Foreign media reports that Hyperliquid has seen a significant increase this year. Market attention is not only focused on the token price itself but also on the expansion of its on-chain perpetual contract market. As tokenized asset trading heats up, the trading volume of HIP-3 on the platform and the number of open contracts have increased simultaneously, becoming the main factors supporting this enthusiasm.
HIP-3 Trading Volume Rises to $115 Billion
Reports cited Hyperliquid Analytics data stating that the trading volume of the HIP-3 market reached approximately $115 billion in a single month in June this year. Since then, the number of open contracts has continued to increase, approaching $4 billion last month.
HIP-3 allows developers to deploy perpetual contracts without permission, including those linked to real-world assets. The article argues that this expands the trading scope of Hyperliquid beyond just crypto assets and also draws more funds into the blockchain derivatives market.
An increase in trading volume alongside rising open interest typically indicates a deeper level of market participation, rather than just a short-term surge in funds followed by a decline. Based on this, reports suggest that HYPE, as the core token of the ecosystem, may continue to benefit from this trend.
U.S. regulators discuss the tokenization market
Another driving factor comes from regulatory statements. The Chairman of the Commodity Futures Trading Commission of the United States, Michael Selig, stated at the 2026 U.S. Treasury Bond Market Conference that regulatory authorities are preparing for large-scale tokenization, on-chain finance, and 24-hour trading.
He compared this change to the shift in financial markets from manual trading through gestures to electronic trading, stating that tokenization has the potential to enable more asset classes to enter a new mode of trading. The U.S. Securities and Exchange Commission (SEC) has previously introduced temporary “innovation exemptions” that allow eligible platforms to test certain tokenized securities products within defined limits.
However, the article also points out that such statements do not equate to Hyperliquid having gained access to the US market, nor does it mean that the platform can directly provide services to US customers. To conduct regulated business in the United States, relevant platforms still need to meet requirements regarding derivatives, securities, and customer protection.
Foreign media: The $100 mark becomes a short-term focus
The article suggests that after HYPE recently approached $100, the market will first observe whether this integer level can turn into a support point. Integer prices are often prone to profit-taking, so there may be a short-term decline after the price tests this level.
The report mentions that around $88 is an important resistance level from earlier periods. If the price stabilizes after a subsequent pullback, it may indicate that buying momentum is still present. Based on this, the article sets a medium-term target of $115. However, it also warns that if the price falls below $88, the strong short-term trend could weaken, and the market might enter a longer period of consolidation.
In addition, the continuous increase in open positions also means that leverage risk accumulates accordingly. Once long positions become too concentrated, price fluctuations may intensify, and liquidation pressures will be transmitted to the market more quickly.
