Hyperliquid perp DEX surges with TradFi volumes + ETF filings; CFTC approves first US Bitcoin perps on Kalshi; Coinbase launches SpaceX pre-IPO perps
Key Questions
What milestone did Kalshi achieve with Bitcoin perps?
CFTC approved the first US-regulated Bitcoin perpetual futures on Kalshi, with BTCPERP now live and Coinbase receiving no-action relief to route US clients to Deribit.
How is Hyperliquid performing in institutional migration?
Hyperliquid's HYPE token reached an ATH above $67 with $14B market cap and token buybacks, while Grayscale filed for a spot ETF (HYPG) at a low 0.29% fee.
What pre-IPO products has Coinbase launched?
Coinbase launched SpaceX pre-IPO perpetuals, enabling retail access to private markets via crypto derivatives, following strong volume on similar Binance products.
How has Binance expanded its pre-IPO offerings?
Binance added OpenAI pre-IPO perpetuals after SpaceX generated $280M in volume over five days, broadening access to private company exposure through derivatives.
What growth signals are visible for HYPE token?
a16z whales added $15M in HYPE, PURR rose 180% from lows, and funding rate dashboards plus Trader's Trilemma frameworks indicate increasing institutional interest.
CFTC approves first US-regulated Bitcoin perpetual futures on Kalshi. Coinbase no-action relief to route US clients to Deribit. Kalshi BTCPERP live. HYPE token ATH above $67, market cap $14B, buybacks removing 45M tokens. a16z whale adds $15M HYPE. Binance adds 7,000 US stocks/ETFs. Grayscale files for Hyperliquid ETF (HYPG) at 0.29% fee, undercutting competitors, with staking condition. Hyperliquid funding rate dashboard and Trader's Trilemma framework published; PURR up 180% from lows, reinforcing institutional migration thesis. New: Coinbase launches pre-IPO perpetuals for SpaceX – retail access to private markets via crypto derivatives; Pentosh1 reports HYPE stink bids filled overnight, expects close above $70. SpaceX IPO next week adds urgency to pre-IPO perps. Binance expands pre-IPO perpetuals to OpenAI after SpaceX's $280M volume in 5 days.