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- Kalshi files for HYPE perpetual futures as its U.S. crypto derivatives push expands.
- HYPE stays under pressure despite Kalshi’s latest filing with the CFTC for new perps.
- Hyperliquid remains a top fee generator as competition in perpetual futures grows.
Kalshi has filed with the U.S. Commodity Futures Trading Commission to list perpetual futures tied to Hyperliquid’s HYPE token. The filing expands its regulated crypto derivatives push. It follows recent Bitcoin and Ethereum perpetual futures launches for U.S. users this month.
According to the filing, the proposed contract would be linked to Hyperliquid’s native token. The step adds another asset to Kalshi’s crypto derivatives plan. It also extends the company’s move beyond prediction markets in the United States.
The proposed listing comes days after Kalshi introduced Ethereum perpetual futures. The company markets the product line as “American Perpetuals.” Ethereum became the second cryptocurrency in the lineup after Bitcoin futures.
Kalshi Seeks Regulated Access for HYPE Futures
Kalshi has also sought review for other crypto-linked contracts. Separate filings cover XRP, Solana, Dogecoin, Stellar, Shiba Inu, Hedera, and additional assets. Hyperliquid was not included in that earlier altcoin filing.
That change makes the HYPE filing a separate development in Kalshi’s crypto expansion. It also places Hyperliquid’s token among assets targeted for regulated access. The filing does not alter the status of those earlier proposed contracts, which remain tied to their separate regulatory review.
Perpetual futures differ from traditional futures contracts. They do not expire on a fixed settlement date. Kalshi and the CFTC state that funding payments help keep contract prices aligned with spot markets.
The latest submission shows a wider push into regulated crypto trading products. Kalshi said its Ethereum perpetual futures launched after receiving regulatory approval. It also waived trading fees for users who had joined a waiting list.
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Kalshi and Hyperliquid already have a technical connection. Through Hyperliquid’s HIP-4 upgrade, Kalshi integrated its regulated financial and prediction markets with the network’s decentralized execution layer. That link came before the HYPE perpetual futures filing.
Kalshi Enters Competitive Perpetual Futures Market
The proposal places Kalshi in a segment led by crypto-native venues. Hyperliquid, Binance, and Coinbase already offer perpetual futures trading. Their rules and regulatory structures differ across jurisdictions.
BitMEX co-founder Arthur Hayes recently warned that Hyperliquid could face rising competition. He cited traditional finance firms and major exchanges entering the perpetual futures market. His comments came as institutions increased interest in the segment.
HYPE remained under pressure despite the filing. CoinMarketCap data showed Hyperliquid down 7.33% over the past 24 hours. The token traded at $58.83 during the reported trading period.
Source: CoinMarketCap
Market views around HYPE were not fully negative. Citrini Research recently described the token as a compelling investment. The firm estimated that Hyperliquid accounted for nearly half of all crypto token buybacks recorded in 2025.
Hyperliquid also remained among the industry’s top fee-generating protocols. The platform recorded about $1.9 million in fees over the past 24 hours. That activity kept it in focus for institutional investors, trading firms, and derivatives market participants.
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