HYPE rose 5% as Hyperliquid’s pre-IPO perpetual futures markets gained traction ahead of major tech listings.
Hyperliquid News
Hyperliquid's native token, HYPE, was trading at $45.17 on May 18, up roughly 5% over the prior 24 hours. The token has gained 69% over the 12 months ending May 18, outperforming both Bitcoin (BTC) and Ethereum (ETH) by a wide margin. The gains come as its pre-IPO perpetual futures marketplace draws growing attention ahead of a series of major tech listings.
Hyperliquid's HIP-3 framework allows third-party teams to launch their own perpetual futures markets on the platform. It has processed more than $120 billion in total volume since its launch, according to Dune Analytics. On April 8, HIP-3 deployers generated 48.1% of Hyperliquid's total platform volume.
Pre-IPO Perp Accuracy Draws Retail Attention
TradeXYZ, the largest HIP-3 deployer by volume, priced Cerebras perpetuals within 3% of the AI chipmaker's Nasdaq debut. Traditional secondary platforms were 35% off at the same time. Diego Martin, CEO of Yellow Capital, told Decrypt that retail investors have historically entered once companies go public and "much of the upside had already played out." He called on-chain pre-IPO access "the beginning of a much bigger shift in who gets to participate."
SpaceX is targeting a June 2026 IPO that could raise $75-80 billion at a valuation of up to $2 trillion, according to Reuters. Anthropic and OpenAI are each targeting listings that could raise $60 billion at valuations exceeding $1 trillion. A SpaceX pre-IPO perpetual contract, SPCX, is already live on TradeXYZ at a $150 reference price, implying a valuation of roughly $1.78 trillion. The contract was trading at $207 on May 18, down from a local high of $230.
A wallet, flagged by Lookonchain, linked to venture firm Andreessen Horowitz (a16z) bought an additional 372,000 HYPE worth approximately $16.91 million on May 18. That purchase brought the wallet's total accumulation since April 14 to 2.11 million tokens, valued at roughly $90.87 million. The buying occurred while HYPE was testing a resistance zone between $45 and $47. On the three-day chart, that zone represents the neckline of a potential cup-and-handle pattern. A confirmed breakout above it targets a move toward $71 to $72, roughly 55% above current prices.
A US spot HYPE exchange-traded fund (ETF) launched in the week ending May 16, opening a regulated access point for traditional investors. Coinbase and Circle also took on USDC deployment roles that strengthen Hyperliquid's stablecoin infrastructure. Trader Pentoshi said platform revenue could "grow 5x–10x" if the CLARITY Act allows hedge funds, prop desks, and asset managers to trade on the platform.
Matthew Pinnock, COO of Altura DeFi, said that the Cerebras case demonstrated how on-chain infrastructure can outpace traditional secondary markets on price formation. He cited 24/7 trading, leveraged positioning, and global participation as key advantages. Pinnock added that the category carries meaningful regulatory risk and that he expects scrutiny over whether pre-IPO perpetual products constitute unregistered securities exposure for retail traders. Intercontinental Exchange and CME Group have reportedly urged the CFTC to address potential market integrity risks tied to Hyperliquid's pseudonymous trading environment.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
