Hyperliquid’s native token, HYPE, climbed to an all-time high of $77.55 on Aug. 21. The rally accelerated after U.S. President Donald Trump said efforts were underway to bring the platform into the U.S. market through a legal and compliant framework.
The HYPE coin price traded around $76 following the record. The token gained roughly 4% over the past 24 hours and 37.6% over the past week.
HYPE’s market capitalization reached $16.9 billion, while its 24-hour trading volume exceeded $1.75 billion. The move placed Hyperliquid among the 10 largest cryptocurrencies by market capitalization.
Trump’s Hyperliquid remarks accelerate the rally
The most significant development behind the HYPE rally came during a White House meeting hosted by Trump on Aug. 19. Executives from companies including Coinbase, Ripple, Kraken, Robinhood and Gemini attended the meeting.
During his remarks, Trump said Commodity Futures Trading Commission Chair Michael Selig was working on Hyperliquid. The U.S. president stated that Selig was “working to bring Hyperliquid into the United States in a fully compliant and legal fashion.”
The remarks strengthened expectations that Hyperliquid could enter the U.S. market. HYPE was trading at around $66 before Trump’s comments.
The token gained more than 17% in two days and reached $77.55. Although its daily increase was more limited, its weekly gain exceeded 35%.
Could Hyperliquid operate in the United States?
Hyperliquid does not directly offer its services in the United States due to regulatory uncertainty surrounding decentralized exchanges and perpetual futures products. Its terms of service list U.S. users among those in restricted jurisdictions.
Trump’s remarks provided one of the strongest political signals that this situation could change. However, neither the White House nor the CFTC has announced a formal license, application process or timeline for Hyperliquid.
Earlier in 2026, the CFTC opened a new pathway for registered U.S. exchanges to offer products resembling perpetual futures. Hyperliquid representatives also met with the agency’s Innovation Task Force in July.
Trump’s statement therefore does not amount to direct authorization for the platform to operate in the country. It indicates that regulators are working on a potential legal framework for Hyperliquid.
Broader crypto rally supports HYPE
HYPE reached its record high during a strong rally across the wider cryptocurrency market. Bitcoin gained 7% and approached $77,000, while Ethereum rose 4% to $2,381.
XRP posted a daily gain of 18%. The total cryptocurrency market capitalization increased by 5% to $2.66 trillion.
The rally triggered large short liquidations across the derivatives market. According to figures based on CoinGlass data, approximately $1.5 billion in positions were liquidated within 24 hours.
Short positions accounted for $1.21 billion of that total. Forced buying accelerated gains in Bitcoin and major altcoins, while HYPE also benefited from the broader market momentum.
What is Hyperliquid?
Hyperliquid is a decentralized trading platform operating on its own Layer 1 network. It offers spot and perpetual futures markets for cryptocurrencies, commodities, foreign exchange and tokenized stocks.
Its order book, matching engine and liquidation processes operate onchain. HYPE serves several functions across the network, including staking, governance and transaction fee payments.
A potential regulatory opening in the United States could expand Hyperliquid’s user base. However, the legal structure of such a move and the products the platform could offer remain unclear.
