Binance launched spot trading for Hyperliquid‘s HYPE token at 11:00 UTC on September 24, introducing HYPE/USDT, HYPE/USDC, and HYPE/TRY trading pairs. The move enabled market participants to access the asset through three major fiat and stablecoin pairs, with the Turkish Lira pairing exclusively available to Binance TR users.
Binance brings HYPE to the market under Seed tagTo ensure a secure trading environment, Binance allowed users to deposit HYPE tokens one hour prior to trading, while withdrawal access was set to begin on September 25 at 11:00 UTC, pending further adjustments if necessary. The exchange offered listing with zero fees and launched advanced trading features, including Spot Algo Orders, immediately. Trading Bots and Spot Copy Trading were scheduled to follow within the first day of activity.
Binance assigned its “Seed” tag to HYPE, signaling a higher risk profile consistent with newly listed, volatile assets. Under this classification, users are required to complete risk-awareness quizzes every 90 days on both Binance Spot and Margin platforms. Geographic restrictions prohibit access to HYPE trading for users in the United States, Canada, Iran, the Netherlands, and other specified countries. Binance stated that this list of jurisdictions may change as regulatory standards evolve.
Exchange representatives stressed the importance of robust risk management, warning users to expect significant price volatility and emphasizing the need for individual research before trading. HYPE’s price responded positively to its debut on Binance, approaching $95 shortly after the listing confirmation. Coin Bureau highlighted this sharp uptick and detailed the swift rollout of deposit and withdrawal services.
Binance classifies HYPE under the Seed tag for assets with increased volatility and requires participants to pass quarterly risk assessments. Exchange officials warn that HYPE may undergo significant price swings, urging traders to follow strict risk management and make independent decisions.
Whale activity and institutional influence emergeIndependent on-chain analysis from Lookonchain identified wallet 0x6436 as a key buyer, accumulating 373,730 HYPE tokens valued at around $36 million during September. This same address previously acquired a combined 450,000 tokens across late August and early September, with all holdings quickly staked. SEC documentation links this wallet to PURR, a listed company that maintains HYPE as a core treasury asset, suggesting the accumulation reflects long-term institutional positioning rather than speculative trading.
Several major purchases of HYPE by 0x6436 included 141,442 tokens valued at $11.88 million on September 1 and 243,713 tokens for $20.24 million on August 30. All tokens acquired by the wallet were staked, reinforcing the likelihood of a strategic, long-term approach.
Market analysts have identified key technical levels for HYPE as new liquidity enters the market. WESLAD, a TradingView contributor, highlights a demand zone between $72 and $82, with a decisive push above $89.59 opening the door to $130 and further to $170 to $180. The analysis places invalidation of the bullish setup at $68.34 and pinpoints $47.59 as a crucial level for the overall trend structure. Analyst @im_goomba sets a longer-term target of $210, with $110 and $160 viewed as resistance points during any rally.
WESLAD outlines $72 to $82 as a key demand region and signals that a breakout above $89.59 could drive HYPE toward $130, $170, and beyond, warning that the bullish outlook would break if prices fall below $68.34.
Deflationary protocol and meme token momentumHyperliquid’s protocol employs a deflationary mechanism that burns tokens accumulated from trading fee revenue. According to SEC filings in September, this process has permanently removed roughly 46.4 million HYPE with a total value of $1.2 billion since launch.
While HYPE’s technical patterns and on-chain activity remain focal points for traders, wider market participants are also paying attention to rapid momentum within the meme token sector. In fast-moving environments, monitoring not only price action but also trade timing and asset selection is vital. In one notable case, data from Fomo App highlighted a trader who transformed a $99 investment in “Niu Lai” into about $370,000—demonstrating how viral trends can trigger substantial gains in just days. Fomo App combines real-time token discovery with social activity, investor rankings, and instant trade alerts, making it a go-to tool for tracking meme token markets in parallel with traditional asset movements.
Recent market data showed HYPE maintaining levels around $95 immediately after Binance’s spot trading debut.
Only 4 of the top 20 crypto treasury stocks trade above the value of their holdings, DWF Ventures found.
The firm also found that most top treasuries have trailed the tokens they hold since inception. These digital asset treasuries (DATs) are listed companies built around buying and holding crypto.
Why Crypto Treasury Stocks Lost Their ShineMarket-value-to-net-asset-value (mNAV) compares a DAT’s market capitalization with the value of its crypto holdings. A reading below 1 means the shares trade at a discount to those holdings.
DWF’s September 24 report puts Bit Digital at the top with 1.49x, using data as of September 21. Strive, Hyperliquid Strategies and BitMine follow at 1.21x, 1.17x and 1.02x.
Strategy, the largest corporate Bitcoin (BTC) holder, sits at 0.97x on DWF’s count. SovereignAI ranks last at 0.22x. DWF noted that these mNAV figures exclude debt and preferred stock.
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Top 20 Crypto Treasury Companies Ranked by mNAV. Source: X/DWF VenturesThe report blames these discounts on a shrinking access premium. Institutions once paid extra for DAT shares because regulated funds struggled to own crypto directly.
That door has since opened, as institutions can now use exchange-traded funds (ETFs), regulated private funds and custody services.
“However, as SEC proposed to quicken the listing process by over 75% for ETFs, the access premium has reduced significantly over the years. Institutional buyers have a lot more assets to choose from for ETFs, regulated private funds and custodian infrastructure allowing for direct deployment – which was not possible before,” the report read.
A Catch-Up Trade With a 3-Month Shelf LifeSince inception, DWF found investors were mostly better off holding the token. The few DATs that beat their assets did so by margins too thin for the risk.
Shorter windows look different, with shares outrunning tokens by 15% to 40% since July. Over that span, mNAV ratios rose from lows of 0.5x to 0.8x to between 0.7x and 1.0x.
Hyperliquid Strategies (PURR), which holds Hyperliquid (HYPE), gained 31% more than HYPE. Zcash (ZEC) treasury Cypherpunk Technologies (CYPH) beat its token by 38%. Tokens per share barely moved, so DWF read the rally as sentiment. Beyond 3 months, however, the token stayed the better bet.
Going forward, DWF expects boards and capital structures to increasingly shape how DATs are valued. It pointed to Strategy, which ranks debt holders first and carries steady preferred dividend obligations.
Those payments could force Bitcoin sales that dilute shareholders, the report warned. Once confidence cracks, DWF said, Strategy’s mNAV could enter a downward spiral.
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DoubleZero just turned Hyperliquid’s order book into a subscription product. The infrastructure company is now selling five distinct data feeds covering Hyperliquid’s perpetuals and spot markets through its Edge platform, with pricing that ranges from $900 to $5,000 per month depending on the feed type and location.
The most detailed offering, a full Market-by-Order feed for Hyperliquid perps, costs $3,000 monthly for subscribers based in Tokyo and $5,000 for everyone else. A simpler Top-of-Book and Trades feed runs $900 in Tokyo or $1,500 globally. Bundle all the Hyperliquid feeds together and you get roughly a 30% discount: $5,500 from Tokyo, $9,000 from anywhere else.
What Edge actually delivers The platform delivers data in a machine-readable binary format over dedicated fiber connections using multicast technology. That’s the same basic delivery mechanism that the NYSE and Nasdaq use to get market data to professional trading firms.
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The feeds span from Level 1 data (the best bid and ask, plus recent trades) all the way up to Level 4, which is full Market-by-Order depth. Level 4 means you can see every individual order sitting in the book, not just aggregated price levels.
Each subscription includes two receiving hosts per feed per metro location at no extra cost. The data is uncapped, meaning no per-stream limits or token metering. You pay the monthly fee, you get everything.
DoubleZero sources the data directly from HyperCore through partnerships with Hyperliquid validator operators including Hyperion DeFi, MAVAN, and Kinetiq. Those validators ensure real-time access to the exchange’s full order flow across native perpetuals and HIP-3 custom markets.
Why Hyperliquid, and why now Hyperliquid is the third trading venue to land on DoubleZero’s Edge platform, following integrations with Solana and Kalshi.
The Tokyo-specific pricing tier is notable. Lower rates for Tokyo-based subscribers suggest that DoubleZero has deployed infrastructure in the region that reduces its own costs, and it’s passing some of that savings along.
The bigger picture for institutional DeFi access Four core data feeds plus one order-intent feed cover the breadth of Hyperliquid’s market structure. The technical delivery uses fixed-size binary UDP multicast with in-band snapshots and delta recovery protocols.
The pricing, while not trivial, is modest by institutional standards. Traditional exchange data feeds from venues like CME or ICE can run into five or six figures monthly for comparable depth. A $5,000 monthly bill for full Market-by-Order data on one of crypto’s busiest perps venues is the kind of expense that barely registers on a professional firm’s P&L.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
DoubleZero has launched a dedicated market data feed for Hyperliquid, giving professional trading firms access to the decentralized exchange’s full order book over fiber rather than through its public APIs.
The feed includes Hyperliquid’s native perpetual futures and markets operated by trade[XYZ], which uses Hyperliquid’s infrastructure to offer perpetual contracts tied to assets including oil, gold and silver. The Hyperliquid feed was developed with validator operators and ecosystem partners including Hyperion DeFi, MAVAN and Kinetiq.
DoubleZero said the service delivers a continuous, ordered stream of market data for market makers, quantitative trading firms, and proprietary trading firms that need faster, more consistent order book updates.
Previously, firms seeking a complete view of Hyperliquid’s order book had to assemble the data themselves through public API responses or operate their own Hyperliquid nodes. DoubleZero said changes to Hyperliquid’s public APIs have reduced the frequency and depth of updates available through them.
DoubleZero operates a global fiber network designed to move data quickly between participants in blockchain networks and other distributed systems. Hyperliquid is the third venue available through its Edge market-data service, following Solana and prediction market Kalshi.
Onchain market infrastructure starts to resemble traditional exchangesHyperliquid’s market data infrastructure is beginning to resemble what traditional electronic exchanges use as professional trading moves onchain, according to Hyperion DeFi CEO Hyunsu Jung.
Jung told Cointelegraph that CME, Nasdaq and other major exchanges distribute professional market data over dedicated networks, allowing automated trading firms to receive a consistent stream of ordered data at high speeds.
“Hyperliquid data can now be consumed through the same basic model: publish once, distribute simultaneously over dedicated fiber,” he said.
However, significant differences remain. Traditional exchanges allow trading firms to place their systems close to the infrastructure that processes trades, while Hyperliquid executes trades onchain. DoubleZero’s service only delivers market data; it does not place or execute trades for firms.
“So the convergence is not Hyperliquid becoming CME,” Jung said. “It is onchain markets adopting the market-data infrastructure that professional trading firms already use.”
“It does not eliminate latency differences,” Jung said. “A firm in Tokyo will still have a physical advantage over one in New York.”
Magazine: Kyle Samani predicts SOL flippening, claims ‘no one’ uses ETH
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
DoubleZero has launched a dedicated market data feed for Hyperliquid, giving professional trading firms access to the decentralized exchange’s full order book over fiber rather than through its public APIs.
The feed includes Hyperliquid’s native perpetual futures and markets operated by trade[XYZ], which uses Hyperliquid’s infrastructure to offer perpetual contracts tied to assets including oil, gold and silver. The Hyperliquid feed was developed with validator operators and ecosystem partners including Hyperion DeFi, MAVAN and Kinetiq.
DoubleZero said the service delivers a continuous, ordered stream of market data for market makers, quantitative trading firms, and proprietary trading firms that need faster, more consistent order book updates.
Previously, firms seeking a complete view of Hyperliquid’s order book had to assemble the data themselves through public API responses or operate their own Hyperliquid nodes. DoubleZero said changes to Hyperliquid’s public APIs have reduced the frequency and depth of updates available through them.
DoubleZero operates a global fiber network designed to move data quickly between participants in blockchain networks and other distributed systems. Hyperliquid is the third venue available through its Edge market-data service, following Solana and prediction market Kalshi.
Onchain market infrastructure starts to resemble traditional exchangesHyperliquid’s market data infrastructure is beginning to resemble what traditional electronic exchanges use as professional trading moves onchain, according to Hyperion DeFi CEO Hyunsu Jung.
Jung told Cointelegraph that CME, Nasdaq and other major exchanges distribute professional market data over dedicated networks, allowing automated trading firms to receive a consistent stream of ordered data at high speeds.
