Binance U.S. is all set to launch spot trading for Hyperliquid (HYPE) soon. HYPE is the native token of the Hyperliquid decentralized exchange. This news sparked a rally, pushing HYPE over 6% in the past 24 hours.
Although the listing update did not share many details, and it’s unclear when HYPE will go live, still, the news is considered bullish for the token.
Research from 0xMether shows that when tokens get listed on Binance spot markets, they typically jump an average of 63.6% in price (with a median increase of 26%) and keep a strong 29.2% gain even after 7 days. Therefore, a Binance spot listing typically results in a major price increase for tokens like Hyperliquid (HYPE).
Hyperliquid’s Breakout Month: Record Volumes and Whale Trades
Hyperliquid has been gaining market strength lately. It recently beat dYdX’s trading volume and passed Sui’s market cap days later. Later, after a trading surge spared by whale James Wynn, the market reached $8.6 billion in daily volume last week.
Perpetual DEX volume has exploded in two years from $40.7B in May 2023 to $382.3B in May 2025. Hyperliquid alone handled $264B in May 2025, beating last year’s entire perpetual DEX market by $30B.
May was a record month for Hyperliquid, with buybacks up 63% to $67.6M thanks to big trades, a Bitcoin rally that stirred market action, and the platform hit record-high fees. Just recently, Binance Futures launched the HYPEUSDT perpetual contract on May 30.
Criticism Over Binance Listing
However, there were some criticisms of this move. Some community members were skeptical of the recent tension between the two companies, where Binance was accused of making the JELLYJELLY short squeeze on Hyperliquid worse, which caused bigger losses for the platform.
One user shared that they don’t get why Binance US is listing Hyperliquid now. After openly criticizing Hyperliquid, this move might attract more attention from regulators.
Some users are even accusing Binance and Hyperliquid of working against each other, but there has been no proof.
Who Will List First?
The community awaits further details on the listing. HYPE’s price rise is boosting the platform’s momentum. It remains to be seen who lists HYPE spot first in the U.S.: Kraken, Binance US, or Coinbase.
One social media user also pointed out that Binance followed Coinbase in listing HYPE perpetual contracts just one day later. So whichever top exchange lists HYPE spot first could spark others to follow quickly.
