Now readingArticle

Wall Street’s fight with Hyperliquid could decide who controls 24/7 markets

Back to TopTopShare

Top Categories

  • Bitcoin News](/content/news/bitcoin/index.html)
  • Ethereum News](/content/news/ethereum/index.html)
  • XRP News](/content/news/xrp/index.html)
  • Solana News](/content/news/solana/index.html)

Trending Now

SpaceX’s IPO exposes the first crack in tokenized stocks – fragmented ownership and allocationTokenizationJun 13, 2026](/content/spacexs-ipo-exposes-the-first-crack-in-tokenized-stocks/index.html)

Latest Crypto News

The future of vaults: neobanks and invisible DeFiDeFiJun 13, 2026](/content/the-future-of-vaults-neobanks-and-invisible-defi/index.html) US export order removes Anthropic Mythos model access fueling crypto bets on AI that is beyond government reachAIJun 13, 2026](/content/us-anthropic-fable-mythos-crackdown-fuels-crypto-bet-on-ai-that-is-beyond-government-reach/index.html)

Coverage

Market Movers

Market Views

Popular Prices

  • Bitcoin](/content/coins/bitcoin/index.html)
  • Ethereum](/content/coins/ethereum/index.html)
  • XRP](/content/coins/xrp/index.html)
  • Solana](/content/coins/solana/index.html)

Sectors

Ecosystems

  • Ethereum](/content/blockchain/ethereum/index.html)
  • Binance Chain](/content/blockchain/binance-chain/index.html)
  • Solana](/content/blockchain/solana/index.html)
  • Polygon](/content/blockchain/polygon/index.html)

California Governor Election WinnerXavier Becerra 88.9%](/content/predictions/market/california-governor-election-2026/index.html) Knicks vs. SpursSpurs 64.5%](/content/predictions/market/nba-nyk-sas-2026-06-13/index.html) **Will the Iranian regime fall by June 30?**No 99%](/content/predictions/market/will-the-iranian-regime-fall-by-june-30/index.html) **Kharg Island no longer under Iranian control by…?**August 31 6.5%](/content/predictions/market/kharg-island-no-longer-under-iranian-control-by-march-31/index.html)

View all trending markets

Crypto Politics Sports Finance Tech Culture

Global Elections Bitcoin Iran US Election NBA Tech Aliens Business Economic Policy Formula 1

Recent

Tennessee Strategic Bitcoin Reserve Act (HB 1695)ExpiredHB1695 would have authorized Tennessee’s state treasurer to invest limited eligible state funds in Bitcoin with caps, custody...](/content/crypto-laws/tennessee-strategic-bitcoin-reserve-act-hb-1695/index.html) South Dakota HB 1155: State Bitcoin Investment BillExpiredSouth Dakota HB 1155 would have permitted the State Investment Council to invest up to 10% of eligible...](/content/crypto-laws/south-dakota-hb-1155-state-bitcoin-investment/index.html) Strategic Digital Assets Reserve Act of South Carolina (H. 4256)In committeeSouth Carolina H. 4256 would authorize State Treasurer investment in certain digital assets, including Bitcoin, under proposed reserve,...](/content/crypto-laws/south-carolina-h-4256-strategic-digital-assets-reserve-act/index.html)

Jurisdictions

  • United States](/content/crypto-laws/jurisdiction/united-states/index.html)
  • European Union](/content/crypto-laws/jurisdiction/european-union/index.html)
  • Singapore](/content/crypto-laws/jurisdiction/singapore/index.html)
  • United Kingdom](/content/crypto-laws/jurisdiction/united-kingdom/index.html)
  • India](/content/crypto-laws/jurisdiction/india/index.html)

Topics

Statuses

Law Types

Guide Series

Guide SeriesBuy Borrow DieBy CoinRabbitExplore why savvy investors borrow against crypto instead of selling, with insights on liquidity,...View series](/content/guides/series/buy-borrow-die/index.html) Guide SeriesInstitutional PlaybookBy WhiteBITExplore WhiteBIT’s Institutional Playbook, a 3-part guide series on exchange due diligence, crypto-as-a-service, and...View series](/content/guides/series/institutional-playbook/index.html)

