Kalshi's HYPE perpetuals push Hyperliquid past XRP in futures open interest
Kalshi launched CFTC-regulated Hyperliquid (HYPE) perpetual futures in the United States, becoming the first regulated U.S. venue to list the token. The listing pushed HYPE futures open interest to $2.48 billion, moving Hyperliquid ahead of XRP in that metric. The product expands Kalshi's crypto-native perpetual lineup beyond earlier bitcoin and solana offerings and comes as the exchange races to build standalone derivatives traction. Hyperliquid's native token hitting this open-interest threshold marks a milestone for the crypto-native asset. Kalshi operates under its CFTC designation as it broadens regulated derivatives offerings.
Kalshi must prove it can retain retail crypto flow for altcoin perpetuals that Robinhood could just as easily route to its own competing products or to Rothera. The HYPE listing tests whether Kalshi's standalone derivatives brand can outrun its largest broker's dual-track strategy.
The altcoin push has now moved from SOL and BTC to HYPE even as Robinhood's dual-track strategy — competing perpetuals plus Rothera spot and event-contract routing — keeps most Kalshi volume on someone else's rails.