$HYPE was listed on Korea’s two biggest exchanges on the same day, but Binance’s price is actually a little lower than it was before the announcements.
During the hour of Upbit’s announcement (the 12 p.m. Beijing time slot), Binance spot surged from 73.88 to 75.19, with volume six or seven times that of the previous two hours. Upbit opened at 2 p.m., and Bithumb opened its KRW pair at 3:30 p.m. By 7 p.m., the price was hovering around 73.5, giving back all its gains.
At 19:06, using an exchange rate of 1 USDT = 1,352 KRW: Upbit was around 73.48, Bithumb around 73.00, and Binance at 73.54. The kimchi premium was basically zero.
Listings on Korean exchanges can often trigger a rally because deposits are slow right after trading opens, pushing up the KRW price in isolation. My take is that both exchanges used HyperEVM for deposits and withdrawals this time, so arbitrage traders moved in as soon as the channels opened, wiping out any premium as soon as it appeared.
Even more unusual was the trading volume. In roughly three and a half hours after Bithumb opened, KRW trading volume was about 52 billion, or roughly $38 million—almost matching Binance spot’s $43.5 million for the entire day. Upbit saw only about 8.2 billion KRW in five hours. The runner-up doing six times the volume of the leader—is that down to a promotion, or are Korean retail traders really piling in? It’s hard to tell today.
So the question now is whether KRW-market volume holds up over the next few days. If it quickly collapses, this listing will have amounted to just one round of turnover. Only if both exchanges hold steady and the premium turns positive will it mean a new wave of buyers has arrived.
#Hyperliquid #韩国交易所 $HYPE
During the hour of Upbit’s announcement (the 12 p.m. Beijing time slot), Binance spot surged from 73.88 to 75.19, with volume six or seven times that of the previous two hours. Upbit opened at 2 p.m., and Bithumb opened its KRW pair at 3:30 p.m. By 7 p.m., the price was hovering around 73.5, giving back all its gains.
At 19:06, using an exchange rate of 1 USDT = 1,352 KRW: Upbit was around 73.48, Bithumb around 73.00, and Binance at 73.54. The kimchi premium was basically zero.
Listings on Korean exchanges can often trigger a rally because deposits are slow right after trading opens, pushing up the KRW price in isolation. My take is that both exchanges used HyperEVM for deposits and withdrawals this time, so arbitrage traders moved in as soon as the channels opened, wiping out any premium as soon as it appeared.
Even more unusual was the trading volume. In roughly three and a half hours after Bithumb opened, KRW trading volume was about 52 billion, or roughly $38 million—almost matching Binance spot’s $43.5 million for the entire day. Upbit saw only about 8.2 billion KRW in five hours. The runner-up doing six times the volume of the leader—is that down to a promotion, or are Korean retail traders really piling in? It’s hard to tell today.
So the question now is whether KRW-market volume holds up over the next few days. If it quickly collapses, this listing will have amounted to just one round of turnover. Only if both exchanges hold steady and the premium turns positive will it mean a new wave of buyers has arrived.
#Hyperliquid #韩国交易所 $HYPE
