Binance has listed HYPE, the native token of the on-chain derivatives platform Hyperliquid, on its global spot market nearly two years after the asset’s launch. Trading for HYPE/USDT and HYPE/USDC started at 11:00 UTC on September 24, 2026, according to the announcement.
This marks the first time Binance Global supports direct HYPE trading, more than a year after the exchange launched perpetual contracts for the token and after HYPE rose into the group of the largest crypto assets by market capitalization.
Binance Brings HYPE to Its Global Spot Market
Binance opened trading in HYPE/USDT and HYPE/USDC at 11:00 UTC on September 24, allowing users on the exchange’s global platform to buy and sell HYPE tokens directly. The HYPE/TRY pair is also provided for users with verified Binance TR accounts. Binance does not charge a listing fee and expects to open HYPE withdrawals from 11:00 UTC on September 25.
HYPE appeared on Binance Spot with a Seed Tag, a label the exchange uses for assets assessed to have higher-than-usual volatility and risks. To trade, users must accept the relevant terms and re-complete a risk quiz every 90 days. This warning is also displayed on the HYPE spot and margin trading pages.
Prior to September 24, Binance Global only supported HYPE trading via HYPEUSDT perpetual contracts, which were launched in May 2025 with maximum leverage of up to 75x. That product allowed traders to position according to price movements without directly owning the token. The addition of the spot market brought the underlying asset to Binance, allowing eligible users to buy, sell, and transfer HYPE instead of only trading derivative products based on the token’s price.
HYPE Had Already Become a Major Crypto Asset
When Binance opened spot trading, HYPE was already among the largest crypto assets by market capitalization. CoinGecko data on September 27 recorded the token trading around $93.32, nearly 24 times higher than the $3.90 price after the November 2024 Genesis Event. HYPE’s market cap reached approximately $20.76 billion, ranking 11th in the market, with a 24-hour volume of over $524 million. The token set an ATH of $97.96 on September 23, one day before Binance announced the listing and opened spot trading.
HYPE Token Price Chart (1D). Source: TradingView
HYPE is the native token of Hyperliquid, a Layer 1 blockchain built around on-chain trading activities. HyperCore operates spot and perpetual order books, where orders, cancellations, trades, and liquidations are processed directly on the network. HyperEVM provides an Ethereum-compatible environment for developers to deploy smart contracts on the same system.
According to DefiLlama, Hyperliquid processed approximately $216.9 billion in perpetual volume over the past 30 days. Open interest reached around $8.39 billion, while the total value locked across tracked products stood at $7.55 billion.
Trading Fees Feed HYPE Buybacks and Burns
HYPE is used to stake and secure the Hyperliquid network, pay gas fees on HyperEVM, and determine trading fee discount levels for users. The larger the amount of HYPE staked, the higher the fee discount received can be.
On Hyperliquid, trading fees are distributed to HLP, the Assistance Fund, and deployers. The portion of fees transferred to the Assistance Fund is automatically used to buy HYPE onchain, after which the tokens held by the fund are burned from the supply.
Over the past 30 days, Hyperliquid recorded approximately $74.97 million in fees and $58.27 million in protocol revenue. The size of the buy flow from the Assistance Fund varies according to the trading fees generated by the platform and the HYPE price at the time of execution.
Binance Extends HYPE Beyond Spot Trading
Binance expanded support for HYPE beyond the spot market by adding the token to Simple Earn Flexible, Buy Crypto, Convert, and VIP Loan. HYPE also became a borrowable asset in Cross, Isolated, and Portfolio Margin modes, with HYPE/USDT and HYPE/USDC supported for margin trading.
Simple Earn Flexible and margin products were deployed at the same time spot trading began. Within one hour after listing, users could purchase HYPE using account balances or Binance-supported payment methods, convert tokens with zero fees via Convert, and borrow HYPE via VIP Loan. Binance stated that these products are not provided to users in the European Economic Area.
A 9.92 Million HYPE Unlock Comes Next
The expansion of support on Binance comes ahead of a HYPE unlock for core contributors on October 6. According to CoinGecko data updated on September 27, approximately 9.92 million tokens will be unlocked, equivalent to 1% of the maximum supply and nearly 4.5% of the circulating HYPE supply.
Based on the price level of around $93 recorded on the same day, these tokens have a nominal value of approximately $925 million. The unlocking does not mean the entire amount of HYPE will be sold immediately, but it could increase the supply available for circulation and impact short-term market sentiment.
CoinGecko recorded 222.4 million HYPE circulating out of a 1 billion maximum token supply, while the fully diluted valuation reached around $89.2 billion. The FDV level is more than four times higher than the circulating market cap of approximately $20.76 billion, reflecting that the uncirculated token amount remains large even though the Assistance Fund is buying back and burning HYPE on the other side.
