Hyperliquid Pushes Into Pre-IPO Trading as HYPE ETFs Draw $53 Million
Updated
Updated · CoinDesk · May 25
Hyperliquid Pushes Into Pre-IPO Trading as HYPE ETFs Draw $53 Million
1 articles · Updated · CoinDesk · May 25
$53 million has flowed into newly launched HYPE spot ETFs from 21Shares and Bitwise within a few trading sessions, underscoring rising investor demand as Hyperliquid broadens beyond crypto derivatives.
Hyperliquid is expanding from perpetual futures into HIP-3 markets for pre-IPO contracts, equities, commodities and forex, plus HIP-4 binary outcome markets that mirror prediction platforms.
FalconX said a new Coinbase-Circle USDC integration could add up to $160 million in annualized revenue by making USDC an aligned quote asset across the platform.
The push puts Hyperliquid into more direct competition with CME, ICE-backed Kalshi and Polymarket, while CME and ICE have already raised manipulation concerns with regulators.
Washington could still aid that expansion: FalconX cited possible SEC innovation exemptions for tokenized stocks, while HYPE has already climbed 94% over the past three months.
Can Hyperliquid's on-chain financial model outrun inevitable scrutiny from global regulators?
Is Hyperliquid's challenge to Wall Street a financial revolution or a speculative bubble?
Do tokenized assets and prediction markets truly democratize finance or just create new risks?
The launch of HYPE Exchange Traded Funds (ETFs) in May 2026 marked a turning point for Hyperliquid, attracting new institutional demand and validating the broader crypto category. This surge in interest was supported by the fact that much of HYPE’s circulating supply had already been absorbed by treasury vehicles and ecosystem-linked buyers, reducing the risk of heavy sell pressure often seen with new ETF launches. The HYPE token’s price is closely tied to Hyperliquid’s trading volume, as this volume directly funds a buyback mechanism that supports the token’s value. This structure creates a strong link between platform growth and token performance, fueling Hyperliquid’s rapid ascent.