Hyperliquid’s HYPE soared 5% to hit a new all-time high above $66 on Friday on strong positive momentum.

The rally was driven in part by Jeffrey Sprecher, founder and CEO of Intercontinental Exchange, the company that owns the New York Stock Exchange, who told attendees at a recent conference that Hyperliquid has become “bigger than Nasdaq,” crediting its founders and technology and describing it as a standout decentralized exchange.

Sprecher said the platform has gained traction by enabling continuous trading, including oil markets on weekends, which has pressured traditional exchanges to extend trading hours. He also cited Hyperliquid’s decentralized structure and high-risk trading products as major factors behind its rapid adoption among both crypto-native and traditional traders.

The move higher was also driven by a landmark CFTC policy statement recognizing perpetual contracts as a valid futures structure, alongside the agency’s decision to allow Kalshi’s BTCPERP contract to move forward. The approval represents the first perpetual futures product permitted on a registered US exchange.

At the same time, CFTC staff divisions issued formal guidance on continuous trading, margin practices, and clearing standards for around-the-clock markets.

The combined actions are widely seen as reducing regulatory risk for the sector and opening the door to greater institutional acceptance of perpetual derivatives, a market that has until now been dominated by offshore platforms like Hyperliquid.