HYPE Jumps More Than 13% as Plan Emerges to Bring Hyperliquid Perpetual Contracts to US
Key Facts
HYPE rose 12.76% in four hours to $89.06 at 12:50 UTC on Oct. 29, according to a Binance HYPE/USDT market reading compiled by TokenPost. The move came on a day when the token topped $90 and gained more than 13% in a short-term move, according to another report by the outlet. The move coincided with a plan emerging to bring Hyperliquid-linked perpetual contract products to a regulated US market. The plan puts the potential expansion of these products in the United States at the forefront of developments surrounding the token. ICE did not set a launch date for the proposed market.
The four-hour reading shows HYPE starting the comparison at $78.98 at 08:50 UTC before reaching $89.06 at 12:50 UTC, according to TokenPost. In the same snapshot, it was up 10.56% over 24 hours, a different time frame from the four-hour move. The price also topped $90 in a short-term move the outlet described as a gain of more than 13%. The coin closed at $91.1 on Oct. 29, according to EL7 daily data. It had closed at $80.69 on Oct. 28, showing the increase in daily closing prices between the two dates in the same series.
In derivatives markets, TokenPost recorded $420,000 in liquidations of short positions and $20,000 in liquidations of long positions over a one-hour period across Binance, Bybit and OKX. Those figures refer to the one-hour window cited by the outlet and do not measure price movement over four hours or 24 hours. The imbalance in liquidation values between the two sides of the market coincided with HYPE's rise, but the published facts do not establish that short liquidations caused the gain. These figures differ from those in the initial draft, which were not supported by the pages opened. The liquidation data should therefore be read as part of market activity during that hour, alongside the price move.
Intercontinental Exchange, the parent company of the New York Stock Exchange, plans to work with Trade.xyz to bring Hyperliquid-linked perpetual contracts to a regulated US market, according to TokenPost. Under details reported by the outlet, ICE will be the exclusive operator of Trade[XYZ]'s regulated market. It also plans to build a separate platform for retail users and a clearing framework on Hyperliquid. ICE announced a strategic investment in exchange for a minority stake in Trade[XYZ], without disclosing the investment amount. The arrangement brings together a traditional market operator and a company working on products linked to a digital-asset trading platform.
The proposed platform targets retail users, who will need to complete know-your-customer and anti-money-laundering procedures before trading. Orders will be executed through participating US futures brokers, according to plan details reported by TokenPost. The market's launch requires regulatory approvals, including permission for leveraged trading. ICE has not announced a launch date, meaning the plan remains contingent on securing the required approvals. These steps remain a core part of bringing the products to a regulated US market.