The native token of Hyperliquid, $HYPE, has surged nearly 60% in just three days, hitting a new all-time high of $37 before retracing to around ~$35 as of this writing.
This surge comes as CFTC Commissioner, Summer Mersinger, made positive remarks on crypto perpetual futures, saying they could arrive in the U.S. market “very soon.”
“I think those [crypto perpetual futures] can come to market now. We’re seeing some applications and I believe we’ll have some of those products trading live very soon. It would be great to get that trading back onshore in the United States,”— Summer Mersinger, Commissioner, CFTC
Hyperliquid has actively engaged with the U.S. Commodity Futures Trading Commission (CFTC), submitting formal comments supporting 24/7 perpetual derivatives trading. This move aligns with CFTC Commissioner’s recent statements suggesting that crypto perpetual futures could be approved in the U.S. soon.
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Token Distribution & Supply
Total Supply: 1 billion HYPE tokens. (distribution model emphasizes community)
Market Cap: ~$11.8 billion
Distribution
Investors / VCs: 0 tokens reserved
Community: 76.2% of total HYPE supply
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Hyperliquid is a decentralized exchange (DEX) focused on perpetual swaps and built on its own Layer 1 blockchain.
What Are #Crypto Perpetual Futures Contracts And How Do You Trade Them? Perpetual futures trading makes up a significant percentage of overall exchange-traded cryptocurrency trading volumes. @BBODTrading Opens with 11 crypto Contracts with stablecoin pairhttps://t.co/13NPPEwBiJ
— Protocol (@crypto_mind) November 12, 2019
The recent surge pushed $HYPE into the top 15 cryptocurrencies by market cap, now valued at $11.5 billion, with a fully diluted valuation (FDV) of $34.2 billion.
Following the price jump, Hyperliquid L1’s Total Value Locked (TVL) also hit a new high of $1.33 billion, ranking it among the top 10 blockchains by DeFi TVL, according to DeFiLlama.
The Hyperliquid ecosystem is anchored by:
Hyperlend – a lending protocol
Felix – a CDP and lending protocol
Together, they represent 36% of Hyperliquid’s DeFi TVL.
Hyperliquid’s recent performance highlights its growing prominence in the DeFi space, marked by significant user engagement, regulatory interactions, and ecosystem expansion.
With BTC breaking new highs and U.S. regulatory clarity improving, $HYPE appears to be riding a wave of momentum that could carry it further if market sentiment remains bullish.
MILESTONE | #Bitcoin Breaks $110K for the First Time Amid Market Rally
So far in 2025, Bitcoin is up 17.5%, and it has surged 47% since April 2025.
Here is why $BTC is on a rally: https://t.co/FhLhyqU9CC pic.twitter.com/7J0LZuTwwL
— BitKE (@BitcoinKE) May 22, 2025
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