Hyperliquid, the dominant offshore perp DEX with $2.9T in 2025 volume and ~$7B open interest, is eyeing US entry amid CFTC moves to approve regulated perpetual futures structures. US users remain blocked by terms and geo-fencing. HYPE rallied toward record highs on the regulatory signal, with ETF filings adding momentum. Traditional players like CME and ICE are pushing back over manipulation and sanctions risks. Catalyst for broader access, but compliance costs and scrutiny remain key red flags for the decentralized model.(unfolded.)