig last month, opposing the regulator's approval for prediction market platform Kalshi and cryptocurrency exchange Coinbase to launch crypto perpetual contracts. Non-US perpetual contracts achieved a trading volume of $60 trillion last year. CME argues that the CFTC misclassified the relevant products and improperly applied the law, claiming that futures should have an expiration date, whereas perpetual contracts allow traders to establish leveraged positions on the future price of an asset without an expiration limit. CME also contends that the products harm its longer-dated futures business and that the CFTC failed to adequately consider the impact. The dispute between the parties intensified during the early stages of the Iran conflict, when demand rose for 24-hour crude oil perpetual contracts on offshore DeFi exchanges like Hyperliquid, as well as for on-chain prediction market trading related to the crude oil market. CME subsequently applied to accelerate the launch of 24-hour West Texas Intermediate crude oil futures trading but was blocked by the CFTC. Kalshi, after launching its first related product last month, stated that its trading volume exceeded $1 billion in less than a week. The CFTC is currently advancing the U.S. perpetual contracts market through policy statements and case-by-case reviews, rather than through new rulemaking procedures.
The Crypto Innovation Council (CCI) announced that Etherealize, Hyperliquid Policy Center, and Tools for Humanity (TFH) have officially joined. CCI stated that the new members will enhance its technical expertise in the fields of on-chain finance, institutional finance, and digital identity to better support policy making.
Odaily News on July 14, Bitcoin ETFs recorded net inflows of $181 million, and Ethereum ETFs recorded net inflows of $58.34 million. No outflows were observed for either Bitcoin or Ethereum ETFs on that day. BlackRock's IBIT saw net inflows of $139 million, Fidelity's FBTC posted net inflows of $21.07 million; all net inflows into Ethereum ETFs came from BlackRock's ETHA. HYPE, XRP, and Solana ETFs had no trading activity on the day. Morgan Stanley submitted a proposed amended filing for spot Ethereum and Solana ETFs, with the document covering service providers such as Coinbase Custody and staking provisions. Japanese policymakers are advancing reforms aimed at classifying crypto assets under the Financial Instruments and Exchange Act.
According to the memorandum, on July 14, 2026, staff from the SEC Crypto Task Force held a meeting with representatives from the Hyperliquid Policy Center, Highland Labs Pte. Ltd. (Hyperliquid Labs), XYZ Ltd., and Sullivan & Cromwell LLP to conduct an in-depth discussion on topics such as regulatory approaches for crypto assets and the technical architecture and market ecosystem of the Hyperliquid Protocol.
Hyperliquid and non-custodial wallet Phantom have jointly submitted a comment letter to the U.S. Commodity Futures Trading Commission (CFTC), calling for updates to regulatory rules for on-chain trading infrastructure. The two parties argue that current CFTC rules were designed for the traditional financial system, which relies on centralized intermediaries, and are not applicable to DeFi. They suggest clarifying that developing software for on-chain trading protocols does not require registration as an exchange or clearing agency, and that non-custodial wallet front-ends should not need to register as introducing brokers. They also propose allowing regulated institutions to use blockchain for trading and clearing operations. Previously, the CFTC and the U.S. SEC jointly released a request for comment in June, seeking industry input on regulatory rules affecting financial innovation. (The Block)
crypto venture capital fund Pantera Capital stated in a post that Hyperliquid's total addressable market is approximately $10 trillion in daily notional trading volume, including around $200 billion in 0DTE options and leveraged ETF trading, approximately $2 trillion in commodity derivatives trading, and around $8 trillion in foreign exchange derivatives trading.Pantera indicated that if Hyperliquid can consistently capture a low-single-digit percentage share of the aforementioned markets, its revenue potential could reach five times current levels. According to estimates, if the HIP-3 market achieves an annualized notional trading volume of $3.65 quadrillion and captures a 1% market share, under the assumptions of a combined fee rate of 2 basis points and Hyperliquid's economic split of 50%, the platform's revenue could reach approximately $3.7 billion.However, Pantera pointed out that regulation remains the biggest risk for Hyperliquid. Perpetual contracts are currently not fully open in the United States, and if the US promotes the legalization of related products in the future and introduces regulated platforms, Hyperliquid could face more intense competition, with some US user trading volume potentially shifting to compliant trading venues. Pantera believes Hyperliquid could also launch a regulated version targeting the US market in the future.
According to CoinDesk, Wall Street bank Cantor Fitzgerald issued a research report indicating that the crypto market is entering the final phase of the current bear cycle. As of June 10, Bitcoin has declined approximately 51% from its 2025 peak, with 252 days having passed since the peak. Synthesizing the past three market cycles, BTC bottoms on average 384 days after the peak; based on this, the low point of this cycle is projected to appear around the end of October. Analysts also noted that the model is not a precise timing tool, and macro, regulatory, and geopolitical risks remain. Regarding network value assessment, Cantor believes Hyperliquid is the prime example of fee-driven token economics, Bitcoin remains the benchmark monetary asset, and Ethereum serves as the primary collateral layer for on-chain finance; Solana, Sui, XRP, and Zcash each possess differentiated advantages, but still need to prove that their ecosystem growth can translate into sustained token demand.
According to an official announcement, Hyperliquid stated that it has been added to the Monetary Authority of Singapore’s (MAS) Investor Alert List (IAL). Hyperliquid clarified that inclusion on this list does not constitute a ban, enforcement action, or a determination of misconduct; rather, the list serves primarily to alert the public that certain entities may be mistakenly perceived as licensed, authorized, or regulated by MAS.
Analysis shows that Hyperliquid achieves extremely high efficiency under the “protocol-level infrastructure” model: revenue is nearly equivalent to net profit, and operating costs are close to minimal, reflecting a structural characteristic where “revenue does not scale linearly with headcount.” However, this current advantage exists at a stage where regulatory and compliance costs have not yet been fully realized; should compliance pressures increase in the future, profitability may contract.
approximately one month after the launch of the first spot HYPE ETFs, early trading data has been robust, indicating demand from institutional investors for Hyperliquid-related exposure.Currently, three issuers offer HYPE investment products through regulated brokerage channels, including 21Shares' THYP, Bitwise's BHYP, and Grayscale's HYPG. The cumulative trading volume for these three products since their launch has neared $900 million, with net inflows reaching $153 million.However, trading activity is not evenly distributed among the products. BHYP and THYP account for the majority of the volume, while the later-launched HYPG is still in its volume ramping phase.Unlike some tokens that primarily rely on speculative demand, HYPE's value proposition is more directly linked to Hyperliquid's trading activity. Approximately 97% of Hyperliquid's transaction fees flow into the Assistance Fund, creating a linkage between trading volume and token demand through an automatic buyback mechanism.
According to The Block, the Hyperliquid Policy Center and Paradigm have jointly written a letter to the U.S. Department of the Treasury urging revisions to a proposed anti-money laundering rule, stating that it could impose strict liability on stablecoin issuers for secondary-market transactions over which they lack substantive control.