Robinhood Crypto on Thursday said it has listed the decentralized perpetual exchange Hyperliquid native token HYPE.
This marks a major milestone as the platform listed the token before top crypto exchanges Binance and Coinbase despite massive demand.
Robinhood Announces Listing of Hyperliquid (HYPE)
In an X post on October 23, commission-free trading platform Robinhood Markets revealed Hyperliquid (HYPE) listing on the Robinhood app for United States customers.
HYPE listing on Robinhood will expand the reach beyond decentralized exchanges amid rising interest among whales and high-leverage traders.
Users can buy, sell, and hold HYPE directly on the platform, which could trigger a surge in trading volume in the short term. This also boosts the token’s liquidity, which becomes crucial amid recent price crashes.
As The Coin Republic reported earlier, Robinhood listings have historically sparked major spikes in the token’s volumes, as witnessed after Curve DAO Token (CRV) and Binance Coin (BNB) listings.
HYPE Price Jumps Over 12%
HYPE price jumped more than 12% after the announcement as traders responded immediately. The price has rallied more than 1000% in a year, currently trading at $40.81.
The 24-hour low and high were $34.87 and $40.33, respectively. Furthermore, the trading volume has increased by 18% in the last few hours, indicating a massive interest among traders.
The market cap has crossed $13.50 billion again today after the huge jump over the last 24 hours.
Lookonchain reported that whale 0x082e was aggressively building up HYPE longs. It now holds 1,017,818 HYPE worth $39.68 million in long positions.
In the daily timeframe, the price was trading below the 50-SMA at $46.32. The price needs to cross above the level for a rally.
The Hyperliquid token successfully jumped above the 200-SMA amid the latest jump. Whereas, the Relative Strength Index (RSI) rises to 46, signaling potential for further upside move.
CoinGlass data showed massive buying in the derivatives market. At the time of writing, the total HYPE futures open interest jumped nearly 17% to $1.62 billion in the last 24 hours.
4-hour HYPE futures OI on Binance, OKX, and Bybit climbed over 2.5% 3%, and 1%, respectively. This signals bullish sentiment among derivatives traders, but traders need to keep an eye on sudden swings.
Hyperliquid Flips BNB Chain
In the past 24 hours, Hyperliquid has again flipped BNB Chain in fee generation and revenue. It generated $2.4 million in fees, surpassing BNB Chain’s $1.6 million.
The chain has also reclaimed the top position, leading 24-hour perpetual volume once again. Also, it remains the top chain with over $6.90 billion in open interests.
Spot deployment on Hyperliquid is permissionless, with anyone eligible to deploy a spot asset by paying a gas fee in HYPE. Also, deployers can choose to receive up to 50% of trading fees on their spot pairs.