Kalshi Launch Sends HYPE Token Soaring Past XRP in Futures Open Interest

Kalshi's platform has launched CFTC-regulated perpetual futures tied to Hyperliquid's HYPE token, which has seen its open interest rise over 10% in just 24 hours. This move puts HYPE ahead of XRP in futures open interest, with $2.48 billion worth of contracts now outstanding.

Data from CoinGecko shows that the HYPE token surged from a session low of $52.70 to an intraday high of $59.42 before settling around $58.65 at the time of reporting. The token's price increase was also buoyed by US President Donald Trump's comments on progress toward a possible peace agreement with Iran, which eased concerns over military action and improved sentiment across risk assets.

Crypto analyst Altcoin Sherpa noted that HYPE is unlikely to trade independently of Bitcoin for long, with the market leader expected to influence its next major move. Despite this, Sherpa did suggest that reclaiming the $57 area on higher time frames would be a constructive development for HYPE.