HYPE jumped over 10% on Thursday, Oct. 23, shortly after news broke that U.S. brokerage giant Robinhood is adding support for HYPE trading on its platform. In an X post today, Robinhood said users can now trade Hyperliquid’s native token Robinhood Crypto.
The announcement quickly transformed into HYPE’s price appreciation, with the token up more than 10.8% in the past 24 hours to reach just over $40 at press time.
However, unlike Bitcoin and Ethereum, HYPE trading comes with some limitations as the token isn’t available through smart order routing, a feature that automatically seeks the best prices across multiple liquidity venues when users buy or sell crypto within the Robinhood app, per Robinhood Crypto’s listing page.
It’s also unavailable on Legend, Robinhood’s advanced trading interface designed for professional crypto users, so HYPE.
Hyperliquid is the top perpetual futures (perps) decentralized exchange (DEX) by trading volume, with more than $11.5 billion on on-chain perp trades in the past 24 hours.
HYPE DAT looks to Raise $1B
The listing follows Hyperliquid Strategies’ Oct. 22 filing of an S-1 prospectus with the U.S. Securities and Exchange Commission (SEC) describing plans to raise up to $1 billion, mainly to accumulate and stake HYPE tokens for a digital asset treasury (DAT).
The company, formed from the merger of Sonnet BioTherapeutics and Rorschach I, is offering 160 million shares in the public offering. Hyperliquid Strategies currently holds 12.6 million HYPE tokens and $305 million in cash, according to filings.
Binance Listing Drama
Hyperliquid’s listing on Robinhood Crypto comes just under 24 hours after the platform announced support for BNB, formerly Binance’s official platform token. Binance founder and former CEO Changpeng “CZ” Zhao is a vocal supporter of — as well as official investor in via YZi Labs — Aster, a recently popular perp DEX positioned as a direct competitor to Hyperliquid.
Coinbase, Binance’s top U.S. competitor, had earlier also revealed plans to list BNB, following a public dispute on Crypto Twitter over listing fees and policies on centralized exchanges, originally focusing on Binance.
