Hyperliquid‘s native token HYPE jumped as much as 18.5% to $69.78 on Wednesday, its steepest single-day gain among the top 100 tokens by market cap, after the exchange’s policy arm asked U.S. regulators to create formal rules for pre-IPO perpetual futures.
The Hyperliquid Policy Center and trading platform trade[XYZ] submitted a joint comment letter to the SEC on August 18, responding to Chairman Paul Atkins’ May request for ideas on modernizing the IPO process. The filing asks regulators to define “IPOPs” — cash-settled perpetuals that track a company’s expected valuation before it lists publicly, without granting shares, voting rights, or allocation rights to holders.
The submission cited five completed IPOP markets — including contracts tied to Cerebras, SpaceX, and SK Hynix — that traded within roughly 11–14% of the companies’ actual opening prices once they went public, an argument the firms used to make the case for regulated price discovery ahead of traditional listings.
The rally pushed HYPE’s market capitalization to roughly $17.6 billion, making it the ninth-largest token by that measure. Not every signal was bullish: Multicoin Capital moved $10.15 million worth of HYPE on-chain, a transfer several traders flagged as a potential source of near-term selling pressure.
The move also rode a broader political tailwind after President Trump said Wednesday that the CFTC is working to bring Hyperliquid into the U.S. market “in a fully compliant fashion”.
