Kalshi, the CFTC regulated prediction market platform, has listed perpetual futures on Hyperliquid’s native HYPE token.

It’s the first time a regulated venue has offered a perp contract tied to Hyperliquid-native asset, and it lands just days after Kalshi’s broader crypto derivatives platform started racking up serious volume.

The filing was submitted to the CFTC on June 9, 2026. Kalshi only launched its first CFTC-approved crypto perps on May 29, starting with Bitcoin. Now it’s already pushing into DeFi-native tokens.

From prediction markets to perpetual futures

Kalshi recorded over $100 million in notional volume within the first 24 hours of launching its perps platform. Less than a week later, total notional volume had crossed $1 billion.

The platform has since expanded to include ETH and XRP perpetual futures, with more assets in the pipeline.

The Hyperliquid connection runs deeper than a listing

The two companies formed a partnership back in March 2026. Together, they co-authored the Hyperliquid Improvement Proposal 4 (HIP-4), a governance proposal that enables on-chain prediction markets to be integrated directly into Hyperliquid’s decentralized exchange. 

The proposal uses HYPE tokens for governance and market creation stakes, essentially embedding prediction market functionality into Hyperliquid’s existing infrastructure.

Hyperliquid has been on its own expansion tear, pushing into prediction markets with a zero-fee structure designed to undercut platforms like Polymarket.

What this means for investors

The crypto derivatives market has historically been dominated by offshore, lightly regulated exchanges. Binance, Bybit, and others have handled the vast majority of perp volume for years. Hedge funds, family offices, and registered investment advisors generally can’t touch unregulated offshore derivatives. The $1 billion in volume within a week suggests at least some of that institutional demand is already showing up.

For Hyperliquid, having its token listed on a CFTC-regulated derivatives platform places $HYPE alongside BTC, ETH, and XRP in Kalshi’s product lineup.

There are risks worth watching. Regulatory approval is not guaranteed. Kalshi filed with the CFTC, but the agency could push back on listing tokens that it views as insufficiently established. The CFTC’s appetite for approving perps on DeFi-native assets is still largely untested territory.