“Hyperliquid data can now be consumed through the same basic model: publish once, distribute simultaneously over dedicated fiber,” he said.
However, significant differences remain. Traditional exchanges allow trading firms to place their systems close to the infrastructure that processes trades, while Hyperliquid executes trades onchain. DoubleZero’s service only delivers market data; it does not place or execute trades for firms.
“So the convergence is not Hyperliquid becoming CME,” Jung said. “It is onchain markets adopting the market-data infrastructure that professional trading firms already use.”
“It does not eliminate latency differences,” Jung said. “A firm in Tokyo will still have a physical advantage over one in New York.”
Magazine: Kyle Samani predicts SOL flippening, claims ‘no one’ uses ETH
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
DoubleZero has launched a dedicated fiber market data feed for Hyperliquid, catering to professional firms with enhanced speed and efficiency. This infrastructure development provides faster access to Hyperliquid’s full order-book feeds, including native perpetuals and HIP-3 real-world-asset markets, as well as order intents from Hyperliquid’s mempool. The move is aimed at reducing latency by offering a direct distribution channel as opposed to public internet APIs. Hyperliquid’s market position is underscored by its HYPE token at approximately $92.56 and a reported 24-hour futures volume of $12.44 billion.
Key Takeaways The introduction by DoubleZero appears to support a more efficient environment for Hyperliquid participants. Market pricing suggests an increased likelihood of Hyperliquid reaching $100, currently reflected in an 82% YES probability for the December 31, 2026 market. The development may indicate potential growth in Hyperliquid’s market cap, driven by enhanced access to real-time data. What to Watch Market participants will likely monitor the impact of this development on Hyperliquid’s volumes and participant activity. Key indicators to watch include any significant changes in the HYPE token price and shifts in market cap rankings. Additionally, announcements of partnerships or further technological advancements could further influence market perceptions and probabilities related to Hyperliquid’s price targets by year-end.
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Term Structure
Contract Odds Δ since publish Volume 24h December 31 81.5% -0.5¢ $1K View market → January 1 2027 3.5% 0.0¢ — View market → January 1 2027 2.5% 0.0¢ $5 View market → January 1 2027 3.6% 0.0¢ $12 View market → January 1 2027 2.5% 0.0¢ — View market → January 1 2027 6.5% 0.0¢ $379 View market → January 1 2027 5% 0.0¢ $3K View market → January 1 2027 7% 0.0¢ $3K View market → Updated 6min ago
Hyperliquid, a decentralized perpetuals exchange and L1 ecosystem, has achieved a significant milestone by surpassing $7 billion in total value locked (TVL). Over the past month, the platform has generated nearly $60 million in protocol revenue, placing it among the leading decentralized finance (DeFi) protocols in terms of both capital locked and income generated. The native asset, HYPE, is closely tied to the platform’s activity and fee structure, which may contribute to its current performance and market perception.
The milestone of crossing $7 billion in TVL is seen as a strong indicator of Hyperliquid’s growth potential. Despite this positive news, some market fluctuations have been observed. The probability of Hyperliquid reaching a price of $100 by the end of 2026 has adjusted to 82% from 86% in the past day, although it remains significantly higher than the 46% observed a week ago. This adjustment suggests that while confidence remains high, market participants are recalibrating expectations based on recent developments.
The activity around Hyperliquid continues to reflect a favorable outlook, with various scenarios being considered. Reports of sustained volumes and potential institutional interest could further influence the market’s assessment of Hyperliquid’s prospects.
Key Takeaways Hyperliquid’s recent surpassing of $7 billion in TVL suggests significant growth and market interest in the platform. Market participants appear to view the platform’s revenue generation as supportive of a positive outlook, with the probability of reaching $100 by the end of 2026 remaining high. The 4% drop in probability over the past 24 hours may indicate short-term recalibration of expectations amid ongoing market developments. What to Watch Observers should monitor further developments such as potential partnerships or listings on major exchanges, which could influence Hyperliquid’s competitive position and pricing. Additionally, any changes in the regulatory landscape or security incidents could impact market sentiment. Key indicators will include Hyperliquid’s ability to maintain its revenue growth and TVL, as well as broader DeFi market trends.
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Term Structure
Contract Odds Δ since publish Volume 24h December 31 81.5% -0.5¢ $1K View market → January 1 2027 3.5% 0.0¢ — View market → January 1 2027 2.5% 0.0¢ $5 View market → January 1 2027 3.6% 0.0¢ $12 View market → January 1 2027 2.5% 0.0¢ — View market → January 1 2027 6.5% -0.5¢ $379 View market → January 1 2027 5% 0.0¢ $3K View market → January 1 2027 7% 0.0¢ $3K View market → Updated 5min ago
Asset manager Ark Invest is pessimistic about Hyperliquid’s ability to achieve its “house of all finance” vision, despite the platform’s growing traction.
In particular, the firm questioned how the platform wants U.S. market access yet has limited decentralization, a partially anonymous team, and nearly non-existent spot trading.
In an X post, Lorenzo Valente, head of crypto research at Ark Invest, poked holes in the regulated US pathway via Kraken.
I think what HYPE is doing with Kraken in the US is slightly different. The liquidity can’t simply be commingled with the broader permissionless Hyperliquid market. That probably means a way worse product. Think Binance vs. Binance US.
Worth noting that in August, Valente had recommended that Hyperliquid pause buybacks and buy out the Gemini exchange for its U.S. expansion. The U.S. users would be ring-fenced, just similar to Kraken’s plan.
However, he was right on the spot trading aspect of Hyperliquid.
HyperCore has both perp and spot order books. But spot is basically nonexistent on Hyperliquid. You can become the best casino in the world without spot. I’m not sure you can become the financial system.
Is Hyperliquid’s ‘everything exchange’ plan at risk? RWA, or real-world asset perps, dominates Hyperliquid’s volume. In the past 24 hours, the spot volume was about $271M. In contrast, its perps segment had $12B in volume and $16B in Open Interest (OI).
Similarly, on decentralization, the L2 has about 27 validators, which is way fewer compared to Solana’s 900 or Ethereum’s +900K count. Whether this will be raised before the final US approval remains to be seen.
That said, the platform’s ‘everything exchange’ plan seems to be on track despite these limitations. For instance, it has rolled out prediction market support via HIP-4. Beyond its popular crypto perps market, the RWA perps became popular earlier in the year.
In September, it launched native borrowing and has done over $340M in borrowed assets as of writing.
Source: ASXN Clearly, this shows that despite low spot trading, other aspects are picking up pace to cement the “everything exchange” vision.
In fact, an a16z report found that RWA perps have grown 44x this year to over $117B in volume, and DEX platforms led by Hyperliquid have outpaced centralized exchanges. Now, on-chain venues account for 86% of RWA perps volume compared to CEXs’ 14%.
Source: a16z It remains to be seen whether the strong RWA traction and other Hyperliquid markets will generate more revenue and buybacks to fuel HYPE’s value.
Final Summary Ark Invest warned that Hyperliquid-Kraken’s product for the US market will be ‘worse’ The platform has expanded into native borrowing, prediction markets, RWA perps, and more, reinforcing its “everything exchange” vision.
@Doublezero has added @HyperliquidX as the second blockchain on its DoubleZero Edge platform, making Hyperliquid's live order book available for the first time through a low-latency market data delivery service. Hyperliquid, the blockchain home to the largest decentralised perpetual futures trading by volume, becomes the third venue on Edge, following Solana and Kalshi.
How DoubleZero Edge WorksPowered by independent fiber contributors and coordinated onchain, DoubleZero delivers low-latency networking and real-time data infrastructure for blockchains, prediction markets, and other distributed systems where milliseconds matter. The core design is built around directness: Hyperliquid feeds on DoubleZero Edge are sourced directly from HyperCore, one step closer than any public API path, with no reseller in between. Firms connect once and receive sequenced, machine-readable feeds over dedicated fiber, rather than rebuilding book state from public internet APIs.
Four feeds are available at launch: Hyperliquid native perpetuals Top-of-Book and Trades, Hyperliquid native perpetuals Market-by-Order (Level 4), HIP-3 RWA perpetuals Top-of-Book covering commodities including gold, silver, and oil, and HIP-3 RWA perpetuals Market-by-Order. Subscribers will also be able to access dedicated feeds for HIP-3 markets, including Anthropic and OpenAI pre-IPO perpetuals launched by Entropy IO.
Hyperliquid's Scale and Hyperion DeFi's RoleThe scale of Hyperliquid gives the launch weight. In Q2 2026, the network processed over $662 billion in trading volume, while HIP-3 markets have brought oil, gold, silver, and other real-world-asset perpetuals onchain. The blockchain settles every order, cancel, trade, and liquidation within 70-millisecond block times.
Supporting the launch is Hyperion DeFi (NASDAQ: HYPD), which partnered with DoubleZero Edge alongside Hyperliquid validator operators MAVAN and Kinetiq. As part of the initial arrangement, Hyperion DeFi obtained 10 million DoubleZero "2Z" tokens, with additional future revenue expected through publishing Hyperliquid market data. The product roadmap also points to expansion into Hyperliquid's Outcome Markets as liquidity grows on HIP-4, potentially supporting cross-venue arbitrage with platforms like Kalshi.
Sources:
DoubleZero Foundation: Launch of Real-Time Hyperliquid Market Data on Edge (PR Newswire)
Hyperion DeFi Supports DoubleZero Edge in Launching Hyperliquid Data Feeds (GlobeNewswire)
This is a general announcement. Products and services referred to here may not be available in your region. Disclaimer: This is not available for users in the EEA. Fellow Binancians, Binance is excited to announce that Hyperliquid (HYPE) will be added to Binance Simple Earn, "Buy Crypto", Binance Convert, Binance Margin and VIP Loan at the respective dates and timings listed below. Earn HYPE Flexible Products will be listed on Binance Simple Earn at 2026-09-24 11:00 (UTC) and will be available for subscription. Buy & Sell Crypto Users can buy HYPE with VISA, MasterCard, Google Pay, Apple Pay or buy and sell HYPE with their account balances on the “Buy Crypto” page, available within one hour of HYPE being listed on Binance Spot. Convert Users will be able to start trading HYPE against BTC, USDT, and any other tokens on Binance Convert at zero fees within one hour of HYPE being listed on Binance Spot. VIP Loan HYPE will be listed as a borrowable coin on VIP Loan within one hour of HYPE being listed on Binance Spot. Margin Cross Margin & Isolated Margin Binance Margin will add HYPE as a new borrowable asset on Cross and Isolated Margin, as well as the HYPE/USDT and HYPE/USDC pairs on Cross and Isolated Margin at 2026-09-24 11:00 (UTC). Portfolio Margin Binance Margin will add HYPE as a new borrowable asset on Portfolio Margin, as well as the HYPE/USDT and HYPE/USDC pairs on Portfolio Margin at 2026-09-24 11:00 (UTC). Notes: Please note that newly listed tokens tend to be volatile; users are encouraged to adopt stringent risk management strategies when trading such tokens. Please refer to Margin Data for a list of the most updated marginable assets and further information on specific limits, collateral ratio and rates. Guides & Related Materials: How to Buy Crypto with Credit/Debit CardHow to Use Binance ConvertHow to Use Short on Margin TradingHow to Use Long on Margin Trading Note: There may be discrepancies between this original content in English and any translated versions. Please refer to the original English version for the most accurate information, in case any discrepancies arise. Thank you for your support! Binance Team 2026-09-24 USDC is an e-money token issued by Circle Internet Financial Europe SAS (https://www.circle.com/). USDC’s whitepaper is available here. You may contact Circle using the following contact information: +33(1)59000130 and [email protected]. Holders of USDC have a legal claim against Circle SAS as the EU issuer of USDC. These holders are entitled to request redemption of their USDC from Circle SAS. Such redemption will be made at any time and at par value.
Binance has officially listed Hyperliquid’s native HYPE token for spot trading on one of the world’s largest crypto exchanges. The listing went live on September 24 with three trading pairs. Meanwhile, Binance has added the HYPE token with a “Seed Tag” warning users about its high volatility.
Following the listing, HYPE fell 4.6% to around $90.50.
