Binance Futures Introduces HYPE Token Amid Spirited Trading Activity on Hyperliquid

Binance Futures has listed HYPE, the native token of the rival derivatives exchange HyperLiquid, as of Friday. HYPE has risen by 77.5% over the past 30 days, entering the ranks of the 15 largest cryptocurrencies by market capitalization. The Binance listing is a USD-margined perpetual contract that offers up to 75x leverage. A prominent trader and supporter of HyperLiquid mentioned that the first exchange to introduce HYPE spot markets could generate “$100 million in fees” within the first year. Despite the listing, HYPE has seen a decline of 4.3% over the past 24 hours, reflecting a broader slump in the crypto market. During this time, HyperLiquid achieved $11 billion in perpetual trading volume, quickly establishing itself as a leading decentralized derivatives exchange this cycle. Meanwhile, Binance Futures continues to hold its position as the largest centralized exchange, reporting $91 billion in trading volume over the past 24 hours, according to CoinMarketCap.