Hyperliquid (HYPE) targets $115 as tokenized asset trading gains momentum

Key takeaways

• Hyperliquid’s native token, HYPE, has surged 274% since the start of the year, establishing itself as one of the top-performing large-cap digital assets.
• CFTC Chairman Michael Selig indicated that US regulatory bodies are actively preparing for the rise of tokenized assets, onchain finance, and round-the-clock trading.
• In June, monthly trading volume across Hyperliquid’s HIP-3 markets peaked at approximately $115 billion.

Driven by rising interest in decentralized derivatives and tokenized real-world assets, Hyperliquid (HYPE) has posted a year-to-date gain of 274%, outpacing many of its large-cap peers.

The token recently neared the key psychological milestone of $100, bolstered by growing transaction volumes on Hyperliquid’s HIP-3 markets. These markets enable developers to launch permissionless perpetual futures, including derivative contracts tied to real-world assets.

Recent statements from Commodity Futures Trading Commission (CFTC) Chairman Michael Selig have further fueled anticipation that tokenization and continuous trading will play a major role in the future of US finance. Crucially, however, his comments do not constitute an official regulatory green light for Hyperliquid, nor do they guarantee that the protocol will be permitted to onboard US clients.

US Regulators Lay Groundwork for Tokenized Markets

Speaking at the 2026 Treasury Market Conference, Selig outlined how tokenized assets could reshape the financial landscape.

He noted that the CFTC is working to prepare the financial sector for widespread tokenization, decentralized finance, and 24/7 trading. The chairman drew a parallel between this technological evolution and the historical transition from open-outcry floor trading to electronic platforms.

“Just as the transition from hand signals to electronic trading advanced our financial system, I believe tokenization can do the same for all asset classes,” Selig remarked.

He emphasized the regulator’s commitment to establishing transparent, principles-based frameworks designed to foster innovation while safeguarding market integrity.

These observations highlight a broader trend of US regulatory bodies engaging with blockchain technology. For instance, the Securities and Exchange Commission (SEC) recently launched a temporary Innovation Exemption, permitting qualified platforms to pilot specific tokenized securities under a controlled framework.

Through tokenization, ownership rights for traditional assets—such as equities, debt instruments, or commodities—are converted into digital tokens on a blockchain. Proponents highlight benefits like near-instant settlement, fractionalized investing, and non-stop trading availability.

While regulatory openness toward tokenization could benefit platforms facilitating real-world asset trading, broad supportive remarks do not translate to automatic approval for any particular decentralized network. To legally operate and offer services to users in the United States, Hyperliquid must first comply with all relevant derivatives, securities, and consumer protection laws.

HIP-3 Trading Volume Climbs to $115 Billion

The HIP-3 framework has emerged as a primary growth driver for the Hyperliquid platform. Data from Hyperliquid Analytics shows that HIP-3 markets hit a monthly trading volume high of roughly $115 billion in June. Furthermore, open interest maintained an upward trajectory, climbing to nearly $4 billion in the previous month.

Representing the total value of active, unsettled derivative contracts, rising open interest indicates that market participants are holding longer-term positions rather than engaging in fleeting, short-term trades.

This dual expansion of trading volume and open interest signals robust market depth and sustained user engagement. It could also bolster demand for HYPE, which serves as a core utility asset within the Hyperliquid ecosystem.

According to CoinMarketCap data referenced in the initial analysis, Hyperliquid commands an 18% share of the decentralized exchange sector, positioning it as a dominant player in the rapidly growing onchain derivatives market.

By integrating real-world asset perpetuals, the protocol has expanded its reach beyond native digital assets. These contracts allow market participants to speculate on the price movements of traditional assets without requiring direct ownership.

While such offerings lower the barrier to entry, they also introduce distinct risks. Perpetual contracts involve leverage, do not typically confer actual ownership of the underlying asset, and rely heavily on external price oracles to maintain accurate tracking.

Analyzing HYPE’s Path to $115

With HYPE recently trading near the long-anticipated $100 mark, a critical psychological resistance zone has come into play.

Major round numbers frequently trigger waves of profit-taking as market participants set limit sell orders at these key milestones. Consequently, HYPE may face a temporary retracement after challenging or momentarily breaking above the $100 level.

Should a correction occur, the previous resistance level around $88 is likely to act as a vital support zone. A successful defense of this price point would signal sustained buying interest at elevated levels, potentially forming a base for another upward leg.

Looking ahead, the medium-term bullish target is projected near $115, a figure derived by mapping the extension of HYPE’s prior upward run to estimate the scale of its next advance.

An advance from $100 to $115 represents an additional 15% appreciation. Achieving this milestone will require the asset to absorb ongoing profit-taking and sustain its buying pressure as its year-to-date performance nears the 300% mark.

Conversely, a drop below the $88 support level would compromise the current bullish market structure, potentially leading to an extended period of consolidation. Additionally, the elevated open interest poses liquidation risks if over-leveraged traders become heavily concentrated in long positions.

For the time being, the positive outlook remains supported by rising HIP-3 volumes, climbing open interest, and a favorable environment for tokenized assets. The crucial test in the near term will be HYPE’s ability to flip the $100 level from a resistance barrier into a reliable support floor, paving the way for a run toward $115.