Binance Opens HYPE Spot Trading With Zero FeeOn 24 September, Binance opened spot trading for HYPE, giving users a new way to buy and sell the Hyperliquid token. The listing is an important step for HYPE as Binance had previously supported the token only through its futures market.
With spot trading now live, users can trade HYPE through three pairs, including HYPE/USDT, HYPE/USDC, and HYPE/TRY.
Binance has set the listing fee at 0 BNB, while deposits for HYPE are already open. However, users will have to wait until September 25 at 11:00 UTC to withdraw the token from the exchange.
The HYPE/TRY pair has a separate restriction. It is available only to retail users with fully verified Binance TR accounts.
Listing Came With Mandated “Seed Tag”Along with the listing, Binance has placed a Seed Tag on HYPE. The tag is used for tokens that may carry higher risks and larger price moves.
Users who want to trade HYPE must first complete a risk-warning quiz and accept Binance’s updated terms. The quiz must be completed again every 90 days to keep access to spot and margin trading.
Hyperliquid Activity and Revenue Continue to GrowHYPE entered the week with a strong move, reaching a new all-time high of $95.99 on September 21. The rise came after Hyperliquid rolled out its new stablecoin lending modules, which brought millions of dollars into the platform.
Since then, Hyperliquid has continued to record strong trading activity. The network currently has around $9.06 billion in open interest and has generated about $429 million in protocol revenue through mid September 2026.
The platform has also generated $59.33 million in revenue over the past 30 days, showing continued activity across its decentralized trading services.
Part of this revenue is used for HYPE buybacks. On September 23, Hyperliquid’s automated system bought back and permanently burned 34,280 HYPE tokens worth about $3.26 million. This reduces the number of HYPE tokens in circulation while the platform continues to generate revenue.
HYPE Price Falls After Binance ListingDespite the major Binance listing, HYPE did not see an immediate price rally. Instead, the token fell about 4.6% to around $90.50, giving it a market cap of roughly $20.53 billion.
With Binance now adding spot access, HYPE has gained a much larger trading venue.
Story Ends Here
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Serenity: Nebius has rallied against the trend, emerging as the purest and most asymmetrically advantageous asset in the Neocloud sector.
Serenity noted that while the AI infrastructure and Neocloud sectors declined overall, Nebius (NBIS) bucked the trend to rise by roughly 6%—a relative strength that stands out sharply. Oracle issued a force majeure notice over its large Project Jupiter data center in New Mexico, which may miss its 2028 opening target, in an effort to fend off rising cost risks. This underscores how full-stack delivery and large-scale project execution risks are weighing on the sector, while NBIS has relatively avoided such troubles. Serenity further pointed out that even if its core business continues to surge after 2027, the market may still be underestimating the growth potential of Nebius’s various business segments. Nebius is the "purest and most asymmetric Neocloud play", with none of the full-stack execution uncertainties seen in IREN or ORCL, no high-interest debt pressure like CRWV or APLD, and none of the unstable large-client contract issues plaguing some mining firms that have transitioned to cloud services.
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7 minutes ago
WTI crude oil’s intraday gain has widened to 2.00%, now trading at $93.96 per barrel.
According to Bitget market data, WTI crude oil's intraday gain has expanded to 2.00%, currently trading at $93.96 per barrel.
Serenity: Nebius has rallied against the trend, emerging as the purest and most asymmetrically advantageous asset in the Neocloud sector.
Serenity noted that while the AI infrastructure and Neocloud sectors declined overall, Nebius (NBIS) bucked the trend to rise by roughly 6%—a relative strength that stands out sharply. Oracle issued a force majeure notice over its large Project Jupiter data center in New Mexico, which may miss its 2028 opening target, in an effort to fend off rising cost risks. This underscores how full-stack delivery and large-scale project execution risks are weighing on the sector, while NBIS has relatively avoided such troubles. Serenity further pointed out that even if its core business continues to surge after 2027, the market may still be underestimating the growth potential of Nebius’s various business segments. Nebius is the "purest and most asymmetric Neocloud play", with none of the full-stack execution uncertainties seen in IREN or ORCL, no high-interest debt pressure like CRWV or APLD, and none of the unstable large-client contract issues plaguing some mining firms that have transitioned to cloud services.
7 minutes ago
BP rallies to nearly $1, logging a 19.8% gain in the past 24 hours.
According to HTX market data, Backpack’s platform token BP has surged to nearly $1, trading at $0.96 as of press time, with a 24-hour increase of 19.8%. On the news front, BP has been recently driven by positive momentum from the SEC’s approval of limited tokenized stock trading on on-chain platforms. On July 10 this year, Backpack announced the launch of a 24/7 real US stock trading market for international investors, allowing eligible users to trade and hold actual US stocks around the clock rather than synthetic derivatives. Backpack stated that the platform offers actual equity ownership, leverages liquidity from traditional trading platforms, and supports instant settlement, continuous price discovery, as well as fiat and stablecoin settlements. For more information, see the report titled "Why Did BP Suddenly Rise? Backpack Is Gaining a New Valuation Logic".
7 minutes ago
WTI and Brent crude oil continue to rally, with both rising more than 3% intraday.
According to Bitget's market data, both WTI and Brent crude oil have continued to rise, with each gaining over 3% intraday, trading at $94.88 per barrel and $101.78 per barrel respectively.
7 minutes ago
Trader Maji cuts long positions in Bitcoin and Ethereum, incurring $1.42 million in account losses over the past 24 hours.
According to TradingBeats' monitoring, crypto figure "Big Brother Ma Ji" (Huang Lichang) has reduced his long positions in Bitcoin and Ethereum, with his account incurring a $1.42 million loss in the past 24 hours. His current positions are as follows: Ethereum (ETH) long positions worth approximately $96.47 million, with an unrealized loss of around $50,000, entry price of $2,658.94, and liquidation price of $2,549.76; HYPE long positions worth about $19.72 million, with an unrealized loss of roughly $330,000, entry price of $93.25, and liquidation price of $72.96; Bitcoin (BTC) long positions worth approximately $16.72 million, with an unrealized loss of around $20,000, entry price of $83,693.60, and liquidation price of $64,174.98.
7 minutes ago
Tom Lee: Robinhood chose Ethereum as its infrastructure, citing its security and liquidity.
Tom Lee, chairman of BitMine, an Ethereum treasury firm, said that Robinhood’s choice of Ethereum as the infrastructure for its related businesses is primarily driven by the network’s security and liquidity, rather than low transaction fees. Ethereum’s value proposition is gradually moving beyond simply earning transaction fees; the network no longer needs to maximize gas fees or extract more value from projects built on it to drive growth. Meanwhile, ETH is gradually evolving into a store-of-value asset, with users holding it for its practical utility and appreciation potential.
7 minutes ago
WTI crude oil’s intraday gain has widened to 2.00%, now trading at $93.96 per barrel.
According to Bitget market data, WTI crude oil's intraday gain has expanded to 2.00%, currently trading at $93.96 per barrel.
Eight days after the U.S. Senate rejected the CLARITY Act, Commodity Futures Trading Commission (CFTC) Chairman Mike Selig said he will use existing statutory authority to independently formulate rules for the crypto market structure, adding that it is time to act. The CFTC has submitted two pre-rules to the White House: "Regulation of Crypto Asset Transactions" and "Regulation of Crypto Asset Markets". Selig noted that the CFTC must re-evaluate all rules to adapt to the 24/7 on-chain market driven by algorithms and decentralized finance. The focus of these moves is on perpetual contracts: the CFTC can establish a designated contract market category to allow trading platforms to offer leveraged crypto trading under its supervision, though it cannot assert jurisdiction over the spot market. This still requires legislation, which is exactly the core of the CLARITY Act. As a result, perpetual contracts have become the most direct breakthrough, with Hyperliquid and Lighter being the clear recent winners.
Cover image via U.Today Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Major crypto exchange Binance recently announced that it will list Hyperliquid (HYPE) with a Seed Tag applied. Seed tags are for new projects that may show higher volatility and risks than other listed tokens, and this will be applied to HYPE.
Hyperliquid (HYPE) is the 10th largest crypto with a market cap of $22.96 billion and is the native token of Hyperliquid, a layer-one (L1) blockchain known for perpetual futures and spot trading.
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Binance will list Hyperliquid (HYPE) and open trading of its spot trading pairs on September 24, 2026, at 11:00 (UTC). The new spot trading pairs are HYPE/USDT, HYPE/USDC, and HYPE/TRY. Hyperliquid withdrawals will open a day later, on September 25, 2026, at 11:00 (UTC).
Binance to delist margin and spot trading pairsIn a recent announcement, Binance Margin will delist selected margin trading pairs on September 25, 2026, at 06:00 (UTC).
The affected pairs are cross margin pairs of NOM/USDC, 1MBABYDOGE/USDC, SSV/USDC, BANANA/USDC, OPN/USDC, MANTA/USDC, and STO/USDC, and isolated margin pairs of NOM/USDC, 1MBABYDOGE/USDC, OPN/USDC, MANTA/USDC, and STO/USDC.
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On the aforementioned date and time, Binance Margin will close users' positions, conduct an automatic settlement, and cancel all pending orders on the stated cross and isolated margin pairs, and they will then remove them. However, the above assets can still be traded on other trading pairs that are available on Binance Margin.
Users are advised to close their positions and/or transfer their assets from Margin Accounts to Spot Accounts prior to the cessation of margin trading to avoid potential losses, as they will not be able to update their positions during the delisting process, which may take about 3 hours.
On the same date, on September 25, 2026, at 03:00 (UTC), Binance will remove and cease trading on AIXBT/USDC, DOLO/USDC, ENJ/USDC, HUMA/USDC, SXT/USDC, TNSR/USDC, and TURTLE/USDC spot trading pairs.
Binance will simultaneously terminate Spot Trading Bot services for the aforementioned spot trading pairs where applicable.
DoubleZero has launched five Hyperliquid data feeds on Edge, giving subscribers a live view of the exchange’s order book and trade[XYZ] markets over dedicated fiber.
Summary
Four feeds cover Hyperliquid’s native perpetuals and trade[XYZ] markets, including contracts linked to commodities. A fifth feed carries order intents drawn from Hyperliquid’s mempool transactions. DoubleZero says subscribers receive sequenced data without having to rebuild the order book from public API updates. Hyperliquid joins Solana and Kalshi as the third venue available through Edge. According to a Sep. 24 announcement from the DoubleZero Foundation shared with crypto.news, the new service delivers Hyperliquid market data in a machine-readable format for trading firms, market makers and quantitative desks. The launch was built with Hyperliquid validator operators and ecosystem partners Hyperion DeFi, MAVAN and Kinetiq.
Subscribers can receive four market data feeds covering Hyperliquid’s native perpetual futures and trade[XYZ] markets under HIP-3, the system that lets outside teams create perpetual futures markets on Hyperliquid. A separate feed carries order intents from mempool transactions. Together, the products give firms information they can use in their own pricing, hedging and trading systems, according to DoubleZero.
The foundation said the feeds are available now through a paid subscription. Its website lists prices, and each subscription includes two IP addresses per region.
Hyperliquid feeds replace work firms did through public APIs For firms tracking many contracts at once, DoubleZero said, maintaining a current order book has meant collecting public API responses, managing WebSocket connections, and rebuilding the book on their own systems. Changes to Hyperliquid’s public APIs have reduced the update frequency and depth available through those endpoints, according to the announcement.
Edge instead sends subscribers a sequenced feed across DoubleZero’s fiber network. The company says its infrastructure draws on validator operators and partners in Tokyo to provide a view of Hyperliquid’s order book. It describes the service as its fastest commercially available Hyperliquid feed, though the announcement does not include comparative latency measurements.
The distinction matters for automated systems that act on changes in bids, offers and completed trades. DoubleZero says a delayed or missed update can affect whether a trading strategy fills an order. Its product supplies the data path; firms still use their own systems to decide whether and how to trade.
In a September interview about Kalshi, DoubleZero co-founder Austin Federa described Edge as a read-only data service without order-entry or execution functions. That account explains the role the company has assigned to its distribution platform, although the Hyperliquid announcement does not set out separate execution terms for the new feed.
Trade[XYZ] brings commodity markets into the feed The Hyperliquid package includes trade[XYZ]’s HIP-3 contracts tied to assets such as oil, gold and silver. Unlike a conventional futures contract with an expiration date, a perpetual contract can remain open while funding payments help keep its price close to the reference asset.
