핵심요약

• 2026년 하이퍼리퀴드(HYPE) 주가 194% 급등해 77달러에 근접
• Kalshi 첫 주 거래량 10억 달러 기록하며 성공적 출시
• Coinbase Global, Robinhood Markets 등 신규 경쟁사 진입으로 시장 경쟁 심화
• 하이퍼리퀴드, 경쟁사 압박으로 시장 점유율 위협받을 가능성

도입

하이퍼리퀴드의 최근 급등은 투자자들에게 큰 관심을 끌고 있습니다. 그러나 신규 경쟁사의 등장으로 인해 이 회사의 지속 가능한 성장이 의심받고 있습니다. 특히 Kalshi의 성공적인 출시와 기존 거래소들의 진입으로 시장 경쟁이 치열해질 전망입니다.

본문 1: Kalshi의 성공적 출시와 시장 영향

Kalshi는 CFTC 규제를 받은 최초의 국내 거래소로, 퍼펙추얼 퓨처스 거래를 성공적으로 시작했습니다. 첫 주에 10억 달러의 거래량을 기록하며 시장의 주목을 받았습니다. 이는 하이퍼리퀴드에 대한 경쟁 압력을 높일 가능성이 있습니다. 특히 Kalshi가 규제 장벽을 극복하며 성공한 점은 다른 경쟁사들도 similar한 전략을 취할 수 있다는 것을 의미합니다. 이는 하이퍼리퀴드의 시장 점유율을 위협할 수 있는 요인입니다.

본문 2: Coinbase와 Robinhood의 진입 전략

Coinbase Global과 Robinhood Markets도 퍼펙추얼 퓨처스 시장에 진입할 계획입니다. Coinbase는 기존의 스팟 크립토 거래와 퍼펙추얼 퓨처스를 결합한 서비스를 제공할 예정이며, Robinhood는 예측 시장에서의 거래 활성화를 목표로 하고 있습니다. 이 두 회사의 진입은 하이퍼리퀴드의 독점적 위치를 약화시킬 수 있습니다. 특히 Coinbase는 이미 큰 고객 기반을 가지고 있어 시장 점유율 확보에 유리한 위치를 차지하고 있습니다.

결론

하이퍼리퀴드의 최근 급등은 주목할 만한 성과이지만, 신규 경쟁사의 등장으로 인해 그 지속 가능성은 불확실합니다. Kalshi의 성공적 출시와 Coinbase, Robinhood의 진입은 시장 경쟁을 더욱 치열하게 만들 전망입니다. 투자자들은 이 회사에 대한 투자 결정 시 이러한 요소를 고려해야 할 것입니다.

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원문 링크: https://www.fool.com/investing/2026/06/20/should-you-buy-hype-after-its-recent-surge/?.tsrc=rss

Should You Buy Hyperliquid (HYPE) After Its Recent Surge?

It's hard to argue with Hyperliquid 's ( HYPE +1.15% ) recent performance. It's up an astounding 194% in 2026, and now trades near an all-time high of $77. Most assuredly, it has been one of the standout crypto performers of the year.

But should you really believe the hype about HYPE ? Unfortunately, there's one big reason why I'm not buying Hyperliquid after its recent surge.

The arrival of new competitors

Hyperliquid, a decentralized cryptocurrency exchange , made its name offering perpetual futures to crypto traders. These perpetual futures allow traders to make highly leveraged bets on the future prices of popular cryptocurrencies, all without actually owning the underlying crypto.

As can be imagined, perpetual futures have been a smash hit in the crypto world. It's very easy to make long or short bets on crypto, so you can make money regardless of which way the market is moving.

However, until recently, these perpetual futures were not widely available in the U.S. market. Regulators viewed them as too risky due to their use of leverage and the ability to liquidate positions overnight. Even a slight 10% move in the market might be enough to wipe out your collateral.

But that's all about to change. In early June, prediction market platform Kalshi became the first CFTC-regulated domestic exchange to offer trading in perpetual futures . And by all accounts, the launch has been a notable success. In the first week, Kalshi saw a head-spinning $1 billion in trading volume on its platform.

And it's not just Kalshi that could be a threat to Hyperliquid. Centralized cryptocurrency exchange Coinbase Global ( COIN 0.99% ) also wants in on the action, given how perpetual futures trading is a natural complement to spot crypto trading. As does Robinhood Markets ( HOOD +2.85% ) , given the potential of perpetual futures to ramp up trading activity in prediction markets.

From my perspective, it's only a matter of time before Hyperliquid starts to get squeezed. Right now, U.S. customers can't use the Hyperliquid platform (at least legally), so they'll be using Kalshi, Coinbase , and Robinhood .

In order to offer perps to U.S. customers, Hyperliquid must undergo an official CFTC review process. While Hyperliquid has suggested it is willing to do this, it's not clear how much time it might take, or whether it will require a modification to how these contracts are traded within the U.S.

The "Wild West" period is coming to an end

Long story short, the "Wild West" period for perpetual futures is coming to an end. Crypto-friendly U.S. regulators have finally embraced perpetual futures, and that's going to tip the playing field away from Hyperliquid. The big winners will be the highly regulated U.S.-based competitors. You won't need to hunt for some offshore destination to get your "perps" action.

It's similar to offshore gambling -- as soon as the U.S. legalized online gambling, all the action came to U.S. casinos and sportsbooks.

It was fun while it lasted, but does anyone really expect Hyperliquid to deliver 200% returns on an ongoing basis from here on out? I don't, and that's why I'm not buying Hyperliquid after its recent surge.

Source: https://www.fool.com/investing/2026/06/20/should-you-buy-hype-after-its-recent-surge/?.tsrc=rss