Who Profits When Hyperliquid Hits the US?
ICE agreed to run a regulated US market for perpetual futures built on Hyperliquid, and HYPE rose about 13% since the announcement to near $90. The snippet notes that Hyperliquid's buyback loop depends on trading fees, but growing volume from outside listing firms with 90% fee discounts is a risk. Traders should watch how much revenue the US market actually generates.