特朗普支持 Hyperliquid 合规进入美国，传统衍生品交易所受竞争压力

U.S. President Donald Trump has thrown his weight behind Hyperliquid's push into the United States. Hyperliquid, which began in cryptocurrency, has expanded its trading to crude oil, gold and stock indexes, encroaching on the turf of established derivatives exchanges such as the Chicago Mercantile Exchange (CME).
At a cryptocurrency industry meeting at the White House on the 19th local time, Trump said he understood that Michael Selig, chairman of the U.S. Commodity Futures Trading Commission (CFTC), was working to bring Hyperliquid into the United States in a fully compliant and legal manner, according to the blockchain industry on the 22nd. Hyperliquid's terms of service currently restrict use by U.S. customers. Bloomberg described the remarks as a clear signal that the U.S. government wants to pull crypto market infrastructure that grew overseas into its own regulatory framework.
Hyperliquid is a trading platform that runs on its own blockchain. When users connect a cryptocurrency wallet, orders and trade executions take place on the blockchain. Its main product is the perpetual futures contract. Unlike ordinary futures, it has no expiration date, allowing investors to hold positions indefinitely and bet on rising or falling asset prices.
Markets reacted immediately to Trump's remarks. HYPE, Hyperliquid's native token, rose about 19% on the 19th local time, according to CoinGecko. Hyperliquid Strategies (PURR), a Nasdaq-listed company that holds the token as a core asset, surged 30.4% to close at $9.39 the same day. By contrast, shares of CME Group and Cboe Global Markets, the operator of the Chicago Board Options Exchange, both fell that day.
The expansion of what Hyperliquid offers lies behind its rise as a rival to established derivatives exchanges. Last October, Hyperliquid introduced HIP-3, which lets outside developers open perpetual futures markets themselves. Hyperliquid now offers products tied to stocks such as Nvidia and SK hynix, as well as gold, crude oil, the Nasdaq 100 and the Standard & Poor's 500.
What sets it apart is trading hours. On Hyperliquid, these products can be traded 24 hours a day, including on weekends. When geopolitical tensions over Iran flared earlier this year, trading in crude-linked products continued on Hyperliquid over a weekend when conventional crude futures markets were closed. In effect, investors could price in geopolitical risk before the CME markets reopened.
This touches on price discovery, a core function of an exchange. Benchmark prices for major derivatives such as crude oil, gold and stock indexes have long been set around traditional exchanges like the CME. But once a market that operates around the clock builds up enough volume and liquidity, new information can be reflected in prices first, even when established exchanges are closed.
Incumbent exchanges have accordingly grown wary of Hyperliquid's growth. According to the cryptocurrency outlet The Defiant, the CME and Intercontinental Exchange (ICE), the parent of the New York Stock Exchange, asked U.S. regulators in May to strengthen oversight, arguing that Hyperliquid's 24-hour crude perpetual futures carried risks such as market manipulation.
Selig, however, has shown interest in drawing crypto derivatives into the U.S. regulatory framework rather than leaving them offshore. He has said the question is not whether crypto perpetual futures will exist, but whether they will exist under U.S. oversight, standards and the rule of law.
One blockchain industry official said that if Hyperliquid entered the United States, it could attract funds that have gone through know-your-customer (KYC) checks domestically while continuing to draw non-KYC funds from outside the country. "If institutional money also flows in, its competitiveness will only strengthen," the official said.