Hyperliquid’s HYPE has climbed 17.4% to $93.74 on Oct. 29 as NYSE owner Intercontinental Exchange has announced plans for regulated U.S. perpetual futures markets using the blockchain’s infrastructure.
Summary
- HYPE trades at $93.74, approximately 4.3% below CoinGecko’s recorded all-time high of $97.96.
- ICE plans to operate regulated perpetual markets with trade[XYZ], subject to regulatory approvals.
- Five whales opened HYPE long positions worth $52.7 million, according to Lookonchain’s monitoring.
- Michaël van de Poppe targets $110–$120 after identifying a recovery above previous support.
CoinGecko showed the token trading within a 24-hour range of $78.11 to $94.35, with its market capitalization at roughly $22.43 billion. The token’s daily trading volume stood at $1.73 billion.
At $93.74, HYPE was approximately 4.3% below CoinGecko’s recorded all-time high of $97.96. Returning to that peak would require a gain of around 4.5% from the quoted price.
HYPE rally follows ICE’s proposed US market
ICE announced a definitive agreement with trade[XYZ] to develop a dedicated U.S. retail market and clearing structure, subject to regulatory approvals.
As previously reported by crypto.news, the companies’ planned perpetual futures offering would cover crypto, equities, commodities and foreign exchange.
The exchange operator is taking a minority stake in trade[XYZ] and would exclusively operate its regulated markets. ICE said the proposed business would sit separately from its existing institutional futures and clearing franchise.
Hyperliquid described the division of responsibilities in its announcement on X. The blockchain would supply the underlying infrastructure through HIP-3*, trade[XYZ] would design and implement the markets, and ICE would handle the regulated market and clearing structure.
“Existing trade[XYZ] HIP-3 markets will remain unchanged,” the project wrote.
In the same post, Hyperliquid said independent deployers would retain control and responsibility for their deployments. The announcement described an infrastructure arrangement covering multiple asset classes, without identifying a specific HYPE futures contract among the proposed U.S. products.
Earlier coverage of the agreement recorded trade[XYZ]’s claim that its existing Hyperliquid markets had processed more than $650 billion in cumulative volume in just over a year. The company said further details about contracts, customer eligibility and launch timing would follow as regulatory approvals progressed.
Whales open $52.7 million in HYPE longs
Lookonchain reported that five whales opened HYPE long positions totaling 597,912 tokens, valued at $52.7 million, over several hours.
The analytics firm identified the activity as long positions. Its published alert did not provide a matching measure of spot purchases or a complete market-wide breakdown of the buying behind the day’s rally.
Michaël van de Poppe linked his bullish outlook to HYPE’s recovery after a sweep of earlier lows. In his X post, the analyst said the token had reclaimed a previous support level and recovered to $85.
“Matter of time until this pushes towards that $110-120 level,” he wrote.
Measured against the $93.74 CoinGecko quote, his target range would imply gains of approximately 17.3% to 28%. The analyst’s post used an earlier price reference and did not establish a deadline for reaching either level.
Altcoin Sherpa described the ICE-related development as a possible catalyst for another HYPE rally. His accompanying chart illustrated a projected upward path after trading around a highlighted support zone.
“This might have been what’s needed to spark its next run,” he wrote, while describing the token as relatively strong during recent choppy trading.
Payward has proposed a separate regulated route
A separate proposal from Kraken parent Payward would use Hyperliquid for U.S. onchain perpetual futures through its own regulated entities.
Payward’s Sept. 16 announcement assigned Bitnomial responsibility for creating and administering the markets and clearing and settling contracts. NinjaTrader Clearing would carry customer accounts, while Hyperliquid’s public blockchain would match and record trades.
Access would be limited to customers onboarded by NinjaTrader and included on both NinjaTrader’s and Bitnomial’s allowlists, according to the company. Payward said the contracts would be listed under Bitnomial Exchange’s rules, subject to regulatory approval.
The Oct. 26 account of Hyperliquid’s permissioned-market proposal described an initial HIP-3* release on testnet, with specifications still preliminary. Support for the optional configuration was planned through a future network upgrade.
The same reporting described market definitions, contract specifications, oracle prices, and leverage limits as responsibilities assigned to deployers in Hyperliquid’s documentation. Separate deployed perpetual exchanges have their own margining, order books, and settings.
Payward named Bitnomial Exchange as a CFTC-regulated designated contract market, Bitnomial Clearinghouse as a registered derivatives clearing organization, and NinjaTrader Clearing as a registered futures commission merchant. Its announcement placed the regulatory obligations with the participating exchange, clearinghouse, and brokerage entities.
Multicoin’s HYPE investment predates the rally
Institutional interest in the token preceded Thursday’s announcement. An Oct. 19 report identified HYPE as Multicoin Capital’s largest hedge-fund position, citing general partner Spencer Applebaum’s interview with Bloomberg. The fund did not disclose its position size.
Multicoin’s own June 25 investment note said it had initiated a large position early in 2026 and continued accumulating. Authors Spencer Applebaum, Shayon Sengupta and Tushar Jain described HYPE as one of the largest positions in the firm’s liquid fund.
Their investment thesis included HIP-3 markets covering commodities, equity indexes and individual stocks, alongside potential expansion into options and prediction markets.
The June note projected a $319 token price by 2028 using assumptions of roughly $8 billion in annual earnings and a 20-times multiple. Multicoin listed regulation, competition, governance, bad debt, and technical integration among the risks addressed in its research.
