Key Takeaways
- HYPE climbed more than 7% over 24 hours, reaching the $60–$61 range while Bitcoin remained flat
- On June 12, 2026, Kalshi introduced CFTC-regulated perpetual futures for HYPE, expanding access for American traders
- BitMEX founder Arthur Hayes labeled the SpaceX IPO a “classic crypto grift,” cautioning that insiders might sell to retail investors in July
- Open interest in HYPE futures reached $2.56 billion, surpassing XRP’s $2.48 billion
- Technical analysis shows a falling wedge breakout with a potential price target around $77.8
Hyperliquid (HYPE) recorded gains exceeding 7% during the 24-hour period ending June 12, 2026, with prices hovering between $60 and $61 as Bitcoin maintained levels above $63,000 and Ethereum traded around $1,600.
Throughout the previous month, HYPE has delivered approximately 50% gains, fueled by increasing trading volumes and heightened platform engagement.
Two significant catalysts powered the weekly surge. The first involved Kalshi’s debut of CFTC-regulated perpetual futures contracts for HYPE on June 12, creating a compliant pathway for American investors to access the token.
The second catalyst emerged from intense trading activity in Hyperliquid’s synthetic SPCX perpetual market, where speculators positioned themselves for SpaceX’s anticipated public offering. Implied valuations in this market exceeded the official IPO pricing, attracting significant speculative interest.
Cryptocurrency analyst Altcoin Sherpa disclosed a long position in HYPE ahead of SpaceX’s market debut, explaining that the event could generate “a ton of volume” while drawing widespread attention to Hyperliquid’s trading ecosystem.
In contrast, Arthur Hayes criticized the SpaceX IPO as a “classic crypto grift,” suggesting that early stakeholders might begin liquidating positions into retail buying pressure as soon as July. His remarks intensified speculation surrounding the SPCX perpetual contract on Hyperliquid.
Additionally, Fomo introduced perpetual trading capabilities this week built on Hyperliquid and Trade.xyz infrastructure, enabling traders to access equity, pre-IPO, cryptocurrency, index, and commodity contracts through a unified interface.
HYPE Open Interest Climbs Past XRP
Open interest in HYPE futures contracts increased 6.3% within 24 hours to reach $2.56 billion, positioning the token above XRP, which registered $2.48 billion following a more modest 2% daily increase.
Daily trading volume expanded by 1.71% to $3.89 billion. The simultaneous rise in both open interest and volume indicates traders are establishing fresh positions rather than simply rolling over existing contracts.
Hyperliquid’s platform handled approximately $10.4 billion in perpetual futures volume over 24 hours. The protocol’s fee-based buyback mechanism directs a portion of generated revenue along with at least 90% of USDC yield toward purchasing HYPE tokens in the secondary market.
Technical Analysis: Falling Wedge Points to $77.8
Examining the 4-hour timeframe, HYPE completed a breakout from a several-week falling wedge pattern that developed following the token’s all-time peak near $75.5 in early June. The breakout occurred at the wedge’s upper trendline, with support maintaining stability around the $54–$55 zone.
Based on the pattern’s measured movement calculation, the setup suggests approximately 20% upside potential from the breakout area, establishing a price objective near $77.8.
The 4-hour MACD indicator generated a bullish signal crossover, while the RSI climbed back above the neutral 50 threshold. On the daily timeframe, HYPE is challenging the 0.618 Fibonacci retracement level positioned at $61.39. Successfully clearing this resistance would expose the next barrier at $67.69.
The Supertrend indicator currently reads $74.3, suggesting the broader trend structure has not yet fully transitioned to bullish territory.
According to the CoinGlass liquidation heatmap, concentrated short liquidation levels between $61.5 and $63 could serve as a price magnet if bullish momentum persists.
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