The size of those markets gives the data launch a use beyond crypto pairs. A September report covered by crypto.news put trade[XYZ] Q2 volume at $202.36 billion, up 79.2% from the previous quarter, based on research by GLC Research, Four Pillars, Arrakis and GRZ Research. The report also estimated that trade[XYZ] accounted for 95.1% of HIP-3 trading volume during the quarter. Those figures came from external research, rather than audited company results.
DoubleZero said Hyperliquid as a whole processed more than $662 billion in trading volume in Q2. Its launch statement presents the growth of crypto and asset-linked perpetuals as a reason firms need a consistent stream of market data, particularly when the contracts continue trading outside the hours of established exchanges.
“When traditional markets are closed, oil and other assets still trade, they just trade somewhere else,” Federa said in the announcement. He compared Edge’s publish-once distribution model with the market data systems used by NYSE, Nasdaq and CME.
DoubleZero adds Hyperliquid after Kalshi and Solana Hyperliquid is the third venue on Edge. In August, Kalshi opened its order book to Edge subscribers, starting with Level 1 and Level 2 data for sports contracts and crypto perpetual futures. Level 1 covers the best bid and ask and completed trades; Level 2 shows orders at multiple prices. DoubleZero had earlier introduced Edge with Solana validator data.
The Kalshi rollout also showed how DoubleZero distributes venue data: a publisher sends information once, and the network delivers it to connected subscribers. Hyperliquid adds another source to that service, with feeds spanning its native contracts and markets operated by an outside HIP-3 deployer.
Hyunsu Jung, CEO of Hyperion DeFi, said his firm is participating in the launch alongside Kinetiq and MAVAN. DoubleZero named the three as ecosystem partners but did not assign each one a separate technical role in the announcement.
U.S. energy proposal remains before the CFTC The Hyperliquid feeds include markets relevant to a U.S. regulatory debate, though a market data subscription does not, by itself, authorize trading a contract in the United States. In August, Hyperliquid Policy Center and trade[XYZ] asked the CFTC to permit regulated perpetuals tied to West Texas Intermediate crude, Brent crude and Henry Hub natural gas. Their filing argued that continuous contracts could let U.S. firms manage energy exposure during weekends.
The Commodity Futures Trading Commission was reviewing questions about continuous energy trading and perpetual contract design, including reference prices, surveillance, margin and customer safeguards. The agency had not approved the proposed energy products when the groups submitted their filing in August.
DoubleZero’s announcement also referred to an August signal from the U.S. president about a possible compliant path for Hyperliquid. It did not identify an approval, a launch date for U.S. trading, or a change to the platform’s existing access rules.
For the present launch, DoubleZero says the five Hyperliquid feeds are available by subscription through its website, with two subscriber IP addresses included per region.
Professional trading firms can now receive the fastest structural real-time path to Hyperliquid's full order book, including trade[XYZ] real-world-asset perpetual futures, over dedicated fiber instead of assembling it from the public API.
, /PRNewswire/ -- Today, DoubleZero Foundation (doublezero.xyz), in partnership with Hyperliquid multiple validator operators, and ecosystem partners including Hyperion DeFi, MAVAN, and Kinetiq, announced that access to Hyperliquid's live order book is available for the first time through DoubleZero Edge, a low-latency market data delivery platform. Hyperliquid, the blockchain home to the largest decentralized perpetual futures trading by volume, becomes the third venue on Edge, following Solana and Kalshi.
The launch expands DoubleZero Edge's role as a critical distribution layer for real-time market data across venues: firms connect once and receive sequenced, machine-readable feeds over dedicated fiber, rather than assembling book state themselves over public internet APIs. For desks already trading Hyperliquid, and for firms following onchain price discovery in commodities and other real-world assets, DoubleZero Edge delivers institutional-grade market data from a blockchain at the center of crypto derivatives and RWA trading onchain. The launch brings five core data products to Hyperliquid: four market data feeds covering Hyperliquid's native perpetuals and trade[XYZ]'s HIP-3 real-world-asset markets, plus an order intents feed drawn from Hyperliquid's mempool transactions.
Hyperliquid has drawn institutional attention, becoming one of the most consequential trading systems in the world. In Q2 of 2026, it processed over $662 billion in trading volume while HIP-3 markets deployed by trade[XYZ] have brought oil, gold, silver, and other real-world-asset perpetuals onchain. As price discovery moves onto Hyperliquid, the speed, consistency, and completeness of the data path between the network and trading systems become part of market structure. Edge is built for that path.
Hyperliquid's markets run around the clock which is why automated traders, bots, market makers, algorithmic strategies, and AI agents need fast, consistent access to a machine-readable order book. A dropped update or a few milliseconds of jitter is the difference between a filled order and a missed one. DoubleZero Edge is where those agents and systems can receive that data in a format that is ready to analyze and trade on.
"We are thrilled for Hyperion DeFi to participate as a core partner on DoubleZero Edge's Hyperliquid launch, alongside our validator partners, Kinetiq and MAVAN," said Hyunsu Jung, CEO of Hyperion DeFi. "We continue to demonstrate innovative product design, positioning to serve the needs of market participants as finance continues to move onchain."
Firms seeking a full, sequenced, machine-readable view of Hyperliquid have historically had to build it themselves, assembling book state from public API responses, managing large WebSocket estates to cover the instrument set, and running their own infrastructure to keep it current. Changes to Hyperliquid's public APIs have reduced the update frequency and depth available over those endpoints, pushing automated traders toward node-based access. DoubleZero Edge offers that capability as a subscription, enabling a production-ready market-data path for professional traders, quantitative desks, market makers, and proprietary trading firms to price, execute, hedge, and generate signal.
"Price discovery is moving onchain, and Hyperliquid has become one of the places where it happens," said Austin Federa, co-founder of DoubleZero. "When traditional markets are closed, oil and other assets still trade, they just trade somewhere else. Edge gives Hyperliquid participants the same equal, publish-once distribution model that NYSE, Nasdaq, and CME have used for decades, so data access can keep up as the network scales."
DoubleZero's Hyperliquid infrastructure is built with multiple Hyperliquid validator operators, and ecosystem partners including Hyperion DeFi, MAVAN, and Kinetiq. This provides DoubleZero Edge a distributed vantage point throughout Hyperliquid in Tokyo, providing low-latency full order book data to subscribers. DoubleZero Edge represents the fastest commercially available Hyperliquid feed on the market.
Hyperliquid feeds are available now on DoubleZero Edge. Submit a subscription request today at: doublezero.xyz/hyperliquid. Prices are published on the website, with each subscription including two IPs per region.
About DoubleZero
DoubleZero is a protocol that enables a global fiber network for high-performance data distribution. Powered by independent fiber contributors and coordinated onchain, DoubleZero delivers low-latency networking and real-time data infrastructure for blockchains, prediction markets and other distributed systems where milliseconds matter. Learn more at: www.doublezero.xyz or @DoubleZero on X.
DoubleZero Foundation, working with Hyperliquid validator operators and ecosystem partners including Hyperion DeFi, MAVAN and Kinetiq, has launched live access to Hyperliquid’s order book through DoubleZero Edge, the team said Thursday.
DoubleZero Edge offers five core data products for Hyperliquid, comprising of four feeds for native perpetuals and trade[XYZ]’s HIP-3 real-world-asset markets, along with an order intents feed derived from Hyperliquid mempool transactions.
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The platform distributes sequenced, machine-readable market data over dedicated fiber, giving firms a way to access complete order-book information without assembling it from public internet APIs, according to DoubleZero.
The launch comes as Hyperliquid expands its role in onchain trading and price discovery, with the network processing more than $662 billion in volume during Q2 2026. Its HIP-3 markets have enabled perpetual trading tied to assets including oil, gold and silver.
DoubleZero said fast and reliable data access is increasingly important for market makers, automated traders, algorithmic strategies, quantitative firms and AI agents operating on the network.
DoubleZero said its Hyperliquid infrastructure combines multiple validator operators with partners including Hyperion DeFi, MAVAN and Kinetiq to provide low-latency full order-book data from Tokyo.
The Hyperliquid feeds are available now through DoubleZero Edge, with pricing published by the company and each subscription providing two IPs per region.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.
DoubleZero Edge has announced the provision of dedicated market-data infrastructure for Hyperliquid, enhancing access to its native perpetual futures and HIP-3 markets. This development includes the L4 order book and is expected to streamline data access for market participants, potentially improving efficiency. The news comes as the market is already observing significant activity in relation to Hyperliquid’s price predictions for 2026, with a notable shift in sentiment over recent days.
The market appears to have reacted positively to the announcement, as the probability of Hyperliquid reaching $100 by December 31, 2026, is currently priced at 82% YES, despite a recent decrease from 92%. This follows a week of fluctuating sentiment where the likelihood of this price target increased from 44% to 92%, before settling at its current level. The introduction of enhanced data infrastructure by DoubleZero Edge could be seen as supportive of a YES outcome, as it may contribute to increased volume and market confidence.
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Market participants seem to be weighing the potential impact of this development, with the dedicated infrastructure possibly seen as a catalyst for further growth in Hyperliquid’s market presence. However, given the source’s Tier 3 social media status, some may view the impact as limited, though still noteworthy within the context of current market dynamics.
Key Takeaways The announcement by DoubleZero Edge appears to enhance capabilities for Hyperliquid, potentially influencing market sentiment. Market pricing suggests participants view the introduction of dedicated infrastructure as supportive of a YES outcome for Hyperliquid reaching $100 by year-end. The market has seen fluctuations in sentiment, with a decrease from 92% to 82% YES, suggesting ongoing reassessment by market participants. What to Watch Market participants will likely monitor subsequent developments in Hyperliquid’s volume and sentiment shifts in the coming weeks. Key indicators include potential announcements of partnerships or technological advancements, which could influence market confidence. Additionally, any regulatory developments or market disruptions could alter current sentiment. Observers should watch for any further changes in odds as market dynamics evolve, particularly in the lead-up to the December 31, 2026, price target resolution.
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Term Structure
Contract Odds Δ since publish Volume 24h December 31 82% — — View market → January 1 2027 3.5% — — View market → January 1 2027 2.5% — — View market → January 1 2027 3.6% — — View market → January 1 2027 2.5% — — View market → January 1 2027 7% — — View market → January 1 2027 5% — — View market → January 1 2027 6.5% — — View market →
Today, we examine Ethereum, Ripple, Cardano, Binance Coin, and Hyperliquid in greater detail.
Ethereum (ETH) This week, Ethereum rallied by 10% and managed to test the resistance at $2,800. However, sellers returned there to push the price into a pullback, but this could end up being just a brief pause before buyers push higher still.
With a higher high secured, Ethereum is well on its way to recover most of the losses incurred since 2025. If the resistance at $2,800 turns into support, then this cryptocurrency has the path clear towards $3,000 and beyond.
Looking ahead, Ethereum’s latest price action appears to confirm $1,500 as the bottom. As such, the expectation is that the current uptrend will continue and aim for $3,300 and $4,000 as the next major targets.
Source: TradingView Ripple (XRP) As expected, XRP has retested the $1.6 resistance and closed the week 15% higher. While this is an impressive performance, bulls still did not manage to break that level and turn it into support.
Sell volume increased again at $1.6, which did not allow the price to continue its rally. As long as sellers hold at this key level, XRP will be forced to move in a range between $1.3 and $1.6.
Looking ahead, XRP is preparing for its next major move as pressure is building under the key resistance. Considering the underlying market, the price may eventually break away and aim for $2 next.
Source: TradingView Cardano (ADA) ADA finally had its breakout and turned $0.23 into support. That confirms $0.15 as the bottom and allows the price to aim much higher in the future, with $0.30 and $0.33 as major targets.
This latest price action saw ADA to close the week 23% higher. This is an amazing performance, with bulls returning in force. That buying volume also fueled the breakout.
Looking ahead, ADA’s next major target is $0.30 and should be easy to reach if this momentum holds. However, before that, the price could re-test the breakout point at $0.23 as support.
Source: TradingView Binance Coin (BNB) Binance Coin is up 6% this week as buyers dominate the chart. The price also made a higher high and is close to reaching $800 next. The current resistance is found at $900 and the key support is at $690.
