$HYPE climbed back above $87. Hyperliquid Strategies' mNAV returned to 1.011, with net asset value per share at $10.81 and a share price of $10.93, a 1.1% premium. ICE plans to bring perpetual contracts into the U.S. regulated market, igniting the on-chain perps sector. The premium has only just turned positive, so be cautious about chasing the rally.