NIGHT Perpetual Contract Launch Analysis
Core Fact Verification
Trading volume confirmed : The total trading volume of NIGHT perpetual contracts on the first day (from December 9, 2025 to 10:29 UTC on December 10) reached $634.40M , far exceeding the $100M threshold, verifying the claim that "the trading volume on the first day exceeded $100 million".
Exchange listing schedule
| Exchange | Release date (UTC) | Trading Pair | Leverage ratio | state |
|---|---|---|---|---|
| Gate.io | 2025-12-09 10:10 | NIGHT/USDT | not disclosed | ✅ In progress |
| Bybit | 2025-12-09 11:14 | NIGHT/USDT | Up to 50x | ✅ In progress |
| OKX | 2025-12-09 11:30 | NIGHT/USDT | 0.01-20x | ✅ In progress |
| Binance | 2025-12-10 11:00 (estimated) | NIGHT/USDT | Up to 50x | 🔜 Coming Soon |
Detailed data on first-day trading volume
Trading volume by exchange (24 hours)
- OKX : $366.75M single-exchange trading volume
- Top exchange (presumably Hyperliquid): $263.94M
- Total perpetual contracts : $634.40M (CoinGlass data)
- Overall Market (Spot + Perpetual): $231M (CoinGecko data, as of 10:29 UTC on 2025-12-10)
Data Highlights : OKX alone saw a 24-hour trading volume of $366.75 million, exceeding the $100 million benchmark by 3.6 times.
Project Background
NIGHT Token Fundamentals
- Project Positioning : Midnight Game Studio's Web3 game token, primarily developing The Evergreen MMO (based on the Aptos blockchain).
- Total supply : 3,000,000,000 NIGHT
- Circulating supply : 622,259,440 NIGHT (circulating rate approximately 20.74%)
- Contract address :
0xef0d49f03e48dbd055c3a369f74a304c366bda148005ddf6bb881ced79da0b09(Aptos chain)
Key catalysts
Glacier Drop : On December 9, 2025, the Midnight project released over 4.5 billion NIGHT tokens, simultaneously with the launch of perpetual contracts on multiple exchanges, creating initial liquidity of $56 million in daily trading volume.
Multiple platforms launched simultaneously : In addition to perpetual contracts, NIGHT also launched spot trading on multiple exchanges on the same day, including Binance Alpha (NIGHT/USDT and NIGHT/USDC) and Kraken (NIGHT/USD).
Market performance
- Price level : ~$0.000537 (data after launch)
- 24-hour volatility : -7.28% (early price discovery phase)
- Liquidity : The perpetual contract market showed strong trading activity, with a first-day trading volume of $634 million reflecting high market attention.
in conclusion
The consecutive listings of NIGHT perpetual contracts (already listed on Gate.io, Bybit, and OKX, with Binance pending) did indeed occur on December 9, 2025. The first-day trading volume reached $634.40M, far exceeding $100M , a 6.3-fold increase. OKX alone contributed $366.75M, demonstrating strong support for the token from leading exchanges. The timing of this listing, coinciding with the Glacier Drop airdrop, created significant market liquidity and attention for NIGHT.