Key Highlights
- HYPE climbed more than 7% within 24 hours, reaching the $60–$61 range while Bitcoin remained stable
- CFTC-regulated HYPE perpetual futures went live on Kalshi on June 12, 2026, granting U.S. investors regulated exposure
- BitMEX co-founder Arthur Hayes criticized the SpaceX IPO as a “classic crypto grift,” suggesting insiders might sell to retail investors in July
- Open interest in HYPE futures surged to $2.56 billion, eclipsing XRP’s $2.48 billion
- Technical analysis reveals a falling wedge breakout with potential upside toward $77.8
Hyperliquid (HYPE) registered gains exceeding 7% during the 24-hour period ending June 12, 2026, with the token hovering between $60 and $61 as Bitcoin maintained its position above $63,000 and Ethereum traded around $1,600.
The token has accumulated nearly 50% gains across the previous month, bolstered by increasing trading activity and heightened engagement on the platform.
This week’s price movement was catalyzed by two significant developments. The first was Kalshi’s introduction of CFTC-regulated HYPE perpetual futures contracts on June 12, providing American traders with a compliant avenue for HYPE exposure.
The second catalyst involved substantial trading activity in Hyperliquid’s SPCX synthetic perpetual market, where speculators sought exposure to SpaceX before its anticipated public offering. Implied valuations in this market exceeded the IPO pricing, attracting significant speculative interest.
Cryptocurrency analyst Altcoin Sherpa disclosed a long position in HYPE ahead of SpaceX’s market debut, highlighting expectations that the event would generate substantial trading volume and draw increased attention to Hyperliquid’s offerings.
Former BitMEX CEO Arthur Hayes characterized the SpaceX public offering as a “classic crypto grift,” cautioning that early stakeholders might offload shares to retail participants as soon as July. His remarks intensified speculation surrounding the SPCX perpetual contract on Hyperliquid.
Additionally, Fomo introduced perpetual trading capabilities this week utilizing Hyperliquid and Trade.xyz infrastructure, enabling traders to access equity, pre-IPO, cryptocurrency, index, and commodity contracts through a unified platform.
HYPE Open Interest Eclipses XRP
Open interest in HYPE futures contracts expanded by 6.3% within 24 hours, reaching $2.56 billion and surpassing XRP’s $2.48 billion following its more modest 2% daily increase.
Trading volume increased by 1.71% to reach $3.89 billion. The simultaneous rise in both open interest and volume indicates fresh capital entering the market rather than merely existing positions being adjusted.
The Hyperliquid platform handled approximately $10.4 billion in perpetual futures volume over the 24-hour period. The platform’s fee-based buyback mechanism allocates a portion of protocol earnings and no less than 90% of USDC yield toward purchasing HYPE tokens on secondary markets.
Technical Analysis: Wedge Breakout Eyes $77.8
Technical charts on the 4-hour timeframe show HYPE escaping from a falling wedge pattern that developed over several weeks following the token’s all-time peak near $75.5 in early June. The breakout occurred at the pattern’s upper resistance line, with support remaining firm around $54–$55.
Based on the wedge’s height, the measured move suggests approximately 20% upside potential from the breakout point, targeting the $77.8 level.
The 4-hour MACD indicator has generated a bullish signal with its recent crossover, while the RSI climbed back above the neutral 50 threshold. On the daily timeframe, HYPE is challenging the 0.618 Fibonacci retracement at $61.39. Successfully clearing this level would expose the subsequent resistance zone at $67.69.
The Supertrend indicator currently positions itself near $74.3, suggesting the broader uptrend has yet to receive full confirmation.
According to the CoinGlass liquidation heatmap, concentrated short liquidation zones between $61.5 and $63 may attract price action if bullish momentum persists.