View all series

Recent Guides

Crypto Basics Beginner What Is a Testnet and How Do Crypto Testnets Work?Before real funds move on a blockchain, developers and users test everything on a testnet....](/content/guides/what-is-a-testnet-and-how-do-crypto-testnets-work/index.html) DeFi Beginner Zero-Knowledge Proof (ZK Proof): What It Is and How It WorksZK proofs show up everywhere in crypto, from rollups to identity systems to shielded payments....](/content/guides/zero-knowledge-proof-zk-proof-what-it-is-and-how-it-works/index.html) Crypto Basics Beginner What Is Mainnet in Crypto And How Does It Work?A mainnet is the live version of a blockchain, where real money moves, fees are...](/content/guides/what-is-mainnet-in-crypto-and-how-does-it-work/index.html) Crypto Basics Beginner What Is the MACD Indicator and How To Use It?The MACD indicator is one of the most-used tools in crypto trading, but most beginners...](/content/guides/what-is-macd-indicator-how-to-use-it/index.html)

View all guides

Guide Categories

Crypto BasicsStart learning crypto with beginner-friendly guides to wallets, trading, blockchain,... DeFiExplore DeFi guides covering wallets, dapps, staking, liquidity, lending, yield,... BitcoinLearn Bitcoin basics with guides to BTC wallets, mining, security,... Wallet SecurityLearn wallet security basics, from addresses and seed phrases to... NFTs

Browse all categories

Review Categories

Browse Directory

Company Verticals

Product Categories

People Categories

Company

Help & Legal

Follow

Section Navigation

News

Latest News

SpaceX’s IPO exposes the first crack in tokenized stocks – fragmented ownership and allocationTokenizationJun 13, 2026](/content/spacexs-ipo-exposes-the-first-crack-in-tokenized-stocks/index.html) The future of vaults: neobanks and invisible DeFiDeFiJun 13, 2026](/content/the-future-of-vaults-neobanks-and-invisible-defi/index.html) US export order removes Anthropic Mythos model access fueling crypto bets on AI that is beyond government reachAIJun 13, 2026](/content/us-anthropic-fable-mythos-crackdown-fuels-crypto-bet-on-ai-that-is-beyond-government-reach/index.html) Wholesale inflation is back in focus. Here’s what PPI means for your money and BitcoinMacroBearishJun 13, 2026](/content/wholesale-inflation-is-back-in-focus-heres-what-ppi-means-for-your-money-and-bitcoin/index.html)

Asset Coverage

  • Bitcoin news](/content/news/bitcoin/index.html)
  • XRP news](/content/news/xrp/index.html)
  • Ethereum news](/content/news/ethereum/index.html)
  • Solana news](/content/news/solana/index.html)

Topic Coverage

Market Structure

Coins

Coin Views

Prices

  • Bitcoin price](/content/coins/bitcoin/index.html)
  • Ethereum price](/content/coins/ethereum/index.html)
  • XRP price](/content/coins/xrp/index.html)
  • Solana price](/content/coins/solana/index.html)

Sectors

Ecosystems

Prediction Markets

Prediction Markets

Laws

Browse

Recent

Tennessee Strategic Bitcoin Reserve Act (HB 1695)ExpiredHB1695 would have authorized Tennessee’s state treasurer to invest limited eligible state funds in Bitcoin with caps, custody...](/content/crypto-laws/tennessee-strategic-bitcoin-reserve-act-hb-1695/index.html)

South Dakota HB 1155: State Bitcoin Investment BillExpiredSouth Dakota HB 1155 would have permitted the State Investment Council to invest up to 10% of eligible...](/content/crypto-laws/south-dakota-hb-1155-state-bitcoin-investment/index.html) Strategic Digital Assets Reserve Act of South Carolina (H. 4256)In committeeSouth Carolina H. 4256 would authorize State Treasurer investment in certain digital assets, including Bitcoin, under proposed reserve,...](/content/crypto-laws/south-carolina-h-4256-strategic-digital-assets-reserve-act/index.html)

