Cboe and Citadel Sue to Stop US Stock Perps Hours After the CFTC Approved Them: Why Hyperliquid’s $5 Billion-a-Day Market Has the Most at Stake

A group backed by Cboe and Citadel Securities sued the CFTC on Tuesday, November 3, to block stock perps hours after the regulator cleared them for US exchanges, a fight that could decide whether Hyperliquid’s $5 billion-a-day market reaches American traders. The approval named no offshore venue, but it was aimed at one. CFTC Chairman Michael Selig said Americans should not be “forced to turn to offshore, and often unregulated, venues” to trade perpetual futures on individual stocks. 🇺🇸 A CBOE AND CITADEL SECURITIES-BACKED GROUP SUES THE CFTC TO BLOCK PERPETUAL FUTURES ON US STOCKS, THE SAME DAY THE CFTC APPROVED THEM pic.twitter.com/38PNXGcM5f — The Wolf Of All Streets (@scottmelker) November 3, 2026 The biggest of those venues runs on Hyperliquid. Trade.xyz, its largest builder market, did $4.99 billion in volume over the past 24 hours across 142 contracts on stocks, indexes and commodities, with $4.42 billion in open interest. Six days ago, NYSE owner ICE agreed to bring those markets to US traders through a CFTC-regulated exchange of its own. HYPE jumped as much as 21% that day, to $97.74, just short of its $97.96 record. The lawsuit didn’t knock it over. HYPE dipped to $81.01 ...