Hyperliquid (HYPE) Surges 7% as Kalshi Futures Launch and SpaceX IPO Speculation Heat Up

Key Highlights

• HYPE token advanced more than 7% over 24 hours, reaching the $60–$61 range while Bitcoin remained relatively stable
• Kalshi introduced CFTC-regulated perpetual futures for HYPE on June 12, 2026, enabling U.S. retail access
• BitMEX founder Arthur Hayes criticized the SpaceX IPO as a “classic crypto grift,” suggesting insider selling could begin in July
• Open interest in HYPE futures surged to $2.56 billion, surpassing XRP’s $2.48 billion
• Technical analysis shows a falling wedge breakout suggesting potential upside toward $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 stability above $63,000 and Ethereum traded around $1,600.

Throughout the previous 30 days, HYPE has registered approximately 50% in gains, bolstered by increasing trading activity and expanding platform usage.

This week’s price movement stemmed from two significant catalysts. Kalshi unveiled CFTC-regulated perpetual futures contracts for HYPE on June 12, establishing a compliant pathway for American traders to access the token.

Additionally, market participants flooded into Hyperliquid’s synthetic SPCX perpetual contract to secure SpaceX exposure before its anticipated public offering. The implied valuations in that market exceeded the IPO pricing, attracting substantial speculative interest.

Crypto analyst Altcoin Sherpa revealed a long position in HYPE ahead of SpaceX’s market debut, highlighting that the event might generate “a ton of volume” and increase awareness of Hyperliquid’s trading venues.

Former BitMEX CEO Arthur Hayes characterized the SpaceX IPO as a “classic crypto grift,” cautioning that early stakeholders might offload shares onto retail investors beginning in July. His remarks intensified speculation surrounding Hyperliquid’s SPCX perpetual contract.

Separately, Fomo rolled out perpetual trading functionality on Hyperliquid and Trade.xyz infrastructure, allowing users to trade equities, pre-IPO shares, cryptocurrencies, indices, and commodities through one unified platform.

HYPE Open Interest Overtakes XRP

Open interest for HYPE futures contracts increased 6.3% within 24 hours, reaching $2.56 billion and moving ahead of XRP’s $2.48 billion following a more modest 2% daily increase.

Daily trading volume expanded 1.71% to $3.89 billion. The simultaneous rise in both open interest and volume indicates fresh positions entering the market rather than simple position rollovers.

The Hyperliquid platform handled approximately $10.4 billion in perpetual futures volume during the past 24 hours. Its fee-based buyback mechanism channels a portion of protocol earnings and at minimum 90% of USDC yield toward HYPE token purchases from the open market.

Technical Analysis: Bullish Pattern Eyes $77.8

Examining the 4-hour timeframe, HYPE escaped from a multi-week falling wedge pattern that developed following the token’s all-time peak near $75.5 in early June. The breakout occurred near the wedge’s upper trendline, with support maintaining around the $54–$55 zone.

The technical pattern’s measured projection suggests approximately 20% upside potential from the breakout area, establishing a price objective around $77.8.

The 4-hour MACD indicator generated a bullish crossover signal, while the RSI climbed back above the 50 midpoint level. On the daily timeframe, HYPE is challenging the 0.618 Fibonacci retracement at $61.39. Breaking through that level exposes the subsequent resistance zone at $67.69.

The Supertrend indicator remains positioned near $74.3, suggesting the longer-term bullish trend hasn’t fully established confirmation.

Concentrated short liquidation zones between $61.5 and $63 visible on the CoinGlass heatmap may serve as price magnets should bullish momentum persist.

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