Key highlights:
- The HYPE price climbed nearly 50% after reports linked Hyperliquid to a potential US market expansion
- Hyperliquid continues supporting demand through a fee-driven buyback program
- Traders are watching whether the HYPE price can break above the key $88 resistance level
Hyperliquid has been on a tear lately. Coin Bureau reported that the HYPE price jumped nearly 50%, climbing from around $57 to $84 after reports surfaced that the project is moving closer to entering the US market.
The excitement comes from a Bloomberg report stating that Payward, Kraken's parent company, is in discussions to bring on-chain perpetual futures to US traders. The report also noted that a "Kraken HIP-3 test DEX" was spotted on Hyperliquid's testnet, complete with permission controls that could support compliance requirements in the United States.
That news gave traders a reason to pay attention. The HYPE price is already trading close to record highs, and access to the US market could open the door to a much larger pool of traders. The question now is whether this rally still has room to run.
🚨HUGE: $HYPE surges nearly 50% from $57 to $84 as Hyperliquid reportedly advances talks to enter the US market.
Kraken's parent company Payward, which holds CFTC licensing, is in discussions to bring on-chain perpetual futures to American traders for the first time, per… https://t.co/tagav8tmFy pic.twitter.com/VVDAHbcmMa— Coin Bureau (@coinbureau) August 31, 2026
US market access could change the story
The biggest driver behind the HYPE price right now is the possibility of regulated access to US traders. Reports indicate that Hyperliquid Labs is working with Payward to explore offering regulated perpetual futures through Bitnomial's CFTC-regulated infrastructure.
If those plans move forward, Hyperliquid could gain access to one of the largest derivatives markets in the world. That's a major opportunity. Hyperliquid has already become one of the biggest names in decentralized perpetual trading.
Hyperliquid in Advanced Talks With Kraken Parent Payward to Enter U.S. Market
Bloomberg reported that Hyperliquid Labs is in advanced talks with Kraken parent Payward to enter the U.S. market. If approved by regulators, Payward’s U.S.-regulated exchange and clearinghouse… pic.twitter.com/C4sjOE8Bdh— Wu Blockchain (@WuBlockchain) August 31, 2026
Adding US traders to the mix could bring new liquidity, higher trading volumes, and potentially more institutional participation. Still, the path isn't completely clear. The platform has also faced questions around compliance after reports linked more than $30 million in Bitcoin connected to North Korea's Lazarus Group to activity routed through Hyperliquid.
Whether that creates additional regulatory hurdles remains to be seen, but it is something investors are keeping an eye on. For the HYPE price, the market is weighing a potentially massive growth opportunity against the possibility of increased scrutiny.
The HYPE price is holding a strong technical structure
We had a look at the HYPE chart and found the token trading around $83.46. Even after a small daily decline of about 0.77%, the broader trend remains bullish. The HYPE price is trading comfortably above the 100-day simple moving average at $64.50, which remains an important support indicator.
Daily HYPE chart analysis
The chart also shows HYPE holding above the key Fibonacci support level at $73.01. As long as that level remains intact, buyers remain in control of the bigger picture. On the shorter timeframe, the setup looks similar. The HYPE price continues to trade above the 4-hour SMA 100 at $74.22 and remains locked in a consolidation range near $83.
Momentum indicators aren't flashing warning signs. The RSI is reading 54.78 on both the daily and 4-hour charts. That's a neutral reading that leaves room for another move higher without entering overbought territory.
4-hour HYPE chart analysis
The one thing missing right now is volume. Trading activity has been relatively light, which means a breakout will likely need a noticeable increase in participation before traders gain confidence in the move.
Hyperliquid's buyback model is still a major strength
One reason many traders remain bullish on the HYPE price is the protocol's buyback mechanism. Hyperliquid routes roughly 97% to 99% of trading fees into its Assistance Fund, which purchases HYPE from the open market.
During the second quarter of 2026, the protocol generated about $169 million in revenue, with roughly $141 million allocated to buybacks. That creates a direct relationship between platform activity and token demand.
When trading volume increases, more fees are generated. More fees mean more HYPE purchases. In simple terms, the platform's success feeds directly into demand for the token.
This helps explain why the HYPE price has managed to stay close to its all-time high even during periods when many other crypto assets have struggled. The risk is straightforward too. If traders begin moving to competing platforms, trading revenue falls and buyback pressure weakens.
Hyperliquid on-chain data remains bullish
The on-chain numbers continue supporting the broader trend. Hyperliquid's market capitalization remains stable between roughly $17.4 billion and $19 billion. That stability points to continued investor confidence despite growing competition.
Another interesting metric is the token's drawdown from its all-time high. The HYPE price is only about 5% to 7% below its peak near $88. That's an unusually shallow correction in the crypto market.
Many large-cap assets spend months trading much further below their highs. HYPE has managed to stay within striking distance of its peak, showing that buyers continue stepping in during dips.
Where could the HYPE price go next?
The key level traders are watching is $88. A break above that all-time high would likely put $90, $95, and potentially $98.28 into play. Those are the next major upside targets on the chart.
Support remains clustered between $73 and $74, where multiple technical indicators converge. If that area breaks, the next major support level comes in near $61.71. For now, the HYPE price remains one of the strongest large-cap charts in crypto.
US expansion talks, a powerful buyback mechanism, and strong on-chain data continue supporting the bullish case. The next step is simple: can buyers push HYPE through the $88 barrier and send the token into price discovery once again?
According to CoinCodex's 1-month HYPE price forecast, the token is expected to trade around $65.65 over the next month. That target is below the current price near $83-$84 and would place the HYPE price beneath the important $73-$74 support area that traders are closely watching.
