Karla Barker 
The Commodity Futures Trading Commission has cleared a path for perpetual futures tied to individual stocks to trade on qualifying US exchanges. The agency said Tuesday the contracts can list on registered contract markets that are also recognized by the Securities and Exchange Commission. CFTC Chairman Michael Selig said the products were deemed approved as security futures under the current rules. That puts them under joint CFTC and SEC oversight rather than treating them only as commodity futures.
Legal fight follows approval
The decision does not settle the matter. The Capital Markets Alliance filed a lawsuit in the Southern District of New York on Tuesday seeking to overturn the approval. Cboe Global Markets joined the challenge along with Citadel Securities and the Healthy Markets Association. The plaintiffs argue single-stock perpetual derivatives should be classified as security-based swaps, not security futures. That dispute could slow how quickly the products reach US traders, I think, even with the CFTC’s green light.
Selig framed the move as a way to bring perpetual derivatives into regulated US markets. He noted the CFTC previously allowed Bitcoin perpetual futures on a domestic exchange, and this decision extends that approach to individual stocks. The agency says US-based access could reduce reliance on offshore platforms. Still, the legal challenge means the practical path remains uncertain.
Hyperliquid watches the US opening
The timing matters for Hyperliquid, which has been looking at ways to enter the US market. Last week, Intercontinental Exchange and Trade[XYZ] announced an agreement to build a dedicated US trading and clearing structure around Hyperliquid technology. Under the plan, ICE would operate the regulated markets and make a strategic investment in Trade[XYZ]. The platform would aim to give retail traders access to perpetual contracts tied to equities, commodities, currencies, and cryptocurrencies. The arrangement could offer Hyperliquid a route into a major market while using ICE’s experience with regulated trading infrastructure.
HYPE holds a key support zone
$HYPE traded above $85 on Wednesday. On the daily chart, the token moved above its 50-day EMA at $82.64 and its 20-day EMA at $83.40. Those levels now sit as nearby resistance. The price is still above the 100-day EMA at $78.08, so the broader trend has not broken down. The RSI is near 49, just below neutral, which suggests sellers have a slight edge but not full control.
The immediate support area is $78.42 to $78.08. The horizontal level and the 100-day EMA sit close together, making this a zone where buyers may step in. A defense could help $HYPE consolidate. A daily close below $78.08 would weaken the setup and put $75.69 in focus. Further selling could bring $67.63 and then $61.16 into view. On the upside, buyers need a close above $85.04. The descending trendline near $87.68 is the next hurdle. A breakout there would improve the bullish case and bring $97.84 into focus.