With the bullish momentum picking up speed, a test of the current resistance appears likely in the coming days. While sellers may return there, a four-digit valuation at $1,000 will act as a magnet for the price.
Looking ahead, BNB’s rally may just be starting after a long consolidation around $600, which lasted almost eight months in 2026. For this reason, a price above $1,000 is likely before the end of the year.
Source: TradingView Hype (HYPE) This week, Hyperliquid made a new record price at $98 and closed 17% higher. This level is a key resistance before $100 becomes possible. Considering the overall momentum, buyers may not let go of the price until they hit it.
At the time of this post, HYPE was found in a pullback. However, this may be short-lived before bulls see that they hit a three-digit valuation. Nevertheless, sellers may return as soon as price reaches it.
Looking ahead, HYPE continues to show strength, with clear higher highs and new record prices almost weekly. As long as this continues, the $100 milestone will be easy to reach and position this cryptocurrency to go higher still before the end of 2026.
Source: TradingView Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
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Per Binance's announcement, the exchange will list Hyperliquid (HYPE) at 19:00 UTC+8 on September 24, launching spot trading pairs for HYPE/USDT, HYPE/USDC, and HYPE/TRY. HYPE deposits opened one hour before trading goes live, and withdrawals are scheduled to open at 19:00 UTC+8 on September 25.
Binance will open spot trading for Hyperliquid (HYPE) at 11 a.m. UTC on September 24, listing the token against Tether (USDT), USDC (USDC), and the Turkish lira (TRY).
HYPE edged higher after the exchange published the notice, although Binance attached its Seed Tag to the altcoin.
How Binance Is Rolling Out HyperliquidBinance published the listing announcement early on September 24, a few hours before trading was set to begin. The exchange said that users can deposit HYPE ahead of the launch.
Withdrawals are scheduled to open at 11 a.m. UTC on September 25. Binance said it charged no listing fee for the token.
Spot algorithmic orders go live alongside trading, while trading bots and spot copy trading follow within 24 hours.
The TRY pair is open only to users with verified Binance TR accounts. Meanwhile, residents of the US, Canada, the Netherlands, and several other regions cannot trade any of the new pairs.
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What the Seed Tag Means for HYPE TradersBinance applies its Seed Tag to projects it considers more volatile and riskier than other listed tokens.
“HYPE is a relatively new token that poses a higher than normal risk, and will likely be subject to high price volatility. Users must exercise sufficient risk management and DYOR (do your own research) to fully understand the project before opting to trade the token,” the exchange said.
Under the tag,users must pass a risk quiz every 90 days to trade HYPE on Binance Spot or Margin. HYPE posted modest gains once the announcement went live.
TradingView data for the HYPE/USD pair on Coinbase showed the token up about 1.5% within 10 minutes. The token briefly climbed close to 1.9% before giving back part of that move. Over the past day, the altcoin has been down nearly 3% amid a broader market decline.
Hyperliquid (HYPE) Price Performance After Binance Listing Announcement. Source: TradingViewThe next checkpoint arrives at 11 a.m. UTC, when trading begins. Traders will then see whether HYPE holds its early gains once spot volume begins flowing through the exchange.
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Binance has scheduled Hyperliquid (HYPE) spot trading for Sept. 24 at 11:00 UTC, with three pairs opening as the token carries a market capitalization near $21 billion.
Summary
Binance will open HYPE spot trading against USDT, USDC and TRY at 11:00 UTC Thursday. HYPE receives Binance’s Seed Tag, requiring eligible traders to complete risk quizzes every 90 days. Withdrawals are scheduled for September 25, while Binance charges zero BNB as HYPE’s listing fee. CoinGecko data puts HYPE’s September 24 market capitalization near $20.9 billion with billion-dollar daily volume. Hyperliquid generated $429.04 million through September 15, leading CoinGecko’s adjusted 2026 crypto revenue ranking overall. Binance, in its Sept. 24 listing notice, announced HYPE/USDT, HYPE/USDC and HYPE/TRY as the initial spot markets. The exchange said deposits would become available one hour after its announcement, while withdrawals are expected to open at 11:00 UTC on Sept. 25. Binance set the listing fee at zero BNB.
Binance HYPE listing opens three spot pairs Spot Algo Orders are scheduled to become available when HYPE trading starts at 11:00 UTC. Binance said Trading Bots and Spot Copy Trading would follow within 24 hours of the spot listing. Users running copy-trading portfolios can add the new pairs through Binance’s Personal Pair Preference settings.
Access to HYPE/TRY carries a separate restriction. Binance said the Turkish lira pair will only be available to customers with verified Binance TR accounts. TRY represents fiat currency in the listing and is not another digital asset.
Trading eligibility depends on location and account verification. Residents of the United States and its territories cannot trade the three new pairs through Binance, according to the exchange. The restricted list currently includes Canada, the Netherlands, Iran, North Korea, Syria and several other jurisdictions. Binance said the list may change in response to legal or regulatory requirements.
The listing gives HYPE another centralized spot venue while Hyperliquid remains focused heavily on on-chain trading. In related coverage, crypto.news reported that Coinbase added more than 290 Hyperliquid perpetual markets to its Base App in August, offering leverage of up to 50x to eligible users. U.S., U.K. and Canadian users were excluded from that product at launch.
HYPE Seed Tag adds a recurring risk quiz Binance has attached its Seed Tag to HYPE, a designation the exchange uses for newer projects that it says may carry higher volatility and risk than other listed assets. Binance said HYPE “poses a higher than normal risk” and “will likely be subject to high price volatility.”
Users seeking access to Seed Tag tokens must complete Binance’s risk quiz every 90 days and accept its terms of use. The requirement applies through Binance Spot and Margin where supported, while a risk-warning banner appears on tagged token pages.
Binance introduced the Seed Tag in 2023 to replace its former Innovation Zone designation. Its guidance says tagged projects undergo periodic reviews covering trading volume, liquidity, development activity, network security, team commitment and responses to due-diligence requests.
The designation does not change the announced HYPE launch schedule. Binance said withdrawals are planned for Sept. 25 at 11:00 UTC but described that time as an estimate. The exchange directs users to its withdrawal page for the actual opening status.
HYPE enters Binance listing day near a $21 billion value CoinGecko’s Sept. 24 data shows HYPE with a market capitalization of $20.91 billion and trading volume of roughly $1.13 billion. The token closed Sept. 23 at $93.98 after closing at $97.19 one day earlier. CoinGecko had not posted a Sept. 24 closing price at the time of its current daily snapshot.
The recent price history shows HYPE climbing rapidly during the preceding week. CoinGecko recorded a $76.92 close on Sept. 15, followed by $85.06 on Sept. 17 and $92.54 on Sept. 18. The token closed Sept. 20 at $93.64 before reaching $94.05 on Sept. 21.
An immediate post-announcement price move has been reported by third-party market coverage. BeInCrypto, citing TradingView’s HYPE/USD market on Coinbase, reported an increase of roughly 1.5% within ten minutes of Binance publishing the listing notice, with the move briefly approaching 1.9%. The figures describe a short intraday reaction and do not establish that Binance’s announcement caused subsequent HYPE price movements.
Recent activity has taken place alongside rising protocol revenue. As crypto.news reported in its coverage of Hyperliquid’s $429 million 2026 revenue lead, CoinGecko calculated $429.04 million in revenue from Jan. 1 through Sept. 15. The figure represented 12.62% of the $3.40 billion comparison pool used in CoinGecko’s adjusted ranking.
Hyperliquid remains first in normalized perp DEX volume Current DeFiLlama data ranks Hyperliquid first among tracked perpetual DEXs by 24-hour normalized trading volume. Hyperliquid recorded approximately $7.42 billion, compared with $2.08 billion for Aster and $1.93 billion for Lighter. Its reported 30-day perpetual volume stood near $220 billion in the same dataset.
Open interest on Hyperliquid stood at approximately $9.06 billion, according to DeFiLlama. The platform accounted for more than half of the $15.30 billion in open interest shown across the tracked perpetual DEX market at the time of the snapshot. The figures change continuously with trading activity.
Hyperliquid’s own documentation states that perpetual and spot trading fees use volume-based tiers, while HYPE staking can reduce trading fees. Accounts linked to more than 500,000 staked HYPE qualify for the highest published 40% fee discount, while qualifying high-volume market makers can receive rebates reaching 0.003%.
Trading fees routed to Hyperliquid’s Assistance Fund are automatically converted into HYPE, according to the protocol’s documentation, with acquired tokens burned from supply. Crypto.news recently reported on Hyperliquid adding trailing stops to its perpetual markets, allowing trigger prices to follow favorable market moves before executing a market order after a specified retracement.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Tom Lee: Robinhood chose Ethereum as its infrastructure, citing its security and liquidity.
Tom Lee, chairman of BitMine, an Ethereum treasury firm, said that Robinhood’s choice of Ethereum as the infrastructure for its related businesses is primarily driven by the network’s security and liquidity, rather than low transaction fees. Ethereum’s value proposition is gradually moving beyond simply earning transaction fees; the network no longer needs to maximize gas fees or extract more value from projects built on it to drive growth. Meanwhile, ETH is gradually evolving into a store-of-value asset, with users holding it for its practical utility and appreciation potential.
17 minutes ago
WTI crude oil’s intraday gain has widened to 2.00%, now trading at $93.96 per barrel.
According to Bitget market data, WTI crude oil's intraday gain has expanded to 2.00%, currently trading at $93.96 per barrel.
17 minutes ago
Federal Reserve's Paulson: Further interest rate hikes may be needed to lower inflation; at most, it can only be said that inflation has not worsened further.
2026 Federal Open Market Committee (FOMC) voting member and Philadelphia Federal Reserve President Paulson said the September inflation report prompted interest rate hikes, AI development has fueled persistent inflation, and he backs the policy path of lowering inflation to the 2% target. The Federal Reserve may need to implement another interest rate hike to bring inflation down. As for inflation, the best that can be noted is that it has not worsened further.
17 minutes ago
ONDO breaks through $0.51, with its 24-hour price rally expanding to over 22%
Per HTX market data, the positive momentum from Ondo’s partnership with BlackRock to launch a tokenized “smart portfolio” continues to build, driving ONDO past $0.51, with its 24-hour gain expanding to over 22%. The development: Ondo and BlackRock have partnered to roll out a tokenized “smart portfolio” that grants exposure to professional investment portfolios via a single on-chain token.
17 minutes ago
Market News: New York State Government Sues Polymarket
According to market sources, the New York State government has filed a lawsuit against Polymarket, accusing the prediction market platform of operating an illegal gambling business. No additional details have been disclosed regarding the lawsuit’s specific allegations and the relief measures sought by New York State.
17 minutes ago
Security Alert: Meter Passport on BNB Chain has suffered an attack, with approximately $2.3 million worth of wMTRG minted.
According to Blockaid's monitoring, Meter Passport, operated by Meter.io on BNB Chain, is under attack. Attackers are minting large volumes of uncollateralized wrapped tokens (wMTRG) via the cross-chain bridge, and have sold some of these tokens on PancakeSwap. To date, the attackers have minted wMTRG worth around $2.3 million in roughly two transactions, and the attack is still ongoing.
Binance launched HYPE spot trading on September 24 with three trading pairs. Hyperliquid gained wider market access through HYPE/USDT, HYPE/USDC, and HYPE/TRY. Binance applied its Seed Tag to HYPE due to higher volatility and risk. Trading bots and spot copy trading will follow the HYPE listing. The listing gives HYPE another major spot venue as Hyperliquid expands. Binance has listed Hyperliquid’s HYPE token for spot trading, adding a new major global spot venue for the asset. Trading opened on September 24 at 11:00 UTC through HYPE/USDT, HYPE/USDC, and HYPE/TRY. The exchange also placed its Seed Tag on HYPE because newer tokens can carry higher volatility and risk.
Users could deposit HYPE before trading started, while Binance set the listing fee at zero BNB. The exchange plans to open withdrawals on September 25 at 11:00 UTC. The HYPE/TRY pair remains limited to users with verified Binance TR accounts.
New Trading Tools Follow HYPE Listing Binance launched spot algorithmic orders with the new pairs and plans to add trading bots and spot copy trading within 24 hours. The tools place HYPE inside Binance’s wider trading system. The listing also follows a week in which HYPE reached a record high after Hyperliquid added borrowing functions.
