CME Group · Cointelegraph
ICE, CME press US regulators to 'rein in' Hyperliquid energy trading: Report
Compiled by KHAO Editorial — aggregated from 2 sources. See llms.txt for citation guidance.
◎ Multiple-sources
The Hyperliquid decentralized exchange allows anyone who stakes 500,000 HYPE tokens, valued at roughly $22.2 million, to deploy new markets.
Key facts
- Hyperliquid introduced HIP-3, also known as “Builder-Deployed Perpetuals,” in January 2025, which allows anyone who stakes 500,000 HYPE tokens, the platform's native cryptocurrency, to build
- The Hyperliquid decentralized exchange allows anyone who stakes 500,000 HYPE tokens, valued at roughly $22.2 million, to deploy new markets
- Open interest for HIP-3 markets has continued to rise since their inception, climbing to over $2.5 billion in May, according to data from DeFiLlama
- The price of HYPE jumped by over 58% within three days of the launch of HIP-3
Summary
Intercontinental Exchange (ICE) and the Chicago Mercantile Exchange (CME), the two biggest exchanges for energy-linked commodities, are pressuring US regulators to clamp down on the Hyperliquid decentralized exchange’s expansion into commodity markets. Executives from both companies say that Hyperliquid’s energy-linked onchain derivatives create insider trading and price manipulation risks, which cited unnamed sources familiar with the ongoing talks with US regulators. ICE and CME cited the “anonymous” and “unregulated” nature of Hyperliquid as major risks to critical energy markets, like oil and gas, which could be used by state actors to circumvent sanctions, the report added. Hyperliquid introduced HIP-3, also known as “Builder-Deployed Perpetuals,” in January 2025, which allows anyone who stakes 500,000 HYPE tokens, the platform's native cryptocurrency, to build perpetual futures markets for any electronically traded asset class.