Binance Futures listed HYPE, the native token of rival derivatives exchange HyperLiquid, on Friday.
HYPE rose by 77.5% over the past 30 days as it made its way into the 15 largest cryptocurrencies by market cap.
The Binance listing is a USD-margined perpetual contact that offers up to 75x leverage.
Prominent trader and HyperLiquid supporter Flood said on X that the first exchange that lists HYPE spot markets will make “$100 million in fees” in the first year.
HYPE was unmoved by the announcement; it is down by 4.3% over the past 24 hours in line with a wider crypto market slump.
HyperLiquid notched $11 billion in perpetual trading volume during the same period as it rapidly emerges as this cycle’s decentralized derivatives exchange of choice.
Binance futures, meanwhile, remains the largest centralized exchange with $91 billion in trading volume over the past 24 hours, according to CoinMarketCap.