Hyperliquid reaches $7B in TVL as HYPE token gains liquidity

Hyperliquid, a decentralized perpetual futures exchange and Layer 1 blockchain, has reached several significant milestones. The platform’s total value locked (TVL) has surpassed $7 billion across its L1 and Arbitrum ecosystems, with the L1 alone accounting for approximately $6.82 billion. Additionally, the platform’s open interest has hit a record $18 billion.

Its native token, HYPE, has experienced high volatility and reached near-record prices close to $100. Binance has announced the listing of HYPE for spot trading across USDT, USDC, and TRY pairs, applying a ‘Seed Tag’ to denote the higher risk and volatility associated with the new project.

Expansion into the U.S. market remains a key point of interest. Payward, the parent company of Kraken, has proposed bringing Hyperliquid’s onchain perpetual futures to U.S. traders through permissioned markets, a move that remains subject to regulatory approval from the Commodity Futures Trading Commission (CFTC). Analysts suggest that a regulated U.S. presence could significantly increase protocol fees and market reach.