The Intercontinental Exchange (ICE) and the Chicago Mercantile Exchange (CME), the two largest energy-related commodity exchanges, are pressuring U.S. regulators to clamp down on the expansion of the hyperliquid decentralized exchange into commodity markets.
Executives from both companies say Hyperliquid energy-related on-chain derivatives create risks of insider trading and price manipulation, depending on Bloombergwhich cited anonymous sources close to ongoing negotiations with American regulators.
ICE and CME cited the “anonymous” and “unregulated” nature of hyperliquid as a major risk to critical energy markets, such as oil and gas, which could be used by state actors to circumvent sanctions, the report added.
Daily trading volume for HIP-3 perpetual futures markets. Source: DeFiLlama
Hyperliquid introduces HIP-3also known as “Builder-Deployed Perpetuals,” in January 2025, which allows anyone who stakes 500,000 HYPE tokens, the platform’s native cryptocurrency, to create perpetual futures markets for any electronically traded asset class.
The deployment of HIP-3 represents a broader trend of traditional financial markets coming to the chain, as the boundary between blockchain-based infrastructure and traditional market architecture continues to erode.
Related: Why did the price of Hyperliquide’s HYPE token increase by 23% in one day?
Hyperliquid Token Price Increases Following HIP-3 Introduction
The price of HYPE jumped over 58% within three days of the launch of HIP-3. The token has risen from a low of around $20 to over $38 and is trading at around $44 at press time.
In March, market analyst and crypto investor Arthur Hayes predicted that HYPE could reach $150 per token by August, driven by demand for on-chain derivatives instruments linked to commodities.
The price action of the HYPE token. Source: CoinMarketCap
“Hyperliquid, the dominant DEX, is the largest revenue-generating project that is not a stablecoin,” he said. said.
The exchange also devotes 97% of trading fee revenue to HYPE token redemptions, which drives demand and increases the price of the token over time, according to Hayes.
“If the market believes that HYPE can continue to siphon volumes from centralized exchanges and add new features to accelerate revenue growth, then HYPE can pump in absolute terms,” he added.
Open interest in HIP-3 markets has continued to increase since their inception, reaching over $2.5 billion in May, according to data by DeFiLlama.
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