HYPE jumps 10% as Kalshi launch helps it overtake XRP in futures interest

Hyperliquid’s HYPE token has climbed more than 10% and overtaken XRP in futures open interest after Kalshi launched CFTC-regulated perpetual futures tied to the asset for US traders.

According to Kalshi, HYPE perpetual futures are now available on its prediction market platform following approval from the Commodity Futures Trading Commission, with the company also removing its waiting list and introducing zero trading fees for a limited time.

Data from CoinGlass showed HYPE futures open interest rising 10.7% over the past 24 hours to $2.5 billion (approx. £1.9 billion), moving ahead of XRP, whose open interest increased 1.6% to $2.5 billion (approx. £1.9 billion) during the same period.

The launch adds another crypto market to Kalshi’s growing lineup of perpetual futures products. 

Earlier offerings included contracts linked to Solana and XRP under the platform’s American Perpetuals brand, which Kalshi has described as CFTC-regulated perpetual futures that do not expire.

In a separate announcement, the company said perpetual futures tied to Dogecoin, Stellar, Chainlink, Bitcoin Cash, Litecoin, Sui, Shiba Inu, Polkadot, and Hedera may be introduced in the coming days.

According to data from CoinGecko, HYPE rallied from a session low of $52.70 to an intraday high of $59.42 before settling around $58.65 at the time of reporting.

HYPE’s rally also found additional support after US President Donald Trump said progress had been made toward a possible peace agreement with Iran. 

Trump’s comments eased concerns over previously discussed military action and improved sentiment across risk assets.

Commenting on the current price action, crypto analyst Altcoin Sherpa said that reclaiming the $57 area on higher time frames would be a constructive development for HYPE.

Despite HYPE's strong performance relative to many altcoins this year, Altcoin Sherpa said the token is unlikely to trade independently of Bitcoin for long, with the market leader still expected to influence its next major move.

“HyperLiquid has outperformed nearly all shitcoins this year but I also wouldn’t be surprised to see this go to the low 50s/high 40s eventually too,” Altcoin Sherpa wrote.

HYPE price analysis

As of press time, CoinGlass liquidation data can be used to gauge where traders are focusing next.

HYPE liquidation heatmap. Source: Coinglass.

A large concentration of short liquidations was sitting between $60 and $61, while additional liquidity clusters were visible around $63 and $65.9.

On the downside, notable liquidity had formed around the $54 to $55 range.

Technical indicators on the daily chart show HYPE attempting to stabilise after retreating from its local high near $75.

HYPE/USDT 1-day price chart. Source: TradingView.

Bollinger Band data places the upper band near $74.5, the mid-band around $63, and the lower band close to $51.4. 

Current price action remains below the middle band, leaving the $62.9 to $63 region as an area traders may need to reclaim before momentum improves.

The Bollinger structure also aligns with derivatives positioning.

Liquidity concentrations identified in the heatmap near $63 sit close to the middle band, while support around $54 to $55 overlaps with the lower half of the Bollinger range.

Meanwhile, the 14-day Relative Strength Index has recovered to roughly 50 from earlier lows after cooling from overbought readings above 70 seen during the June rally. 

Although momentum has improved, the indicator remains below its moving average near 59, suggesting buyers have not yet regained full control of the trend.

With HYPE still trading below the Bollinger Band midline near $63, buyers will likely need to reclaim that level before any attempt at the $65.9 liquidity cluster can develop. 

As seen on the heatmap, a dense concentration of short positions is clustered between $60 and $61, which could accelerate upside momentum if liquidated. 

On the other hand, failure to break through overhead resistance may leave the $54 to $55 support zone exposed, particularly as that area contains one of the largest liquidity pockets visible on the heatmap.