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HYPE rose about 4.5% over the past 24 hours to trade near $84, keeping Hyperliquid close to the $85 to $85.5 resistance zone. Fresh reports on a possible regulated US route also added detail to an existing regulatory catalyst.
Hyperliquid Strategies said President Donald Trump stated on August 19 that CFTC Chairman Michael Selig was working on a compliant US structure for Hyperliquid.
Fresh reporting then pointed to Payward, Kraken’s parent company, as a possible route. Hyperliquid Labs is reportedly in advanced talks with Payward over selected Hyperliquid-linked perpetual futures.
The proposed contracts could reach US traders through Bitnomial, Payward’s CFTC-regulated derivatives exchange and clearinghouse. Payward has presented the basic structure to the CFTC, but regulators have not approved it.
Hyperliquid’s main perpetual futures platform remains unavailable to US users. A Bitnomial structure could instead offer exposure through regulated infrastructure without opening Hyperliquid’s decentralized front end directly.
Payward agreed in April to acquire Bitnomial for up to $550 million. Bitnomial already holds CFTC licenses covering a derivatives exchange, clearinghouse, and brokerage business.
Still, regulatory clearance remains essential. One former SEC counsel cited in the reporting estimated another 10 to 12 months could be needed before any potential launch. Could a regulated US route give HYPE enough momentum to clear the $85 to $85.5 resistance area and extend toward $100?
HYPE also benefits from token repurchases funded by protocol revenue. The Financial Times reported that crypto projects spent nearly $638 million on buybacks during 2026. Hyperliquid and Pump.fun accounted for nearly 90% of that total. Hyperliquid directs about 99% of protocol trading-fee revenue toward HYPE purchases, according to the report.
About $1.3 billion in HYPE has been bought back and burned since launch. Hyperliquid Strategies recently placed the retired amount near $1.2 billion, or about 46.4 million HYPE. Protocol activity continues to fund those purchases. Hyperliquid held about 63% of decentralized perpetual futures open interest on August 23, while platform open interest reached roughly $13 billion.
Also Read: Hyperliquid Whales Accumulate HYPE as Energy Perps Push Grows
HIP-3 markets represented about 48% of trailing 30-day trading volume and generated more than $514 billion in cumulative volume. Market deployers also need HYPE as collateral when creating HIP-3 markets. Meanwhile, Coinglass data on September 1 showed short positions made up about 85.8% of HYPE liquidations during the previous 24 hours as the token climbed.
HYPE has advanced from near $52 in early August and accelerated after clearing $60 around August 19. Price later reached about $85 but struggled to hold above that area. The daily Supertrend remains bullish near $70.02. As a result, traders continue watching $85 to $85.5 as the immediate breakout zone while HYPE trades near $84.
