Key Highlights
- HYPE surged more than 7% over 24 hours, reaching $60–$61 while Bitcoin remained flat above $63,000
- Kalshi introduced CFTC-regulated HYPE perpetual futures on June 12, 2026, providing U.S. traders regulated access
- Arthur Hayes labeled the SpaceX IPO a “classic crypto grift,” suggesting insiders might sell to retail investors in July
- Open interest in HYPE futures surged to $2.56 billion, surpassing XRP’s $2.48 billion
- Technical analysis shows a falling wedge breakout targeting approximately $77.8
Hyperliquid (HYPE) recorded gains exceeding 7% during the 24-hour period ending June 12, 2026, with the token trading between $60 and $61 as Bitcoin maintained levels above $63,000 and Ethereum hovered near $1,600.
The token has rallied nearly 50% throughout the past month, fueled by increasing trading volumes and heightened platform engagement.
Two significant developments triggered the recent price action. Kalshi rolled out CFTC-regulated HYPE perpetual futures contracts on June 12, creating a compliant pathway for American traders to access the asset.
Additionally, market participants flooded Hyperliquid’s synthetic SPCX perpetual market to gain SpaceX exposure before its public listing. Implied valuations in that market exceeded the IPO price, attracting speculative capital.
Cryptocurrency analyst Altcoin Sherpa revealed he entered a long position in HYPE ahead of SpaceX’s market debut, highlighting that the event could generate “a ton of volume” and increase visibility for Hyperliquid’s trading platforms.
Conversely, Arthur Hayes characterized the SpaceX IPO as a “classic crypto grift,” cautioning that early investors might begin offloading shares to retail buyers as soon as July. His remarks intensified speculation surrounding Hyperliquid’s SPCX perpetual contract.
Separately, Fomo introduced perpetual trading capabilities on Hyperliquid and Trade.xyz infrastructure, enabling traders to access equity, pre-IPO, cryptocurrency, index, and commodity contracts through a unified interface.
HYPE Futures Open Interest Eclipses XRP
Open interest for HYPE futures contracts jumped 6.3% to reach $2.56 billion within 24 hours, positioning the token above XRP, which recorded $2.48 billion following a modest 2% increase.
Daily trading volume expanded by 1.71% to $3.89 billion. The simultaneous rise in open interest and volume indicates traders are establishing fresh positions rather than simply rotating existing ones.
Hyperliquid handled approximately $10.4 billion in perpetual futures trading volume over 24 hours. The platform’s buyback mechanism allocates a portion of protocol revenue and at least 90% of USDC yield toward purchasing HYPE tokens in the open market.
Technical Analysis: Falling Wedge Projects $77.8 Target
Analyzing the 4-hour timeframe, HYPE escaped a several-week falling wedge pattern that developed after reaching its all-time peak near $75.5 in early June. The breakout occurred at the wedge’s upper boundary, with support holding firm around $54–$55.
The pattern’s measured move calculation suggests approximately 20% upside potential from the breakout point, establishing a price target near $77.8.
The 4-hour MACD indicator generated a bullish crossover signal, while the RSI climbed back above the neutral 50 threshold. On the daily timeframe, HYPE is challenging the 0.618 Fibonacci retracement level at $61.39. Clearing this barrier would expose the subsequent resistance zone at $67.69.
The Supertrend indicator currently sits at $74.3, signaling that the longer-term bullish trend has not yet received full confirmation.
According to CoinGlass liquidation heatmaps, concentrated short liquidation levels between $61.5 and $63 could attract price action if buying momentum persists.
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