Hyperliquid's path to the US just opened

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Over the last 7 days, Hyperliquid’s fees, volume, chain TVL & stablecoin supply moved up dramatically.

These jumps come after a public statement from President Trump that the CFTC chair is working hard to “bring Hyperliquid into the United States in a fully compliant and legal fashion”. The HYPE token surged nearly 20% the day of this statement, and daily volume quadrupled in the following days.

This did not start with Trump’s comment. Hyperliquid built a Washington presence months earlier as the Hyperliquid Policy Center (HPC), funded by 1m HYPE from the Hyper Foundation, has submitted several SEC comment letters.

Both CME Group and ICE lobbied against Hyperliquid, arguing the protocol poses market manipulation & sanctions evasion risks. HPC’s counter is that full onchain transparency & complete public record of every transaction is a stronger deterrent to bad actors than opaque legacy venues.

No formal CFTC rule has been proposed and no Hyperliquid US entity has been officially created or announced, but anticipation that a regulatory path exists is already being reflected onchain.

HIP-3 markets have facilitated over $480b in cumulative volume since launch in October 2025. trade[XYZ] is responsible for 93% of that volume.

Stablecoin market cap on Hyperliquid L1 surged by 11% in the days after the comment was made, more than any other major chain.

Interestingly, Hyperliquid’s 90d TVL growth ranks near the bottom of the list among major chains. TVL had been grinding down 50% from the highs almost exactly a year ago before jumping 25% this month.

The largest apps on Hyperliquid are built around staking and lending HYPE. Kinetiq TVL shot back up above $1b, and Morpho & Derive both saw 50% 30d TVL growth.

Among the top 15 perp DEXs, Hyperliquid accounts for 59% of the total.

56% of all perps volume happens on Hyperliquid and despite increased competition, the L1’s share of perps volume has actually increased over the last year.

Hyperliquid leads all perp DEXs in Normalized Volume over the last 7 & 30 days.

Normalized Volume is the estimated amount of genuine trading activity after filtering out suspected wash trading, calculated by determining how much volume can legitimately occur given available liquidity and current market volatility conditions.

Hyperliquid also leads in Open Interest, with its own HIP deployer trade[XYZ] trailing.

Total perp volume, however, has actually decreased from a year ago.

There exists a genuine administrative appetite at the CFTC to build a bespoke category for onchain exchanges. Hyperiquid’s volume & OI dominance, Washington presence and category-leading performance puts the protocol in a strong position to continue to lead.

However, competitor perp DEXs with strong partnerships (Lighter x Robinhood, for example) and zero-fee trading structures (Lighter & Variational) could make those venues just as attractive for traders.

Schedule a call with our analyst team at DefiLlama Research for more market insights and to explore our market intelligence tools.

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