Two major US exchange powerhouses are moving against a top decentralized trading venue. Reports surfacing on Friday claim that the Chicago Mercantile Exchange and New York Stock Exchange are calling on US authorities to regulate Hyperliquid due to concerns about market manipulation and possible sanctions evasion.
Hyperliquid’s native HYPE token slipped approximately 6% in reaction to the development, moving from above $45 to below $43, per CoinGecko. It has a market cap of around $10.3 billion, making it the 13th-largest crypto asset globally.
CME has been steadily expanding its own crypto derivatives offerings. Bitcoin Volatility Futures contracts are scheduled to begin trading June 1, and Nasdaq CME Crypto Index Futures, a multi-asset product spanning BTC, ETH, XRP, and others, launch a week later on June 8.
Both products are designed to give institutional traders regulated alternatives to the kind of leveraged trading that Hyperliquid offers with less friction and less compliance overhead.
Hyperliquid operates as a decentralized trading ecosystem centered on a purpose-built layer 1 blockchain designed for high-speed on-chain trading. Featuring an integrated order-book exchange, HyperEVM infrastructure, and support for spot and perpetual futures markets, the platform aims to deliver centralized-exchange efficiency while maintaining on-chain transparency and composability.
Since its launch, the project has achieved major milestones in trading activity, market share, ecosystem growth, and token performance, while expanding into lending, staking, governance, and other DeFi services.
At its April 2025 high point, Hyperliquid accounted for roughly 70% of the on-chain perpetual futures market, per DefiLlama.
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