Quinten
Chief Business Officer at Lokal Spot, Author of De bitcoinrevolutie
Hyperliquid's planned US entry could bring its onchain infrastructure to regulated perpetual-futures markets through the biggest gate possible: ICE, the NYSE's parent. ICE and trade[XYZ] plan to use Hyperliquid's HIP-3* infrastructure for US traders across crypto, equities, commodities and FX, subject to regulatory approval. This is huge news for HYPE. x.com
Hyperliquid has proven it is here to stay, keeping strong revenue and shipping new features through the bear market, and it fits a cycle that rewards buybacks and revenue. Nearly 5% of HYPE's supply has been bought back and burned, and total revenue tops $1.2B, mostly in the past year; revenue jumped as the market picked up, with TVL at record highs. It is now a full onchain financial stack and the clear leader, while the theses for Ethereum and Solana are weakening. x.com x.com x.com
ICE and trade[XYZ]'s planned U.S. venue gives Hyperliquid a concrete route into U.S.-regulated perpetual futures. It would use Hyperliquid infrastructure for 24/7 perps across equities, commodities, FX and crypto, subject to CFTC approval. For HYPE, this is blockchain adoption, not bitcoin exposure. x.com x.com
Hyperliquid is taking share as infrastructure underpinning financial markets, supporting a long view on HYPE. Stan Druckenmiller said trade(xyz) is partnering with ICE to bring 24/7 perpetual futures on Hyperliquid to the US; that is welcome progress. 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
Hyperliquid's institutional case strengthens because NYSE owner ICE plans a regulated perpetual-futures market on its network. ICE has also taken a stake in a linked project; institutional interest in HYPE is clear. 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
Hyperliquid's valuation looks stretched against what serious markets pay for exchanges, and perpetual futures have been, and always will be, a niche product with no real moat. x.com
ICE's proposed Hyperliquid-based US perpetuals market could lift HYPE by driving more trading volume, fees and token buybacks. Per Cointelegraph, NYSE parent ICE plans the market; it still needs CFTC approval. x.com
ICE's agreement with trade[XYZ] to build a US market on Hyperliquid advances HYPE's case as the base layer for global markets. The NYSE owner, which pressed regulators to rein in Hyperliquid in May, will now operate a dedicated US exchange and clearing setup on its rails and take a stake in trade[XYZ]. Stan Druckenmiller is backing trade[XYZ] and says he looks forward to using its product. x.com x.com
Binance's spot listing of Hyperliquid's HYPE token is likely its short-term top. Per @coinbureau, HYPE surged near $95 on the announcement. @Kaffchad argues Binance only validates existing volume and retail will chase well past $95; the reply is that this marks the short-term top. x.com x.com
Hyperliquid's credibility and distribution can compound because every credible institution or investor that steps in makes it easier for the next. Per trade[XYZ], it and ICE plan a U.S. market built on Hyperliquid, subject to CFTC approval. Traditional finance generated exceptional social proof in a single day for a platform with a working product, product-market fit and real revenue. This could be a defining moment, though it might also be euphoria. x.com x.com
