Hyperliquid Call Volume Jumps 8-Fold After Trump Signals U.S. Regulation

3 articles · Updated · CNBC · Aug 19

More than 120,000 Hyperliquid call options traded Wednesday—against fewer than 8,000 puts—as investors rushed into upside bets after Trump said the CFTC was working to bring the platform into the U.S. legally.
Around 3 p.m. ET, the remark turbocharged a crypto rally already underway: HYPE rose 18% to near record highs and Hyperliquid Strategies surged 30%, while CME, Cboe and Miami International Holdings shares fell.
Nearly $2 million of Hyperliquid calls had already traded before the announcement, including rushed opening purchases; one 11 a.m. buyer of 719 October 8-strike calls turned a $65,000 position into about $176,000 by the close.
The unusual activity is likely to draw scrutiny because U.S. residents are not allowed on Hyperliquid today, even as executives say regulators have been exploring how to fit the exchange into existing rules rather than wait for new crypto legislation.
The episode also fed a broader crypto rebound: IBIT volume ran more than 4.5 times its 30-day average, bitcoin hit its highest since June, and volatility jumped 13% from a recent year-to-date low.