Key Takeaways
- HYPE is up over 20% in the past week.
- The rally comes as Hyperliquid is looking to raise $1 billion.
- Despite not being listed on Binance or Coinbase, Hyperliquid’s token is now the eleventh largest crypto.
In the past week, HYPE has outperformed the overall crypto market by a factor of four-to-one, climbing more than 20% in seven days.
The Hyperliquid token, which has been among the biggest breakout cryptos of 2025, has amassed a $12.6 billion market cap despite not being listed by Binance or Coinbase.
Hyperliquid Expansion Sends Bullish Signals
HYPE’s latest surge follows the news that Hyperliquid embarks on a hiring spree and is planning to raise $1 billion in fresh capital.
According to a regulatory filing, a portion of the funds will be used for token buybacks, with the remainder earmarked for general operational expenses.
Hyperliquid is among a crop of decentralized perpetual futures exchanges that have stormed the crypto trading scene in recent months. According to DeFiLlama, in October so far, these platforms have accumulated over a trillion dollars in trading volume, smashing through previous monthly totals.
Bullishness around the tokens that power perp DEXs suggests many traders believe the hype, even though two strategically important crypto exchanges have yet to list Hyperliquid’s native token.
Why Isn’t HYPE Listed on Binance?
HYPE’s ascent up the ranks of the highest market cap cryptocurrencies all the more impressive given that it isn’t listed on Binance.
While its market share has declined since its 2023 peak, Binance remains the world’s most popular centralized crypto exchange, accounting for 37.5% of overall trading volume in October.
Given the close alignment between Binance and Hyperliquid rival Aster, the decision not to list HYPE may be strategic.
Following a recent social media spat over exchange listing fees, Binance founder Changpeng Zhao acknowledged that such factors may inform which assets exchanges list. When asked if Coinbase put off listing BNB for so long due to competition, he remarked, “maybe a little bit, which is fine. It’s just business.”
However, pointing out that BNB is the third largest cryptocurrency by market cap, he said “at a certain point, the economics tip the scale and it’s better to list.”
With HYPE inching closer to the top ten crypto leaderboard, Binance may soon be under pressure to apply that logic itself.
Coinbase Resists HYPE
Despite ongoing speculation that it will list the token, Coinbase has also resisted listing HYPE thus far.
A prediction market contract tied to Coinbase listing the token before the end of the year was initially bullish on the prospect. In July, Polymarket traders rated the chances of HYPE recieving a Coinbase above 85%. But as the year has progresses, those odds have declined to 35%.
While the American exchange is a small player on the global stage, it has carved out a niche as the preferred platform for USDC swaps, where it generates the highest trading volume.
However, if Coinbase were to list HYPE-USDC, it may come into competition with Hyperliquid itself, which is currently the most popular venue for trades involving the stablecoin.
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James Morales is CCN’s blockchain and crypto policy reporter. He has been working in the news media since 2020, writing about topics such as payments, banking and financial technology. These days, he likes to explore the latest blockchain innovations and the evolving landscape of global crypto regulation.
With an educational background in social anthropology and media studies, James uses his platform as a journalist to explore how new technologies work, why they matter and how they might shape our future.
