US rule rewrite looms for $200B on-chain venue Hyperliquid as Trump signals onshore approval
President Donald Trump said Aug. 19 that CFTC Chair Michael Selig is working to bring Hyperliquid to the US in a fully compliant, legal way.
Hyperliquid's official interface currently keeps US persons off the platform, part of the regulatory geography that let crypto's largest perpetual futures venue grow up outside American oversight.
Hyperliquid processed over $114 billion of perpetual futures trading volume in August and carries open interest above $10 billion. It has crossed $5 trillion in cumulative perpetual volume and generates close to $50 million in protocol fees every month.
HYPE rallied past $70 again for the first time since early July, up 20% since Trump's remarks.
| Metric | Approximate figure | Why it matters |
|---|---|---|
| 30-day perpetual volume | ~$200B | Shows active trading scale |
| Open interest | $10B+ | Shows the size of live leveraged exposure |
| Cumulative perpetual volume | $5T+ | Shows long-term market relevance |
| Monthly protocol fees | ~$50M | Shows the economic value of U.S. access |
| HYPE move after Trump remarks | +20% | Shows the market interpreted the comment as material |
Selig's own remarks are the real policy hook
Speaking to the agency's Innovation Advisory Committee on Aug. 20, Selig said that if the CLARITY Act stalls in Congress, the CFTC will use its existing authority to start building a crypto market regime on its own.
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