Kalshi HYPE perpetuals push Hyperliquid past XRP in futures open interest
Kalshi launched CFTC-regulated perpetual futures on Hyperliquid's HYPE token after receiving Commodity Futures Trading Commission clearance, adding crypto-native perpetual contracts to its existing event-contract markets. The listing pushed HYPE open interest to $2.48 billion and allowed Hyperliquid to overtake XRP in futures open interest. The HYPE token climbed more than 10% following the launch. Kalshi's product expansion arrives as part of its broader move into regulated crypto derivatives under its CFTC designation. The new perpetuals give traders a regulated venue for leveraged exposure to HYPE, which traders appear to have embraced quickly given the open-interest flip.
Robinhood already drives the majority of Kalshi's volume and runs competing perpetual futures. Kalshi must capture retail crypto flow during this altcoin expansion or watch U.S. leveraged trading drift back to offshore venues.
Kalshi's HYPE perpetuals are the latest altcoin listing in a rapid crypto derivatives rollout that has already added bitcoin and Solana perpetuals this month, with total perpetuals volume crossing $1 billion in the first week as the platform races to keep retail flow from drifting to Robinhood's competing perpetual futures.