Jurisdictions

Topics

Statuses

Law Types

Learn

Featured Guides

Buy Borrow DieWhy long-term crypto holders borrow against assets instead of selling](/content/guides/why-long-term-crypto-holders-borrow-against-assets-instead-of-selling/index.html) Buy Borrow DieWhy collateral reuse is the hidden risk in crypto lending](/content/guides/why-collateral-reuse-is-the-hidden-risk-in-crypto-lending/index.html) Buy Borrow DieCapital preservation in practice: how major players use high-LTV crypto-backed loans](/content/guides/buy-borrow-die-high-ltv-crypto-loans/index.html) Institutional PlaybookThe Market Maker’s Exchange Checklist (Liquidity, Latency, and Risk Controls)](/content/guides/the-market-makers-exchange-checklist-liquidity-latency-and-risk-controls/index.html) Institutional PlaybookCrypto-as-a-Service Playbook: How Banks, Telcos, and Fintechs Launch Crypto Products Fast, Safely, and Compliantly](/content/guides/crypto-as-a-service-playbook-how-banks-telcos-and-fintechs-launch-crypto-products-fast-safely-and-compliantly/index.html)

Guide Categories

Reviews

Review Categories

Directory

Browse Directory

Company Verticals

Product Categories

People Categories

More

Company

Help & Legal

Follow

Search CryptoSlateSearch CryptoSlateesc

Searching...

No resultsTry a different name or ticker.

May. 17, 2026at 11:15 am GMT•UpdatedMay. 17, 2026at 3:34 pm GMT• 4 min read

[MakeCryptoSlatepreferred on")

Share on XShare on FacebookShare on TelegramShare on LinkedInShare via email

CME Group plans to make its cryptocurrency futures and options trade around the clock beginning May 29, a product line that posted $3 trillion in notional volume in 2025 and is running 46% above that pace year-to-date.

ICE's New York Stock Exchange is developing a tokenized securities platform built for 24/7 operations, instant settlement, dollar-sized orders, and stablecoin-based funding, pending regulatory approvals.

Both exchange operators have directed capital and infrastructure toward the same always-open structure pioneered by crypto-native venues.

Advertise with CryptoSlate

Bloomberg reported on May 15 that the same two exchange giants are pressing US officials to rein in Hyperliquid, the offshore crypto venue that built the model before either incumbent filed.

According to people familiar with the discussions, CME and ICE alleged that Hyperliquid's anonymous trading environment could distort global oil prices, facilitate market manipulation, and enable state actors to circumvent sanctions enforcement.

Bloomberg had separately reported in March that a Hyperliquid perpetual contract tracking WTI crude generated more than $1.2 billion in 24-hour volume during a traditional-market oil spike, briefly becoming the platform's second-most-traded market.

The fight that CME and ICE are allegedly taking to Washington is over who gets to run continuous markets when oil is on the table, and if policymakers will treat it as a market-integrity question or a competitive one.

Venue / operator 24/7 market move Why it matters
CME Group Crypto futures/options go 24/7 on May 29; $3T notional volume in 2025; +46% YoY YTD pace Incumbent validation of always-open crypto markets
ICE / NYSE Tokenized securities platform for 24/7 operations, instant settlement, dollar-sized orders, stablecoin funding Wall Street adopting crypto-style market structure
Hyperliquid Already live; $176.4B 30-day perp volume; $7.9B 24h volume; $9.3B open interest Crypto-native venue proved the model before incumbents scaled it

DeFiLlama lists Hyperliquid with approximately $176.4 billion in 30-day perpetual volume, $7.9 billion in 24-hour perpetual volume, and $9.3 billion in open interest, annualizing to roughly $2.15 trillion.

Hyperliquid accounts for 31.7% of 30-day on-chain perp DEX volume but holds 58.5% of perp DEX open interest, carrying nearly 60% of position-bearing liquidity in the sector while accounting for less than 33% of its trading volume.

The structure runs as a fully on-chain order book, where every trade and liquidation settles with one-block finality on its own L1, and its HIP-3 framework lets developers deploy permissionless perpetual markets with customizable oracles, leverage limits, and settlement parameters.

The market function this architecture delivers, consisting of always-open, leveraged, electronic exposure to major assets, runs on fully on-chain infrastructure, with pseudonymous participants and permissionless market creation.

The market integrity argument

CFTC-regulated designated contract markets must maintain automated surveillance systems, real-time monitoring, audit-trail data capable of reconstructing every trade, and formal mechanisms to investigate and discipline misconduct.

