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Keywords
cryptoHyperliquidHYPEStanley Druckenmillerinvestment trusts
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Related tickers and likely impact
HYPE/USDT
▲ Likely positiveHyperliquid
Relevance: medium
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | Layer 1 |
| Market cap | $16.9B |
| Close on 10/28/2026 | 80.69 |
| Change that session | -0.77% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
Related news
- Hyperliquid's HYPE Jumps 13% as NYSE Owner ICE Moves to Bring Its Perpetual Futures to the US
HYPE, the token behind the Hyperliquid exchange, rose about 13% to roughly $91 after Intercontinental Exchange, owner of the New York Stock Exchange, announced a deal to bring Hyperliquid-based perpetual futures to the United States. Under the agreement, ICE will be the exclusive operator of Trade[XYZ]'s regulated markets and take a strategic stake in the company, and it will build a dedicated retail market and clearing structure for the product. The product still needs regulatory approvals and has no launch date. HYPE hit a high of $92.10 on KuCoin, about 7% below its September record near $98, and its market capitalization is around $22.4 billion. Investor Stan Druckenmiller publicly backed the deal, and ICE plans to distribute the product through its joint venture with OKX, which also has approvals pending.
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Pump.fun, a leading meme coin launchpad on Solana, has launched perpetual futures that run on Hyperliquid's order books, and Pump.fun collects a builder fee on each trade. Hyperliquid uses part of its fee revenue to buy back HYPE, having repurchased $1.26 billion, but 778 million tokens still await circulation and could add selling pressure. The article says Solana gets no direct benefit, since Pump.fun trades match and settle on Hyperliquid, and SOL remains 65% below its all-time high. The product is not available in the U.S. or Ontario.
- NYSE owner takes steps to bring Hyperliquid perpetual futures to U.S.
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The article argues that the AI boom could cool, while nearly a dozen top cryptocurrencies have risen more than 100% this year. Hyperliquid (HYPE) is up 220% for the year and is estimated to control as much as 70% of the perpetual futures market on decentralized exchanges, but it remains off-limits to U.S. investors, and the Bitwise Hyperliquid ETF (BHYP) has traded since May. Zcash (ZEC) is up 136% year to date with a market cap of about $20 billion, and the Grayscale Zcash ETF (ZCSH) surpassed $1 billion in assets under management within its first 30 days. The article cautions that growth is not guaranteed: Hyperliquid needs approval to operate in the U.S., while Zcash is still about 80% below its 2016 highs.
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The Clarity Act failed a procedural Senate vote on Sept. 15, but CFTC Chairman Michael Selig said the agency would pursue crypto rules under its existing powers. On Oct. 5, the CFTC issued an advance notice of proposed rulemaking, the first formal step, targeting the middle tier of exchanges that offer margin trading. Proposed measures could require proof of reserves, segregation of client money from house money, and new listing reviews examining token ownership concentration and vesting schedules. After a 60-day public comment period following Federal Register publication, a proposed rule could follow, with final rules likely in 2027. The article says Hyperliquid faces the most exposure, since its core perpetual futures business falls on the top tier that the proposal does not cover.
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The article argues that Solana, NEAR, Zcash and Hyperliquid are worth considering for five-year holdings alongside Bitcoin and Ethereum. Solana held $4.4 billion in tradeable tokenized assets as of Oct. 14, its tokenized-asset holders rose 47% in 30 days, and staking yields 4.9% annually. NEAR's Intents handled $4.8 billion of swaps in 30 days, generating $8.2 million in fees used for buybacks, while a proposal to cut issuance to 1.6% over two years, down from 2.5%, has no scheduled vote. About 29% of Zcash's supply sat in shielded pools as of Oct. 14, with the next halving estimated for Nov. 23, 2028. Hyperliquid directs about 99% of trader fees to buybacks, totaling $224 million in Q3 2026, or an annualized $694 million, equal to 3.9% of its $17.8 billion market cap.
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