Hyperliquid token jumps 20% on Trump US-access remark

Hyperliquid's native token surged more than 20% over 24 hours after President Trump said regulators were working on a compliant path to bring the decentralized trading platform to American users, Cointelegraph reported. HYPE traded around $62 immediately before his remarks, jumped as much as 16% to a 24-hour high of $72.28, and settled near $70, with trading volume reaching $1.4 billion.

“I understand that Mike is also working to bring Hyperliquid into the United States in a fully compliant and legal fashion. Working very hard on that.”

— Donald Trump, US President, at a White House event

Trump made the comment at a Wednesday White House event, referring to CFTC Chair Michael Selig. Neither the CFTC nor Hyperliquid has released a formal proposal explaining how US access would work, and it remains unclear whether an application has been submitted or when a compliant service could launch. The market reaction shows how much the prospect alone can reprice HYPE and the public companies that hold it as treasury assets.

Shares of Hyperliquid Strategies, a Nasdaq-listed HYPE treasury company trading under the ticker PURR and unaffiliated with Hyperliquid itself despite the shared name, closed Wednesday up 30.4% at $9.39. About four hours before Trump spoke, someone paid roughly $65,000 for 719 PURR call options with an $8 strike price expiring in mid-October, according to CNBC. The contracts cost about $0.90 each and were quoted at $2.45 by the close, putting the position's value near $176,000 for an unrealized gain of about $111,000. Options data from OptiView showed 2,575 of the October $8 calls traded that session, against just 67 contracts of open interest beforehand, more than 140 times the contract's 30-day average volume.

• HYPE price before Trump's remarks: about $62
• HYPE 24-hour high after the remarks: $72.28
• HYPE 24-hour trading volume: $1.4 billion
• Hyperliquid Strategies (PURR) close, up 30.4%: $9.39
• PURR October $8 call volume: 2,575 contracts, versus 67 in prior open interest

The publicly available options data confirms unusually heavy trading but doesn't identify the buyer or prove the order relied on nonpublic information. The CFTC had already disclosed a July 15 meeting with Hyperliquid Labs and Hyperliquid Strategies, which gives the timing a plausible innocent explanation alongside the more suspicious one. Hyperliquid runs one of the largest venues in crypto's fast-growing perp market, so a credible path to US users would matter beyond HYPE's own price. It also lands inside a pattern that's become familiar this year: Trump's offhand remarks keep moving crypto markets while his own $1.4 billion in crypto-linked income sits in the background of nearly every regulatory conversation his administration has.

Hyperliquid built its business by staying offshore, letting traders open leveraged perpetual futures positions without the identity checks a US-regulated venue would require. A compliant American version would mean rebuilding parts of that model around onboarding and reporting requirements it has avoided so far, and it's not clear the platform's current user base would follow it into a more regulated product. Still, the token's reaction shows traders are pricing the mere possibility as a meaningful upgrade, treating regulatory legitimacy as its own kind of catalyst regardless of how the compliance work actually plays out.

None of this should be read as personalized investment advice.