The CFTC was exercising exactly those detection capabilities when it examined oil futures trades placed on CME and ICE platforms before major President Donald Trump administration Iran-policy announcements.

Reports found an approximately $950 million bet on falling oil prices placed hours before a US-Iran ceasefire announcement, and a roughly $500 million oil-futures position established shortly before a Mar. 23 policy announcement.

Representative Ritchie Torres separately called for the SEC and CFTC to investigate the $950 million trade, saying its timing raised questions about potential insider trading and market integrity.

The CFTC ordered JPMorgan to pay $920.2 million in 2020 for spoofing and manipulation in precious metals and Treasury futures, then the largest monetary relief the agency had ever imposed in a spoofing case.

Enforcement actions against TotalEnergies Trading, Trafigura, Glencore, Vitol, and BP in commodity markets over the past decade show the same pattern, where misconduct reached material scale before enforcement intervened, with regulation providing the tools to detect and punish it only when the damage was done.

CryptoSlate Daily Brief

Daily signals, zero noise.

Market-moving headlines and context delivered every morning in one tight read.

5-minute digest 100k+ readers

Email address

Get the brief

Free. No spam. Unsubscribe any time.

Whoops, looks like there was a problem. Please try again.

You’re subscribed. Welcome aboard.

The enforcement record shows that well-timed or suspicious trades can reach material scale inside regulated perimeters before anyone intervenes, as the most recent Iran-linked oil-price moves, those trades were executed on the CME and ICE platforms.

Case / event Venue or market context Amount / scale Article takeaway
Iran-linked oil trade before ceasefire CME / ICE platforms, per Reuters ~$950M Suspicious timing can occur inside regulated venues
Oil-futures position before Mar. 23 announcement CME / ICE platforms, per Reuters ~$500M Surveillance may detect trades after the fact
JPMorgan spoofing/manipulation case Precious metals and Treasury futures $920.2M penalty Regulated markets still require enforcement
Commodity-market cases involving TotalEnergies, Trafigura, Glencore, Vitol, BP Oil, gas, and commodity markets Multiple enforcement actions Market integrity failures are not unique to crypto

Outcomes if the report is accepted

If regulators accept CME and ICE's reported framing, the enforcement focus will land on Hyperliquid's commodity-linked markets.

Oil-linked perps face access restrictions, oracle disclosure requirements, or geofencing by front-end providers, while crypto perpetuals fall into a separate regulatory bucket.

Under that outcome, Hyperliquid's 30-day perp volume compresses to a range of $75 billion to $125 billion, open interest contracts, and institutional BTC and ETH flows migrate toward CME's regulated 24/7 futures.

If Washington draws a narrow line around commodity-linked perps and leaves crypto-native markets alone, or if the CFTC's examination of Iran-linked oil trades on incumbent platforms undermines the case that offshore venues are uniquely dangerous, Hyperliquid retains its dominant position in on-chain perpetuals.

High oil volatility sustains demand for always-open exposure, the incumbent lobbying campaign validates the platform's market position among existing users, and 30-day volume expands toward a range of $225 billion to $325 billion.

The crypto-native market structure remains competitive in speed and composability compared to anything regulated venues can build within compliance perimeters.

A range chart projects Hyperliquid's 30-day perpetual volume between $75B–$125B in a bear case and $225B–$325B in a bull case, against a $176.4B baseline.

The US perpetual futures stay in a regulatory gray area, with most activity concentrated on offshore venues. A CFTC now examining suspicious oil trades on its own licensed platforms enters any offshore enforcement action with a narrower rhetorical runway.

CME and ICE are building continuous markets, and Hyperliquid has already shown how strong the demand for them is. The incumbents are taking a jurisdictional fight to Washington over who controls markets that are always open when the underlying asset is oil.

Whether regulators treat that as a genuine market-integrity concern or as competitive repositioning by incumbents who arrived late to the model will determine which institutions control default-trading infrastructure in the next decade.

Hyperliquid](/content/coins/hyperliquid/index.html) CME Group](/content/companies/cme-group/index.html) JPMorgan](/content/companies/jpmorgan/index.html)

Featured US DeFi Market TradFi Derivatives Hyperliquid](/content/news/hyperliquid/index.html)

Advertise with CryptoSlate

Context

Related coverage

Explore related reporting by asset, place, or topic.

