HYPE approaches $115 as tokenized trading activity surges on Hyperliquid

Key takeaways

• Hyperliquid's HYPE token is up 274% since the start of the year, ranking among the top performers in the large-crypto category.
• Michael Selig, chair of the CFTC, stated that US regulators are gearing up for tokenization, onchain finance and continuous trading markets.
• In June, Hyperliquid's HIP-3 markets handled around $115 billion in trading volume during a single month.

Hyperliquid (HYPE) has risen 274% year-to-date, outpacing most other major cryptocurrencies as interest in decentralized derivatives and tokenized real-world assets keeps expanding.

HYPE recently neared the $100 mark, a key psychological level, with support from rising activity on the platform's HIP-3 markets. These markets let developers launch permissionless perpetual futures, including contracts tied to real-world assets.

Remarks from Commodity Futures Trading Commission Chair Michael Selig have also boosted expectations that tokenization and around-the-clock markets will play a bigger role in the US financial landscape.

Still, his comments did not constitute formal regulatory clearance for Hyperliquid or indicate that the platform will be allowed to cater to US clients.

US regulators prepare for tokenized markets

Selig addressed the potential effects of tokenization at the 2026 Treasury Market Conference.

He stated that the CFTC is readying financial markets for the advent of widespread tokenization, onchain finance and 24/7 trading. The chairman likened this change to the move from hand signals on trading floors to electronic systems.

“Just as the transition from hand signals to electronic trading advanced our financial system, I believe tokenization can do the same for all asset classes,” Selig said.

He added that the regulator is focused on crafting clear, principles-based rules aimed at fostering innovation while safeguarding market integrity.

The remarks signal increased interest from US regulators in blockchain-driven markets. The Securities and Exchange Commission recently rolled out a temporary Innovation Exemption, letting eligible platforms test certain tokenized securities products under specific conditions.

Tokenization turns ownership rights in assets such as stocks, bonds or commodities into digital tokens on a blockchain. Supporters say the technology can deliver faster settlement, fractional ownership and continuous trading.

Regulatory backing for tokenization could open doors for platforms that offer real-world asset markets. However, broad statements supporting the technology do not guarantee market access for any particular decentralized protocol.

Hyperliquid would need to meet applicable derivatives, securities and customer-protection rules before directly providing regulated services in the United States.

HIP-3 volume reaches $115 Billion

HIP-3 has emerged as a key growth driver for the Hyperliquid ecosystem. Based on Hyperliquid Analytics data, HIP-3 markets saw a recent monthly volume peak of about $115 billion in June. Open interest then continued to climb, hitting almost $4 billion last month.

Open interest represents the value of outstanding derivatives positions that remain open. Its rise indicates that traders are holding larger exposures in HIP-3 markets rather than just churning short-term trading volume.

The mix of high volume and growing open interest suggests deeper market engagement. That could also boost demand for HYPE, given the token's central function within the broader Hyperliquid ecosystem.

CoinMarketCap figures from the original analysis give Hyperliquid an 18% share of the decentralized trading space. This positions it among the largest platforms competing for growth in onchain derivatives.

Real-world asset perpetuals have expanded the platform beyond crypto markets. Traders can use these contracts to get price exposure without directly holding the underlying traditional asset.

While these products improve accessibility, they also carry risks. Perpetual contracts employ leverage, do not necessarily confer ownership rights and may rely on external price feeds to track the underlying asset precisely.

Can HYPE reach $115?

HYPE has recently moved close to the long-awaited $100 price point, putting a major psychological resistance level in focus.

Round-number thresholds often trigger profit-taking because traders set sell orders around prominent levels. Consequently, HYPE could see a pullback after testing or briefly surpassing $100.

The prior resistance area near $88 could offer the first meaningful support during such a correction. A successful retest would show that buyers are still willing to enter at higher prices and could set the stage for the next rally.

The medium-term upside target sits around $115. This projection uses the length of HYPE's earlier rally to estimate the potential size of the next upward leg.

A climb from $100 to $115 would represent a 15% increase. Reaching that level would require the token to overcome profit-taking and sustain demand as its year-to-date gain approaches 300%.

If HYPE drops below $88, the immediate bullish setup would weaken, and the market could enter an extended consolidation. Rising open interest also introduces liquidation risk if highly leveraged traders crowd into long positions.

For now, HIP-3's rising volume, growing open interest and broader momentum behind tokenized markets support a bullish outlook. The key near-term test is whether HYPE can turn $100 from resistance into support and continue its climb toward $115.