Hyperliquid is an on-chain perpetual futures trading exchange. Its core business is to take the business of Binance’s contracts. Its order book is fully on-chain—no KYC, no regional restrictions, and no 4:00 p.m. daily settlement.
Then Binance listed it.
Seed tag. Every 90 days you have to pass an exam to be able to trade. Binance says it is “higher risk and may experience extremely volatile swings.”
A contracts DEX—listed on the spot market of the world’s largest contracts CEX. And it even got a “high risk” label.
So is this recruiting people, or issuing a warning?
Let’s look at another set of numbers:
On September 18, HYPE hit a new all-time high at $92.
On September 20, Yahoo Finance was still discussing whether it could “rise another 250%.”
On September 23, a certain whale bought 4.7 million HYPE tokens in a month, worth about $400 million.
On September 24, another whale transferred 541,000 HYPE to Kraken at an average price of 73.9, sold at 91.5, netting $9.52 million.
The same day. Binance went live.
Some people were buying. Some people were selling. Binance opened trading pairs.
So after 19:00 on September 24, what happened?
The spot price of HYPE—on a CEX with the world’s largest liquidity—began to be priced.
A DEX token priced on a CEX.
Behind it are the on-chain perpetual trading volume, the protocol’s buyback mechanism, and a $319 target price suggested by a fund called Multicoin.
Binance put it on the homepage. Added a warning label.
Did you enter before 19:00, or after 19:00?#币安将上市Hyperliquid（HYPE）
Then Binance listed it.
Seed tag. Every 90 days you have to pass an exam to be able to trade. Binance says it is “higher risk and may experience extremely volatile swings.”
A contracts DEX—listed on the spot market of the world’s largest contracts CEX. And it even got a “high risk” label.
So is this recruiting people, or issuing a warning?
Let’s look at another set of numbers:
On September 18, HYPE hit a new all-time high at $92.
On September 20, Yahoo Finance was still discussing whether it could “rise another 250%.”
On September 23, a certain whale bought 4.7 million HYPE tokens in a month, worth about $400 million.
On September 24, another whale transferred 541,000 HYPE to Kraken at an average price of 73.9, sold at 91.5, netting $9.52 million.
The same day. Binance went live.
Some people were buying. Some people were selling. Binance opened trading pairs.
So after 19:00 on September 24, what happened?
The spot price of HYPE—on a CEX with the world’s largest liquidity—began to be priced.
A DEX token priced on a CEX.
Behind it are the on-chain perpetual trading volume, the protocol’s buyback mechanism, and a $319 target price suggested by a fund called Multicoin.
Binance put it on the homepage. Added a warning label.
Did you enter before 19:00, or after 19:00?#币安将上市Hyperliquid（HYPE）