The token reached $95.17 on September 21 as the platform continued adding services around trading and credit. The move came during a busy period as Hyperliquid expanded its product range alongside rising activity.
Seed Tag Adds Clear Risk Warning Binance requires users who trade Seed Tag assets to complete a risk-awareness quiz every 90 days and accept its terms. The exchange also displays a warning banner on relevant trading pages. These steps tell users that HYPE may move more sharply than older assets.
Hyperliquid recently launched stablecoin borrowing on HyperCore. Users can post HYPE or Bitcoin as collateral and borrow USDC or USDT. Reported borrowing reached about $269 million on the first day, adding another service to the network.
Hyperliquid Access Continues to Grow The Binance listing broadens spot access to HYPE through two major stablecoin pairs and a TRY market for eligible users. It also gives Hyperliquid another large exchange connection while its onchain trading platform continues to build activity across perpetual futures and related products.
Separately, Payward plans Hyperliquid markets for US traders through a regulated structure, subject to approval. The plan centers on HIP-3 perpetual markets and would extend access through regulated venues if authorities clear the launch.
The new spot listing does not ensure any price direction for HYPE. It gives the token another trading venue, while Binance’s Seed Tag keeps the exchange’s risk warning visible as access expands.
Tom Lee: Robinhood chose Ethereum as its infrastructure, citing its security and liquidity.
Tom Lee, chairman of BitMine, an Ethereum treasury firm, said that Robinhood’s choice of Ethereum as the infrastructure for its related businesses is primarily driven by the network’s security and liquidity, rather than low transaction fees. Ethereum’s value proposition is gradually moving beyond simply earning transaction fees; the network no longer needs to maximize gas fees or extract more value from projects built on it to drive growth. Meanwhile, ETH is gradually evolving into a store-of-value asset, with users holding it for its practical utility and appreciation potential.
17 minutes ago
WTI crude oil’s intraday gain has widened to 2.00%, now trading at $93.96 per barrel.
According to Bitget market data, WTI crude oil's intraday gain has expanded to 2.00%, currently trading at $93.96 per barrel.
17 minutes ago
Federal Reserve's Paulson: Further interest rate hikes may be needed to lower inflation; at most, it can only be said that inflation has not worsened further.
2026 Federal Open Market Committee (FOMC) voting member and Philadelphia Federal Reserve President Paulson said the September inflation report prompted interest rate hikes, AI development has fueled persistent inflation, and he backs the policy path of lowering inflation to the 2% target. The Federal Reserve may need to implement another interest rate hike to bring inflation down. As for inflation, the best that can be noted is that it has not worsened further.
17 minutes ago
ONDO breaks through $0.51, with its 24-hour price rally expanding to over 22%
Per HTX market data, the positive momentum from Ondo’s partnership with BlackRock to launch a tokenized “smart portfolio” continues to build, driving ONDO past $0.51, with its 24-hour gain expanding to over 22%. The development: Ondo and BlackRock have partnered to roll out a tokenized “smart portfolio” that grants exposure to professional investment portfolios via a single on-chain token.
17 minutes ago
Market News: New York State Government Sues Polymarket
According to market sources, the New York State government has filed a lawsuit against Polymarket, accusing the prediction market platform of operating an illegal gambling business. No additional details have been disclosed regarding the lawsuit’s specific allegations and the relief measures sought by New York State.
17 minutes ago
Security Alert: Meter Passport on BNB Chain has suffered an attack, with approximately $2.3 million worth of wMTRG minted.
According to Blockaid's monitoring, Meter Passport, operated by Meter.io on BNB Chain, is under attack. Attackers are minting large volumes of uncollateralized wrapped tokens (wMTRG) via the cross-chain bridge, and have sold some of these tokens on PancakeSwap. To date, the attackers have minted wMTRG worth around $2.3 million in roughly two transactions, and the attack is still ongoing.
Binance will open spot trading for Hyperliquid’s HYPE token at 11 a.m. UTC on September 24, listing it against USDT, USDC, and the Turkish lira, the exchange announced a few hours before launch. The listing carries a Seed Tag, Binance’s label for newer tokens it considers more volatile, and requires traders to pass a risk quiz every 90 days before they can buy or sell the token. For Hyperliquid, the perpetuals-focused decentralized exchange that climbed the rankings on its own rails, a spot listing on the world’s largest exchange puts HYPE in front of retail order flow it has not had before.
Three pairs and a staggered rollout Trading starts at 11 a.m. UTC with HYPE/USDT, HYPE/USDC, and HYPE/TRY pairs. Binance opened deposits ahead of the launch and will enable withdrawals at 11 a.m. UTC on September 25, and it said it charged no listing fee for the token. Spot algorithmic orders go live alongside trading, while trading bots and spot copy trading follow within 24 hours. The Turkish lira pair is reserved for users with verified Binance TR accounts, and residents of the United States, Canada, the Netherlands, and several other jurisdictions cannot trade any of the three pairs.
A Seed Tag that raises the bar Binance applies the Seed Tag to newer projects it deems more volatile and riskier than its established listings, and HYPE carries it from the first day of trading. Users must pass a risk quiz every 90 days to trade HYPE on Binance Spot or Margin, and the exchange warned that the token is relatively new and likely to see sharp price swings. The requirement means casual buyers cannot jump straight in without first acknowledging the risk profile Binance has assigned to the token.
A spot listing for a DEX-native token The listing marks a meaningful step for Hyperliquid, which built a fully onchain order book and reached a top-tier market position largely on its own rails. Binance Futures already offered a HYPE perpetual contract, but a spot listing puts the token in front of Binance’s broader retail base. It lands during an active stretch for the project: Hyperliquid notched a third all-time high in a week as Kraken expanded its perpetuals coverage, and it recently added manual borrowing and lending.
Early price reaction HYPE edged higher after Binance published the notice. TradingView data for the HYPE/USD pair on Coinbase showed the token up roughly 1.5 percent within ten minutes, briefly nearing 1.9 percent before giving back part of the move. The next checkpoint is the 11 a.m. UTC opening, when Binance order books go live and traders see whether the token holds its early gains once spot volume begins flowing through the exchange.
AUTHOR
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Tom Lee: Robinhood chose Ethereum as its infrastructure, citing its security and liquidity.
Tom Lee, chairman of BitMine, an Ethereum treasury firm, said that Robinhood’s choice of Ethereum as the infrastructure for its related businesses is primarily driven by the network’s security and liquidity, rather than low transaction fees. Ethereum’s value proposition is gradually moving beyond simply earning transaction fees; the network no longer needs to maximize gas fees or extract more value from projects built on it to drive growth. Meanwhile, ETH is gradually evolving into a store-of-value asset, with users holding it for its practical utility and appreciation potential.
17 minutes ago
WTI crude oil’s intraday gain has widened to 2.00%, now trading at $93.96 per barrel.
According to Bitget market data, WTI crude oil's intraday gain has expanded to 2.00%, currently trading at $93.96 per barrel.
17 minutes ago
Federal Reserve's Paulson: Further interest rate hikes may be needed to lower inflation; at most, it can only be said that inflation has not worsened further.
2026 Federal Open Market Committee (FOMC) voting member and Philadelphia Federal Reserve President Paulson said the September inflation report prompted interest rate hikes, AI development has fueled persistent inflation, and he backs the policy path of lowering inflation to the 2% target. The Federal Reserve may need to implement another interest rate hike to bring inflation down. As for inflation, the best that can be noted is that it has not worsened further.
17 minutes ago
ONDO breaks through $0.51, with its 24-hour price rally expanding to over 22%
Per HTX market data, the positive momentum from Ondo’s partnership with BlackRock to launch a tokenized “smart portfolio” continues to build, driving ONDO past $0.51, with its 24-hour gain expanding to over 22%. The development: Ondo and BlackRock have partnered to roll out a tokenized “smart portfolio” that grants exposure to professional investment portfolios via a single on-chain token.
17 minutes ago
Market News: New York State Government Sues Polymarket
According to market sources, the New York State government has filed a lawsuit against Polymarket, accusing the prediction market platform of operating an illegal gambling business. No additional details have been disclosed regarding the lawsuit’s specific allegations and the relief measures sought by New York State.
17 minutes ago
Security Alert: Meter Passport on BNB Chain has suffered an attack, with approximately $2.3 million worth of wMTRG minted.
According to Blockaid's monitoring, Meter Passport, operated by Meter.io on BNB Chain, is under attack. Attackers are minting large volumes of uncollateralized wrapped tokens (wMTRG) via the cross-chain bridge, and have sold some of these tokens on PancakeSwap. To date, the attackers have minted wMTRG worth around $2.3 million in roughly two transactions, and the attack is still ongoing.
Crypto could be entering a new bullish cycle, with capital increasingly flowing into wider financial markets.RWA perps traded $2.2 trillion in Q3, and their narrower structure helps explain why.Tokenized stocks grew 390% this year, yet they cover a fraction of global equities.The biggest shift could come from token value accrual and that may decide which assets actually benefit.In September 2026, the total crypto market cap increased nearly 7%. Several major assets hit multi-month highs. So are we in a definitive bull market? And which assets will win big?
The current cycle is important because a lot has happened against the market’s favor. US Fed increased interest rates, and the Senate failed to advance the CLARITY Act. And yet, Bitcoin price climbed to its highest level since January.
Analysts at BloFin Research argue the next bull market could look very different. In their view, a single category of tokens or applications won’t define the cycle.
Instead, it will be shaped by five distinct layers.
🚀 90% of altcoins outperformed Bitcoin last week. But the more interesting signal is that this is no longer just a one-week move.
> Altseason Index has surged to 90%, near the top of its historical range
> 65% are still outperforming over 1 month
> Ex-ETH altcoin ETPs saw… pic.twitter.com/szeCSYyV5p
— BloFin Research (@BloFin_Academy) September 24, 2026 Next Bull Market Won’t Keep the Money Inside Crypto Every crypto bull market so far has had a headline narrative. Those stories ranged from Bitcoin as digital money to smart-contract platforms, DeFi, and NFTs.
BloFin Research notes that most of the activity in those cycles stayed inside crypto. Fresh capital came in, moved from token to token, and created new ways to speculate. That held true even when the technology behind a trend aimed at something wider.
However, a different pattern could be taking shape now. Several of crypto’s quickest-growing sectors lean the same way. Together, they point toward crypto acting as a parallel market for the broader financial world.
Stablecoins Tokenization RWA perps Prediction markets Token value accrual These sectors are often discussed as separate narratives, but BloFin Research views them as layers of one stack.
1. Stablecoins Stablecoins form the cash leg of the stack. BloFin Research says they are expanding from crypto trading into real-world payments.
This is visible in adoption. Visa’s stablecoin settlement volume passed a $20 billion annualized run rate. That is more than 15 times the level a year earlier.
The next step could likely be AI agents paying for data and computing power in stablecoins. BlackRock made a similar case in a recent paper, naming stablecoins a key candidate for “machine-native money.”
Why AI Agents Pay in Stablecoins. Source: BloFin Research 2. Tokenization Tokenization supplies the asset leg by bringing real-world ownership on-chain. BloFin Research says commodities and stocks now rank among the quickest-growing tokenized assets.
Tokenized commodities reached $5.55 billion by the end of Q1, led mostly by gold. That marks a 289% rise since the start of 2025.
RWA Growth in 2026. Source: BloFin Research Tokenized equities grew even faster, up 390% this year to $4.43 billion by mid-September. Even so, only about 0.0029% of the $151.9 trillion global listed-equity market is tokenized. That leaves ample room for growth as access widens and on-chain use deepens.
3. RWA Perps RWA perps make up the leverage leg. These contracts allow traders to take leveraged positions in stocks, commodities, or indices without owning the underlying assets.
An RWA perp mainly needs a reliable price feed, liquidity, collateral, and a liquidation system. Tokenizing an asset, by contrast, requires legal structuring, custody, and investor-eligibility rules.
Analysts at BloFin Research think the difference helps explain why synthetic exposure can scale faster than tokenized ownership.
RWA Perps Volume Growth. Source: BloFin Research DefiLlama data shows that RWA-perps volume rose from $122 billion in Q1 to $2.2 trillion in Q3. Open interest now tops $15.3 billion.
