Hyperliquid Price Forecast: HYPE focus turns to $78.4 support following CFTC approval of US equity perpetuals

• Individual stock perpetuals received CFTC approval as security futures, bringing the products within the joint oversight of the SEC and CFTC.
• A lawsuit contesting the CFTC's approval of single-stock perpetuals has been joined by Cboe, Citadel Securities and the Healthy Markets Association.
• The convergence of the 100-day EMA and $78.42 could provide support for HYPE.

At $81.73, Hyperliquid (HYPE) is trading as US regulators create a further avenue for perpetual futures by permitting contracts linked to individual stocks on eligible domestic exchanges.

CFTC clears path for US equity perpetual futures

On Tuesday, the Commodity Futures Trading Commission (CFTC) announced that registered contract markets also recognised by the Securities and Exchange Commission (SEC) can begin offering perpetual futures on individual equity securities.

Under the existing regulatory framework, equity perpetuals have been deemed approved as security futures products, according to CFTC Chairman Michael Selig. This classification brings the contracts under the shared supervision of the CFTC and SEC.

Highlighting the agencies’ co-operation, Chairman Selig said: “The Equity Perps demonstrate the strength of the ongoing commitments of the CFTC and SEC to support lawful innovation, uphold market integrity, and ensure investor and customer protection through the harmonization of the CFTC’s and SEC’s regulatory frameworks,”

Following the earlier approval of Bitcoin perpetual futures on a CFTC-regulated exchange, Selig characterised the latest decision as a further step in the agency’s efforts to bring perpetual derivatives onshore.

Explaining his position, he said: “I believe that bringing these types of innovative products into our regulated markets ensures that American investors and traders can access these products within the protections of the CFTC’s proven regulatory framework, rather than being forced to turn to offshore, and often unregulated, venues,”

Industry participants had spent months seeking clearer rules for perpetual markets before the approval. After the Senate’s CLARITY Act failed to progress in a procedural vote on 15 September, regulators were left to advance elements of the market-structure agenda through agency action.

Cboe backs lawsuit contesting CFTC approval

A court challenge has already followed the approval. On Tuesday, the Capital Markets Alliance brought a lawsuit before the US District Court for the Southern District of New York to overturn the CFTC’s approval of single-stock perpetual derivatives. Cboe Global Markets became a party to the proceedings alongside Citadel Securities and the Healthy Markets Association.

In the alliance’s view, the contracts qualify as security-based swaps and therefore belong under SEC jurisdiction. It argues that the CFTC overstepped its authority and breached the Administrative Procedure Act.

According to Cboe, permitting securities-linked products outside the established framework could erode investor protections and give rise to regulatory arbitrage.

Separately, efforts by Hyperliquid to bring its perpetual markets into a regulated US environment have continued. An agreement announced last week by ICE and Trade[XYZ] would establish a dedicated US market and clearing structure built on Hyperliquid.

Exclusive operation of the regulated markets will rest with ICE, which also intends to make a strategic investment in Trade[XYZ]. Subject to regulatory approvals, the proposed venue would give retail participants access to perpetual contracts linked to equities, commodities, currencies and crypto.

Hyperliquid technical outlook: HYPE approaches support at $78.4 and the 100-day EMA

HYPE’s daily-chart price of $81.73 leaves the near-term outlook bearish, with the token still trading beneath its 50- and 20-day Exponential Moving Averages (EMAs) at $82.64 and $83.40, respectively. Underlying trend support remains at the 100-day EMA of $78.08, below the current price. However, the cluster of nearby overhead resistance suggests rebounds remain vulnerable. At 47.27, the Relative Strength Index (RSI) points to a slightly soft tone, while a Stochastic reading near 34 suggests upward momentum is fading following the recent recovery.

The 50- and 20-day EMAs form the first upside resistance, followed by a more substantial horizontal barrier near $85.04. Beyond these, the break area of the descending trend line around $87.68 is likely to restrain gains before the next horizontal level at $97.84. Support immediately below the market lies at the convergence of the 100-day EMA and $78.42, followed by a horizontal floor at $75.69. Should the pullback deepen, the next supports would come into view at $67.63 and $61.16.

(The technical analysis of this story was written with the help of an AI tool. Know more.)