HYPE climbed to a fresh all-time high near $67 on May 29, capping a week in which U.S. regulators cleared the first domestic perpetual futures contract and Grayscale branded Hyperliquid a breakout success.
Key Takeaways:
HYPE hit a record $67.24 on May 29 after the CFTC cleared the first U.S. perpetual futures contract.Grayscale says Hyperliquid earned about $800 million in fees in 2025, pressuring rival exchanges.A spot HYPE ETF decision from the SEC, filed as GHYP on May 22, is the next catalyst traders are watching.The next test is whether regulatory clarity converts into durable institutional flows. The CFTC’s perpetuals decision and the pending GHYP and 21shares funds hand U.S. allocators their first compliant routes into a market they had mostly watched from the sidelines. A green light for a spot HYPE ETF would place Hyperliquid on a short list of tokens with both a working business and an exchange-listed wrapper.