4. Prediction Markets Prediction markets act as the information leg. They turn news and expectations into probabilities backed by traders’ money. That has made prediction markets one of crypto’s standout sectors this year.
On-chain prediction market volume reached about $5.24 billion so far in September, according to a Dune dashboard. That is more than triple the roughly $1.56 billion recorded in September 2025.
Ahead of the 2026 FOMC meetings, odds on Kalshi and Polymarket moved in response to incoming economic data. They then drifted toward CME FedWatch as each decision approached.
BloFin Research adds that these probability feeds are becoming machine-readable, so AI agents can use them as live signals.
The Intersection of AI Agents and Prediction Markets. Source: BloFin Research 5. Token Value Accrual Value accrual is the final test of the bull market. In simple terms, value accrual means how a crypto protocol’s success translates into value for its token holders.
Analysts argue that usage requires a credible mechanism to convert it into value for token holders. That can take the form of buybacks, burns, distributions, or treasury growth.
For example, if a DEX does $10 billion in trading volume and earns $20 million in real fees, but none of that $20 million has any connection to its token, the token has weak value accrual.
The current token-emissions model has lost credibility. Traditional investors, focused on revenue and cash flow, also want a measurable link to token value, it adds.
BloFin Research points to three major DeFi protocols as examples, each using a different mechanism. Hyperliquid burns HYPE bought with trading fees, while Uniswap links protocol fees to UNI burns. Aave sends revenue to its DAO, which can fund AAVE buybacks.
Buyback spending has also hit a record this year. Crypto projects repurchased $638 million of their own tokens by late August, according to data from Allium Labs. Hyperliquid and Pump.fun accounted for nearly 90% of that total.
How the Layers Feed Each Other These five layers reinforce each other. Stablecoins serve as collateral for perps and as the settlement asset for tokenized securities. Tokenized stocks and RWA perps both take their prices from traditional markets, but they serve different needs. Tokenization carries ownership, while perps carry leveraged price exposure.
Data from perps and prediction markets then becomes a signal for traders, models, and AI agents. Fees from all of this activity feed the value leg.
But there are two potential challenges. Infrastructure for AI agent payments is arriving before the volume does. The value of equity perps as a pricing signal also depends on liquidity, since thin markets can produce noisy or manipulated readings.
Disclaimer
BeInCrypto independently reports and controls this Feature. Quoted views belong to their speakers. This content is general and non-personalized; it does not consider your circumstances and is not investment research, financial, investment, legal or tax advice, or an offer, endorsement or recommendation to transact in any crypto-asset, product or service. Verify material information before acting. Crypto-assets are volatile and may result in total loss. BeInCrypto gives no warranty as to completeness, accuracy or timeliness, except where required by law.
Hyperliquid [HYPE] has gained 2.85% in the past 24 hours at press time, with its weekly gains hitting 27%. Notably, the altcoin made a new peak after its price surpassed $97 on the 23rd of September.
Hyperliquid’s rally is driven by its continuous buyback and burn program alongside capital inflows from market participants. However, the potential distribution from market makers could cap HYPE’s uptrend.
HYPE token burns peak as whales position To start with, Hyperliquid’s burn program has tightened supply. To date, over 48.86 million HYPE, worth more than $4.76 billion, have been permanently removed from circulation.
Additionally, whales were positioning. For instance, a mysterious whale bought another 373,730 HYPE valued at $36 million. This brought the whale’s total holdings to about 4.7 million tokens worth $400 million in just a month.
Source: Arkham Similarly, Hyperliquid Strategies is not slowing down, having accumulated 33.60 million HYPE worth $3.20 billion. This is equivalent to 15% of the circulating supply and 3% of the total supply.
Even from a general market outlook, HYPE was still being bought. In fact, on Hyperliquid, its Open Interest (OI) reached an all-time high of $18 billion as the price peaked.
Hyperliquid price action – Correction or continuation? Hence, HYPE was making new highs as its price respected a rising trendline support. The altcoin has bounced off this level four times, but it traded far from this mean position.
At press time, the MACD was bullish, but the bars show the strength is decreasing. Short liquidations, which dominated the past week, have now eased in scale.
Source: HYPE/USDT on TradingView Looking at the mean position regarding price, HYPE is likely to retest the slanting support or levels at $88, $75, or $70. Likewise, a continuation cannot be overlooked bearing in mind the overall crypto market strength.
Will Wintermute’s selling cap the uptrend? Meanwhile, some institutions were starting to sell after HYPE peaked. As per Onchain Lens, Wintermute started to move its tokens heavily to major CEXs. This indicates profit-taking from some institutions.
At the same time, there was a massive wall of shorts defending the $100 mark. This selling pressure might trigger a pullback.
The heatmap showed more than $2.91 million in liquidation leverage was sitting at $98.48, that is, above the current price. On the other hand, more than $3.39 million was positioned at $94.66, below price.
Source: CoinGlass Therefore, HYPE’s next move hinges on all these factors combined. But it is unclear which direction, as there are both bullish and bearish signals.
Final Summary Hyperliquid’s mysterious whale bought $36 million, bringing its total position to $400 million as burned HYPE tokens reached 48.86 million. HYPE price action hit a new peak as bullish momentum declined, potentially due to profit-taking.
According to Onchain Lens monitoring, Hyperliquid purchased and burned 34,280 HYPE tokens over the past 24 hours at a volume-weighted average price (VWAP) of $95.25, totaling roughly $3.26 million. Data shows that the cumulative amount of HYPE burned has reached 48.89 million tokens, valued at approximately $451 million, accounting for 4.89% of its maximum supply. The protocol’s revenue over the past 30 days stood at $60.58 million.
According to monitoring by TradingBeats, 0xf517, an address linked to Hyperliquid ecosystem builder NMTD (X: @NMTD8), placed 96 regular BTC limit buy orders in the early hours of today. The orders are priced between $77,825 and $82,555, with a total planned purchase of approximately 843.99 BTC, corresponding to an order value of around $67.071 million. The address currently holds a long position of about 70.41 BTC, valued at roughly $5.921 million, with an average entry price of approximately $81,273.5 and an unrealized profit of around $199,000. No new BTC trades have been executed today so far, with BTC trading at around $84,101 in the same period. The highest-priced order at $82,555 is only about 1.8% below the current price, while the lowest-priced order at $77,825 is roughly 7.5% lower. The buying plan mainly covers a pullback range of about 2% to 7.5% below the current price. If the existing position remains unchanged during this period and all 96 buy orders are filled, the address’s BTC long position will increase from approximately 70.41 BTC to around 914.40 BTC, expanding its holdings to roughly 13 times the current size. Additionally, another linked address 0xb1ec placed a $15 million buy order at $83,144 at 00:09 and reduced its BTC long position.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Bankless co-founder David Hoffman has published an article noting that the crypto market occasionally sees instances where a single asset absorbs capital flows from Bitcoin holders. In 2021, Ethereum (ETH) experienced a similar phenomenon, and in 2026, Zcash (ZEC) is mirroring that trend. Leveraging its privacy and anti-quantum narratives, ZEC has successfully drawn some Bitcoin holders to treat it as a "just in case" hedge, fueling a sharp surge in its market capitalization. The actual driver behind ZEC's rise is spillover from Bitcoin (BTC) wealth, not fresh capital. Separately, NEAR is absorbing relatively weak "smart contract buy demand" in 2026. Hoffman further argues that BTC and ETH can no longer achieve 10x growth, with more innovation being captured by new projects such as Hyperliquid and Ethena, as well as traditional finance, which could limit the overall expansion of the crypto industry. Earlier reports indicate that in early June, Hoffman fully disclosed on X the allocation of funds following his ETH liquidation: VVV (Venice AI's governance token), NEAR, ZEC, LIT, and HYPE.
Per TradingBeats’ monitoring, a whale address (0xdb09) on Hyperliquid steadily added long positions in SNDK during the token’s late-July price dip. Between July 29 and 30, it purchased 989.8 units at an average of ~$1,013.53, totaling ~$1 million in transaction volume. As of 19:03 on September 23, SNDK has rebounded to ~$1,876.8, an 85% gain from the average entry price of that batch. The address added ~$748,600 worth of SNDK at an average of ~$1,024.51 on July 29, then another ~$254,600 at ~$982.55 the next day—its lowest fill hit $975.53. Including buys from July 27-28, its four-day total new long position in SNDK reached ~$3.63 million, lifting holdings from ~3,124.79 units to 6,353.32 units. On August 4, it cut ~26.55% of its SNDK position at an average of ~$1,287.15. Since the sell price remained below its average holding cost, this reduction resulted in a ~$132,800 loss. The remaining 4,666.55 long units have been held since, with an average entry of ~$1,365.88, a position value of ~$8.76 million, and ~$2.38 million in unrealized profit. Beyond SNDK, the address also holds long positions in SKHY (SK Hynix) and MU (Micron): SKHY’s average holding is ~$148.29, position value ~$8.15 million, unrealized profit ~$1.82 million; MU’s average holding is ~$829.03, position value ~$7.99 million, unrealized profit ~$1.92 million. Combined, the three semiconductor storage contract positions total ~$24.91 million, with aggregate unrealized profit of ~$6.12 million.
Bitwise Asset Management has launched an exchange-traded product (ETP) in Europe tracking Lighter, giving traditional investors a way to bet on one of Hyperliquid’s emerging rivals without buying its token directly.
On Wednesday, Bitwise said its Bitwise Lighter Staking ETP (BLIT) had launched on Deutsche Börse Xetra, making it the first exchange-traded product tracking LIT, the native token of decentralized derivatives platform Lighter.
The product is fully backed by LIT held in cold storage and carries a 0.85% annual expense ratio. European investors can buy the ETP through a regular brokerage account without buying or holding LIT directly.
Despite its name, BLIT isn’t generating staking rewards yet. Bitwise said staking will begin once the product reaches enough assets under management to make the process efficient. Until then, the ETP will track LIT’s price without generating staking returns.
The Lighter product follows Bitwise’s launch of a Hyperliquid staking ETP in Europe in April, as the asset manager expands its lineup to include tokens tied to some of the largest decentralized derivatives platforms.
Lighter is an Ethereum-based decentralized exchange focused on perpetual futures, using zero-knowledge proofs to verify trades while allowing users to retain control of their assets rather than depositing them with a centralized exchange. The platform also offers zero-fee trading for retail users, part of its effort to compete with established decentralized derivatives platforms such as Hyperliquid.
Lighter recorded nearly $1.8 billion in trading volume over the past 24 hours, according to CoinGecko data.
Lighter takes on the perp market leaderLighter gained a major distribution channel in July when Robinhood integrated the exchange into Robinhood Chain, its Ethereum layer-2 network. Eligible Robinhood Wallet users can trade perpetual futures through Lighter, with trades settled using Lighter smart contracts on Robinhood Chain.
Hyperliquid remains the much larger player. Unlike Lighter, which operates as an Ethereum layer-2, Hyperliquid runs on its own layer-1 blockchain. It controlled more than 61% of decentralized perpetual futures trading, according to data cited by The Motley Fool, and has continued to expand through its own partnerships.
In May, Circle announced a deal to expand USDC usage on Hyperliquid, including deeper liquidity and easier transfers of the stablecoin across blockchains. At the time, roughly $5 billion in USDC was held on Hyperliquid, according to Coinbase.
Magazine: HYPE price could suffer as Binance takes its revenue: Alice Liu
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BLIT is the first exchange-traded product tracking Lighter’s LIT token. The ETP launched with roughly $4.74 million in assets and just over 1 million LIT in cold storage. Only price exposure is active at launch, despite “Staking” appearing in the product name. Bitwise has launched the first exchange-traded product tracking Lighter’s LIT token, extending the competition between decentralized perpetual trading platforms into European investment products.
The Bitwise Lighter Staking ETP, or BLIT, began trading on Deutsche Börse Xetra on September 23 with a 0.85% annual expense ratio. It is physically backed by LIT held in cold storage and tracks the Kaiko Lighter Reference Rate. Bitwise launched a comparable Hyperliquid staking ETP in April, meaning European brokerage investors can now gain exposure to tokens tied to two competing onchain derivatives platforms.
Bitwise Is Packaging the Lighter-Hyperliquid Competition Bitwise is not entering the onchain derivatives trade for the first time.
