Kalshi Knocks on CFTC's Door for HYPE Perps, Leaves Its Own Frenemy on Read 🤝

Kalshi has filed with the CFTC to list perpetual futures contracts tied to Hyperliquid's native token HYPE, expanding a roster of crypto derivatives that already includes BTC and ETH, according to a recent regulatory filing. The application follows Kalshi's launch of Ethereum perpetual futures last week for users in the United States and adds a new asset class to the CFTC-regulated prediction market's product suite.

The move extends a partnership that began with a HIP-4 infrastructure upgrade bringing Kalshi's regulated prediction markets onto Hyperliquid's decentralized execution layer. That collaboration has increasingly positioned the two firms as both partners and competitors in the perpetual futures segment, a market currently anchored by Hyperliquid, Binance, and Coinbase.

In earlier filings, Kalshi requested permission to list perpetual contracts for ETH, XRP, SOL, DOGE, XLM, LINK, BCH, LTC, SUI, SHIB, DOT, and HBAR. Hyperliquid's HYPE was absent from that initial batch, prompting industry observers to question whether it would be added. The new submission answers that question and places Kalshi directly alongside the venues it once integrated with, raising the prospect of overlapping liquidity and shared user bases.

BitMEX co-founder Arthur Hayes has previously stated that Hyperliquid could lose market share as traditional finance platforms and major crypto exchanges expand their perpetual futures offerings. The competitive pressure has been a recurring theme among analysts tracking the onchain derivatives market, where Hyperliquid has held a leading position in decentralized perpetual volume.

The CFTC is currently reviewing the filing as part of its oversight of Kalshi's designated contract market activities. Kalshi did not immediately respond to requests for comment on the timeline for a potential launch of HYPE perpetual futures, and the commission's review process remains ongoing.