Hyperliquid Traders Watch Closely as Binance May List HYPE Soon

Hyperliquid’s native token HYPE is grabbing major attention lately over rumors of a Binance US listing. Over the past week, HYPE has risen over 5% and has seen a 20% spike in trading volume over hints that Binance listing may be underway. 

BitMEX Co-founder Arthur Hayes Fuels HYPE

HYPE got even more attention when BitME co-founder Arthus Hayes in a recent X post tagged  Binance founder CZ, asking when HYPE would be available for spot trading. This comes after Binance’s social media channels hinted at supporting HYPE. 

BinanceUS listed HYPE perpetual contracts with up to 75x leverage on May 30 but hasn’t announced a spot listing yet, despite strong demand. Binance clarified that futures listings don’t guarantee spot listings. 

But still, Arthur Hayes’ post and the futures listing have fueled hype around a possible spot debut, with Hayes even predicting HYPE could hit $100 soon. Binance had also recently teased that the spot trading for Hyperliquid is coming soon. 

Who Will List It First?

Kraken, Binance US, and Coinbase are all in line to list it in the U.S. Binance listed HYPE futures just after Coinbase, so the first to list spot could quickly be followed by others.

Hyperliquid has gained traction for offering smooth perpetual futures and spot trading, especially after handling huge leveraged trades from crypto trader James Wynn. Its total value locked has doubled in recent months, showing strong growth and user interest.

However, despite James Wynn boosting the DEX with huge bets, he criticized its weak referral program compared to other platforms. He also said that his partnership proposal was ignored, but it made sense for a decentralized platform. He urged Binance’s CZ to build a “dark pool” DEX to challenge Hyperliquid. This is to help traders avoid liquidations caused by DEXs being too transparent and open to manipulation.

“CZ has the money, network, teams to build something like no other. Look at what he’s done with Binance. I hope this encourages HyperLiquid to level up as they’ll soon be outweighed by better competition,” he said. 

HYPE Tests Key Levels

After a strong rally to $38.16, HYPE is now cooling off and trading around $35.01. It is stuck just below a key resistance at $35.91, based on Fibonacci levels. If HYPE breaks above $35.91, it could regain bullish momentum. The next resistance is near $38, and if that is cleared, a new all-time high could be on the horizon.

On the flip side, if it fails to break above $35.91, it could drop further to support levels around $34.32 or $33.42. Further, if the price falls below $30.75, it could mark the end of the current uptrend and could lead to a bigger drop towards $22.92.

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