Its Bitwise Hyperliquid Staking ETP, ticker BHYP, launched on Xetra in April with the same 0.85% annual expense ratio. That product tracks HYPE and targets a 1% net staking reward before the management fee. BLIT extends the strategy to Lighter, a competing perpetual futures platform.
Lighter already has substantial trading activity behind it. DeFiLlama showed roughly $632 million of perpetual open interest on September 23 and about $1.8 trillion in cumulative perpetual volume. A September 18 exchange snapshot ranked Lighter third among decentralized exchanges tracked by the platform, with nearly $1.93 billion in daily perpetual volume at the time.
Spot and USD perpetual trading volumes peaked in late 2025 before declining sharply in 2026. Hyperliquid remains the larger benchmark. Data captured on September 9 showed it accounting for about 36.5% of tracked onchain perpetual volume, compared with 8.1% for Lighter.
BLIT therefore gives investors exposure to a challenger rather than the current market leader.
Bitwise itself makes that connection explicit. The asset manager said the new product extends the approach it began with Hyperliquid as onchain platforms attract more institutional attention.
BLIT Started With $4.74 Million, Not Just a Ticker Bitwise reported $4.74 million in BLIT assets under management on September 23, providing an immediate baseline for measuring whether investor demand develops after launch.
The product starts with: AUM: $4.74 million LIT held in cold storage: approximately 1.012 million Units outstanding: 202,594 LIT per unit: approximately 4.998 Annual expense ratio: 0.85% Exposure: 1:1 to LIT, with no leverage Custodian: BitGo Europe Underlying asset lending: None At a 0.85% expense ratio, a hypothetical €10,000 investment carries €85 in annual product fees, excluding brokerage and trading costs.
BLIT removes the need for investors to manage wallets, private keys and direct token custody. It does not remove LIT’s market risk: the ETP remains economically tied to movements in the underlying token.
The “Staking” Product Does Not Stake Yet BLIT’s name requires one qualification.
Bitwise says the product currently performs no staking, meaning investors receive LIT price exposure but no staking income. The 0.85% product fee still applies.
Bitwise intends to activate staking once BLIT reaches a sufficient level of assets for efficient operations. It has not disclosed that AUM threshold or established when staking will begin.
If activated, staking rewards would accrue daily and increase the cryptocurrency entitlement represented by each ETP unit.
Until then, BLIT is simpler economically than its name suggests: LIT exposure minus product costs.
That also creates a measurable milestone. With approximately $4.74 million already in the product, future AUM disclosures will show how much additional capital BLIT needs before Bitwise decides staking is economically viable.
Lighter Is Expanding the Market Behind LIT The investment case Bitwise is presenting extends beyond crypto perpetuals.
Lighter has added derivatives referencing traditional assets including Apple, Amazon and Tesla. These products provide price exposure through perpetual futures rather than ownership of the underlying shares. Bitwise says trading is available through most of the week as Lighter moves toward continuous access.
Independent data shows activity is already developing in some of these markets.
Lighter’s Apple perpetual had generated about $52.8 million in 30-day volume by September 23, while the QQQ perpetual recorded roughly $169.8 million over the same period. The platform’s Anthropic market, which references the private company, had generated another $64.2 million.
Those figures remain small beside Lighter’s core crypto trading business, but they show that the expansion into traditional and private-market references is producing actual trading activity rather than remaining only a product roadmap.
Bradley Duke, Bitwise’s head of Europe, framed BLIT around precisely this convergence, saying Lighter is bringing assets such as U.S. stocks onto blockchain infrastructure alongside crypto. Lighter founder Vladimir Novakovski, meanwhile, described the platform’s objective as bringing institutional-grade perpetual trading fully onchain using zero-knowledge proofs for verifiable execution.
For BLIT investors, however, the connection is indirect. Buying the ETP does not provide access to Lighter’s trading platform or ownership of the assets referenced by its perpetuals. It provides exposure to LIT, whose value may respond differently from protocol trading activity.
That separation gives the launch two benchmarks.
Lighter’s volume and open interest will show whether traders continue using the protocol. BLIT’s assets under management, starting from approximately $4.74 million, will show whether a separate group of investors wants exposure to the token through conventional securities accounts.
The first market is already substantial. The second started trading today.
Alexander Zdravkov is a crypto journalist and market analyst specializing in digital assets, blockchain technology, and the rapidly evolving cryptocurrency market. He entered the industry more than four years ago, drawn to the speed of innovation in crypto and the potential of blockchain-based financial systems to reshape traditional markets. His work focuses on understanding the forces behind crypto market movements, from Bitcoin and altcoin cycles to institutional adoption, regulation, exchange-traded products, stablecoins, DeFi, and emerging blockchain ecosystems. Rather than simply following price action, Alexander looks at liquidity, investor positioning, market structure, and macroeconomic conditions to identify developing trends and explain what they could mean for digital assets. With a degree in International Relations, he brings a broader perspective to cryptocurrency coverage by connecting developments in the sector with monetary policy, geopolitics, regulation, and global capital flows. This allows him to examine crypto not as an isolated market, but as an increasingly interconnected part of the global financial system. Over the course of more than five years in financial journalism, Alexander has written over 5,000 articles covering cryptocurrencies, blockchain, traditional markets, and the global economy. His reporting spans Bitcoin, Ethereum and altcoins, DeFi protocols, institutional crypto adoption, regulation, market infrastructure, security incidents, and major developments shaping the wider digital asset industry. His approach is centered on giving readers context behind the numbers and headlines, explaining not only what is happening in crypto markets, but why it matters and what could come next.
Hyperliquid’s HYPE token has rallied after bouncing off a key support level, drawing renewed interest from traders and investors. The protocol, a decentralized exchange platform designed to deliver high throughput and fast transaction speeds for crypto users, continues to strengthen its position through strategic token burns and heightened user activity.
Price recovery and technical momentumHYPE regained positive momentum following a successful retest at the $75 support level, leading to an approximately 27% gain as the token advanced toward $96.13. This move highlighted a strong willingness among market participants to defend crucial levels, which prevented a deeper correction and fueled optimism for further recovery.
According to crypto analyst Einstein, the token’s ability to rebound from expected technical patterns suggests further targets are possible. Einstein identified potential upside levels for HYPE at $120, $140, and $160, though these are seen as resistance areas rather than assured price destinations.
Einstein pointed out that HYPE’s next hurdle would be holding gains despite potential selling near the $100 mark, and noted continued volatility is likely as the price approaches higher resistance levels.
Despite the optimism, a significant gap remains between current prices and these upper targets. Analysts expect that volatility will persist, and traders are closely monitoring whether HYPE can maintain momentum above the recent bounce zone or if a pullback toward $75 will reemerge.
Accelerating token burns and protocol growthOnchain Lens, a blockchain analytics firm, reported that Hyperliquid conducted a token buyback and burn of 39,980 HYPE tokens on September 22 at an average price of $94.18 per token, removing $3.76 million in supply. The cumulative burn now totals approximately 48.84 million HYPE—about 4.88% of the token’s maximum potential supply. At prevailing market values, the burned tokens represent around $4.64 billion in value.
The protocol’s cumulative revenue stands at about $1.27 billion, further highlighting its continued growth and level of on-chain activity.
Mini dictionary: Hyperliquid, a decentralized exchange protocol built for high-throughput trading, aims to provide low-latency order execution, supporting both spot and perpetual futures trading across a wide range of digital assets.
MetricValueRecent token burn39,980 HYPE ($3.76 million)Total tokens burned48.84 million HYPE (4.88% of supply)Value of burned tokens$4.64 billionTotal protocol revenue$1.27 billionRising user engagement and increased throughputHyperliquid’s network activity has reached new peaks, with the number of monthly active addresses climbing to an all-time high of 291,900, according to analyst Crypto Patel. This uptick in engagement reflects expanding participation within the ecosystem as renewed price action draws more users to the protocol.
Growth in unique addresses is being closely monitored as a barometer for long-term health, though increased usage does not automatically guarantee future price rises. Higher participation may support trading volume, liquidity, and protocol fee generation, driving further platform development.
Network performance has also improved significantly. Data from Hyperliquid Daily shows sustained throughput at 8,000–10,000 transactions per second (TPS), with recent spikes around 19,000 TPS. Robust throughput is regarded as vital for trading-focused blockchains, as it enables efficient order execution, liquidations, and overall network stability during periods of high market activity.
Hyperliquid continues to emphasize scaling and reliability, underpinning its ambitions to offer advanced trading infrastructure for crypto users worldwide.
Outlook and resistance levelsMarket sentiment around HYPE has benefited from a sharp rebound, ongoing token burns, rising wallet activity, and network scaling improvements. Immediate attention now centers on whether the token can consolidate in the $95-$100 range and build toward resistance targets at $120, $140, and $160. However, analysts caution that renewed selling or increased volatility may trigger a retracement to the $75 support level.
If HYPE establishes stability above $95, continued bullish momentum and higher targets may be achievable, but the road ahead remains sensitive to broader market dynamics and profit-taking by traders.
Pre-market US stocks: Storage, optical module and cryptocurrency-related stocks are all down across the board.
According to market data from BIT (Bit.com), pre-market trading in US stocks saw a broad decline across storage, optical module, and crypto-related concept stocks. Optical module and communication sector: Coherent (COHR) fell 1.00% in pre-market trading, Lumentum (LITE) dropped 0.60%, Applied Optoelectronics (AAOI) declined 1.78%, Nokia (NOK) edged down 0.17%, and Marvell Technology (MRVL) fell 0.95%. Storage sector: Seagate Technology (STX) was down 1.52% pre-market, Western Digital (WDC) dropped 1.29%, SanDisk (SNDK) fell 1.26%, and Micron Technology (MU) declined 1.29%. Crypto-related concept stocks: SharpLink (SBET) fell 2.25% in pre-market trading, BitMine Immersion (BMNR) dropped 2.24%, Gemini Space Station (GEMI) edged down 0.84%, Bullish (BLSH) fell 1.07%, Circle (CRCL) declined 2.03%, Strategy (MSTR) dropped 0.94%, and Coinbase (COIN) fell 1.90%.
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Hyperliquid’s market liquidity has surged to a record level, outpacing the level seen at the peak of the recent bull market last October. According to DeFiLlama data, the platform’s Open Interest (OI) hit $8.8 billion.
This hinted at renewed trading activity as Bitcoin extended its recovery above $85K for the first time since January. Against the backdrop of this renewed risk appetite, speculative traders thronged the cross-asset trading platform, pushing its OI to a record high.
Source: DeFiLlama And since Hyperliquid directs most of the generated revenue to HYPE buyback, the traction was definitely expected to spill over to the token.
Hyperliquid revenue doubles, lifting HYPE higher In Q2, Hyperliquid’s total daily average revenue hovered around $1.5M. However, this jumped and doubled to $3M in Q3. In mid-August alone, the revenue tripled to over $5M.
Source: ASXN This also alluded to a greater pace of HYPE buybacks, nearly a 4x increase in Q3. The weekly revenue dedicated to assistance fund buybacks surged from about $5M to $20M in August. Interestingly, it is during this period that HYPE pushed to $80 for the first time.
Will HYPE reclaim $100? Thanks to the broader market’s recovery, the altcoin has been printing new highs every month. In September, it hit a new all-time high (ATH) of $96, marking a whopping 88% gain in the last two months.
Source: HYPE/USDT, TradingView This bullish uptrend could extend itself, especially as crude oil prices try to slip below $90 and calm inflation fears; the risk-on sentiment could deepen. If so, the immediate bullish targets for HYPE could be $102 and $118. Put differently, it could soon cross $100 for the first time.
However, institutional players expect the $100-psychological level to be crossed later in Q4, with 52% odds in December. For late September and October though, the chances were at 27%-47%.
Put differently, some of the institutional players expect the rally to cool off after the massive 88% rally. This can be further illustrated by greater hedging (puts buying) against a potential pullback to $85-$88.
Source: Deribit Overall, HYPE has enjoyed a massive 88% run in Q3, thanks to renewed trading activity that has doubled revenue and nearly quadrupled the buyback program. However, some institutional players fear the altcoin may be due for a slight correction as it nears $100.
Final Summary Hyperliquid hit record market liquidity of $8.8B, driving revenue to increase 3x in Q3. This fueled HYPE’s 88% explosive upswing since August, but it also fueled greater hedging activity.
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