The largest crypto exchange Binance, on Friday said it plans to launch a USD-marginalized perpetual contract for Hyperliquid (HYPE). As a result, HYPE price saw a 10% rebound after a 13% drop from the 24-hour high due to the crypto market crash today.
Hyperliquid is a blockchain platform, specifically designed to enhance the efficiency and performance of decentralized finance (DeFi) applications.
Binance Futures Launches HyperLiquid (HYPE) Perpetuals
Crypto exchange Binance to launch Hyperliquid perpetual contract with up to 75x leverage on Futures, according to an official announcement on May 30. The exchange cited expanding the list of trading choices and enhancing users’ trading experience as the rationale behind the move.
Despite the market cap and prominence of decentralized Layer-1 blockchain Hyperliquid in the crypto market, Binance hasn’t listed the asset on spot.
Futures and spot token listings are not correlated. A token listed on Binance Futures does not guarantee that it will be listed on Binance Spot.”
Moreover, the crypto exchange will offer it on Futures Copy Trading within 24 hours of the HYPEUSDT perpetual contract trading’s launch.
HYPE Price Recovers 10%
Hyperliquid (HYPE) price fell by over 13% today as a result of the broader crypto market crash. However, HYPE price jumped 10% after its perpetual contract launch announcement by Binance. The market continues to signal bearish sentiment amid options expiry and the US PCE inflation data release.
HYPE 24-hour low and high are $30.82 and $34.54, respectively. Moreover, the trading volume has increased by 34% over the last 24 hours, indicating an increase in interest among traders.
Hyperliquid trader James Wynn suffered a massive loss of more than $99 million in just a week, as his latest 949 Bitcoin long position was liquidated when the price of Bitcoin fell below $105,000 during early Asian trading hours.
Coinglass data indicates a rebound in the derivatives market, with total HYPE futures open interest rising 2.31% to $1.26 billion in the last four hours.
