HYPE token lists on Binance Futures with up to 75x leverage, but market reaction muted

Binance Futures has launched a new high-leverage derivative product tied to HYPE, the native token of Hyperliquid, a decentralised perpetual exchange.

The HYPE/USDT perpetual contract became tradable on May 30 at 10:30 UTC, offering leverage up to 75x—among the highest on Binance Futures.

Yet, contrary to what some traders expected, the token’s price dipped 4.5% in the last 24 hours, bringing it down to $32.80.

This comes despite a 78% gain over the past month and over $11 billion in trading volume within Hyperliquid’s broader ecosystem.

Binance Futures expands high-leverage offering

The listing of HYPE on Binance Futures adds to a growing suite of derivative products tied to altcoins.

The HYPE/USDT perpetual contract features a maximum funding rate of +2.00% or -2.00%, settled every four hours.

These figures, as noted by Binance, could be subject to revision based on prevailing market conditions.

HYPE is also expected to be included in Binance’s Futures Copy Trading programme within 24 hours of the listing.

This feature allows less experienced traders to mirror the strategies of top-performing users, potentially amplifying engagement with the new contract. Binance has not released any official trading volume figures since the listing.

HYPE price slips amid broader volatility

Despite the new futures offering and recent strong performance, HYPE has seen its value decline 11% over the past week.

On the day of the listing, it dropped 4.5%, bucking the typical trend of short-term price jumps following major exchange announcements.

The token currently ranks as the 12th largest cryptocurrency by market capitalisation, outperforming both Bitcoin and Ethereum in percentage gains over the past month.

The recent price decline may reflect profit-taking behaviour by early adopters, uncertainty around short-term funding rates, or shifts in liquidity.

Some traders have speculated that anticipation of a second airdrop, not yet confirmed by Hyperliquid, could be driving cautious sentiment as users weigh the merits of holding versus trading.

Hyperliquid ecosystem fuels long-term interest

Hyperliquid has garnered significant attention for its decentralised infrastructure and high-volume trading activity.

The platform recently surpassed $11 billion in perpetual futures volume, driven in part by a rewards system that distributes points for trading activity, staking, and participation across various decentralised protocols.

These points are often linked to future airdrops, a mechanism that has been successful in attracting users in similar ecosystems.

While Hyperliquid has not announced another token distribution event, a recent tweet from the official @HyperliquidX account stated, “Phase 2 will reward based on ecosystem engagement, not just trading. Stay tuned.”

That tweet, posted on May 29, has fuelled speculation about an incoming distribution, potentially supporting HYPE’s longer-term value despite the immediate price drop.

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