HyperliquidUSDerivatives

\ \ Regulation\ \ Hyperliquid’s UK warning reveals the regulatory test behind its Wall Street push \ \ Hyperliquid’s growing derivatives market has pulled in traders and drawn a UK warning.\ \ 1 week ago](/content/hyperliquids-uk-warning-reveals-the-regulatory-test-behind-its-wall-street-push/ "Hyperliquid’s UK warning reveals the regulatory test behind its Wall Street push"/index.html)

\ \ DerivativesBullish\ \ Hyperliquid’s HYPE rally is bigger than a new all-time high \ \ The Hyperliquid HYPE rally now hinges on whether ETF inflows, CFTC-backed Bitcoin perps, and Wall Street attention can turn HYPE into a durable bet on 24/7 derivatives infrastructure.\ \ 2 weeks ago](/content/hyperliquid-hype-rally-etf-cftc-perps/ "Hyperliquid’s HYPE rally is bigger than a new all-time high"/index.html)

\ \ Price WatchBullish\ \ HYPE’s path to $100 runs through Hyperliquid becoming crypto’s on-chain Wall Street platform \ \ Traders are betting that new funds, rising volume and buybacks can extend one of crypto’s strongest breakouts this year.\ \ 3 weeks ago](/content/hypes-path-to-100-runs-through-hyperliquid-becoming-cryptos-on-chain-wall-street-platform/ "HYPE’s path to $100 runs through Hyperliquid becoming crypto’s on-chain Wall Street platform"/index.html)

\ \ Tokenization\ \ SpaceX’s IPO exposes the first crack in tokenized stocks – fragmented ownership and allocation \ \ SpaceX is exposing the first big crack in tokenized stocks: everyone can trade the name, but not everyone owns the same thing.\ \ 2 hours ago](/content/spacexs-ipo-exposes-the-first-crack-in-tokenized-stocks/ "SpaceX’s IPO exposes the first crack in tokenized stocks – fragmented ownership and allocation"/index.html)

\ \ AI\ \ US export order removes Anthropic Mythos model access fueling crypto bets on AI that is beyond government reach \ \ The US move against Anthropic’s Fable 5 and Mythos 5 shows how quickly frontier models can become national security assets.\ \ 5 hours ago](/content/us-anthropic-fable-mythos-crackdown-fuels-crypto-bet-on-ai-that-is-beyond-government-reach/ "US export order removes Anthropic Mythos model access fueling crypto bets on AI that is beyond government reach"/index.html)

\ \ MacroBearish\ \ Wholesale inflation is back in focus. Here’s what PPI means for your money and Bitcoin \ \ Bitcoin’s inflation-hedge narrative faces a near-term test as hot PPI data pushes rate-cut hopes lower and risk assets come under pressure.\ \ 8 hours ago](/content/wholesale-inflation-is-back-in-focus-heres-what-ppi-means-for-your-money-and-bitcoin/ "Wholesale inflation is back in focus. Here’s what PPI means for your money and Bitcoin"/index.html)

\ \ Analysis\ \ Are 24/7 CME Bitcoin futures a volatility cure — or a new leverage trap? \ \ Wall Street wanted a regulated way to trade Bitcoin around the clock. What it got instead was a front-row seat to one of the ugliest deleveraging weeks of the year.\ \ 14 hours ago](/content/are-24-7-cme-bitcoin-futures-a-volatility-cure-or-a-new-leverage-trap/ "Are 24/7 CME Bitcoin futures a volatility cure — or a new leverage trap?"/index.html)

\ \ DeFi\ \ Vitalik wants DeFi price crashes to stop triggering automatic liquidations \ \ The Ethereum co-founder’s options-based synthetic asset proposal attacks a core DeFi failure mode: forced liquidation during crashes. The tradeoff is less sudden damage and a hedge that can drift.\ \ 1 week ago](/content/vitalik-wants-defi-crashes-to-stop-triggering-automatic-liquidations/ "Vitalik wants DeFi price crashes to stop triggering automatic liquidations"/index.html)

CryptoSlate may use AI tools to support research, editing, and production workflows. Published articles remain editorially reviewed by our team. Read our full AI usage disclaimer.

Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies. For more information, see our company disclaimers.

×

Expand

More about