Hyperliquid's growing perp share feeds fees into HYPE buybacks even as the market shrinks. Its share among the top 12 perp DEXs rose from 25% in January to 43% in September, below August's 47% peak. Its trailing buyback yield is 3.52% versus 1.51% for the S&P 500, but depends on trading volume and shrinks on fully diluted supply as tokens unlock. Watcher Guru reported plans by the NYSE owner to bring HYPE perps to regulated US markets; $100 remains the chart target. x.com  x.com  x.com  x.com  x.com  … Show more

Cboe Global Markets is an underrated stock. Per @Kalshi_Finance, it jumped 10% premarket after extending its S&P 500 options license through 2051. x.com 

Intercontinental Exchange, CME Group and Cboe are in the first inning of a de-rating, as the rush to defend them against crypto perpetual futures competition shows. With few near-term catalysts to make them work, they are worth revisiting in 12-24 months. x.com 

Bitcoin gains a major legitimacy signal from ICE's involvement in a Hyperliquid futures venture, giving prospective buyers cover to invest. Per @standuquesne, trade.xyz is partnering with ICE to bring 24/7 perpetual futures on Hyperliquid to the US. Despite nonstop bad headlines keeping price near $80k, crypto fundamentals are improving; bitcoin may need only time, even if it chops or dips to $76k first. x.com  x.com 

Regulated US trading of HYPE perpetual futures would widen access to the token. WatcherGuru reports that the NYSE owner plans to bring these contracts to regulated US markets; that is a big win and bullish for Hyperliquid, perps and the wider industry. x.com 

CME, Cboe and ICE face disruption from regulated perpetual futures, which could undermine their business model. On May 29 the CFTC approved Kalshi's US Bitcoin perpetual and gave Coinbase a no-action letter for offshore perps. Perps traded about $92.9 trillion in 2025, and Kraken is launching CFTC-regulated contracts too. Markets see Cboe as most exposed, then CME and ICE; Cboe fell over 17% in a week. Stock perps could eventually challenge CME and Cboe S&P 500 products. x.com 

A planned US-regulated perps market on Hyperliquid's rails would broaden HYPE's reach into traditional finance. Bloomberg reports that ICE and Trade.xyz plan a market with its own clearing and compliance systems for contracts linked to stocks, indices, commodities and currencies, pending regulatory approval. x.com 

ICE's planned US perps access could grow Hyperliquid's users, volume and revenue, but that growth may already be priced into HYPE. CFTC approval, a launch and actual US adoption are still needed; even then, extra fees and buybacks must beat expectations. ICE backing, Druckenmiller investing and Elon tweeting have made the story widespread. The easy HYPE trade looks over for average retail investors, though this call could be early. x.com  x.com 

All HYPE bears have been liquidated while sidelined bulls remain, leaving Hyperliquid's token headed higher. Everyone called it the most crowded trade. An attached chart pairs the move with trade[XYZ]'s announcement that it and ICE are bringing 24/7 perpetual futures on Hyperliquid to the US. x.com 

ICE and trade[XYZ]'s planned 24/7 US perps venue could widen Hyperliquid's buyer pool. It needs CFTC approval; ICE is investing in trade[XYZ], and Druckenmiller is also joining. Per the FT, his spokesperson confirmed his post was authentic. Druckenmiller and Elon green-lighting HYPE signals TradFi allocators. Crypto natives remain underallocated due to short time horizons; HYPE is the first investable altcoin in history not reliant on belief in a monetary premium. x.com  x.com  x.com  x.com