Binance Launches Spot Trading for Hyperliquid's HYPE Token

Binance has listed Hyperliquid’s native token, HYPE, for spot trading on its platform, a move that traders have anticipated since the exchange began offering perpetual futures for the token earlier this year. The listing, which went live at 11 a.m. UTC on September 24, allows users to trade HYPE against USDT, USDC, and the Turkish lira (TRY).

The introduction of spot trading fills a notable gap in HYPE’s exchange availability, as Binance had previously offered leveraged perpetual contracts with up to 75x leverage since May 30, 2025. HYPE, which launched on November 29, 2024, with a maximum supply of 1 billion tokens, gained significant traction with an initial distribution of 31% of its total supply through airdrops.

Prior to this listing, U.S.-based investors could access HYPE through Binance.US, which had already introduced spot trading pairs earlier this year. The global listing on Binance now opens the token to a much larger international audience.

Hyperliquid is designed as a Layer-1 blockchain specifically for trading, featuring an on-chain order book called HyperCore and a custom consensus mechanism, HyperBFT, which provides sub-second transaction finality and zero gas fees. The platform's focus on decentralized perpetual futures positions it as a competitor to Binance in the derivatives trading space.

Despite the potential for increased liquidity, the rapid price appreciation of HYPE, which reached an all-time high between $90 and $97, raises concerns about volatility. Binance has applied a Seed Tag to HYPE, indicating that it is considered more volatile, requiring users to pass a risk quiz every 90 days to trade the token.

As trading begins, market participants will be watching closely to see if HYPE can maintain its early gains amid the influx of spot trading volume.