Hyperliquid’s native token, HYPE, has recently been launched on the OKX pre-market futures platform, allowing users to trade futures contracts a week after its token generation event. The announcement was made by OKX on Dec. 4, listing pre-market futures for the HYPE/USDT pair, giving users the opportunity to speculate on the altcoin’s price before its spot trading listing on centralized exchanges. Following its listing, the price of HYPE surged to $19.65 on the pre-market futures platform, but later dropped to $13.70, down 14.38% from its all-time high.
The pre-market trading delivery contracts for HYPE are USDT-margined and are usually delivered before the new token is officially launched for spot trading on the market. Interestingly, the HYPE token had already undergone its Token Generation Event on Nov. 29, making it a unique case for pre-market futures trading. Moreover, the HYPE token has also been listed on CoinW, a centralized exchange. Given its inclusion on OKX’s pre-market futures platform, there is speculation within the crypto community that the altcoin may soon receive spot trading support on OKX, potentially leading to further price rallies.
Hyperliquid, a decentralized perpetuals exchange, introduced its native token, HYPE, on Nov. 29 at an initial price of $3.90. The total value of the airdrop event for HYPE reached $1.2 billion, with 31% of the total supply distributed to the community. Following the pre-market future listings, the price of Hyperliquid’s token rallied to a new all-time high of $13.14 on Dec. 5, showcasing a positive response from the community. The platform’s commitment to decentralization, including the absence of allocations for venture capitalists or private investors, has also contributed to the positive sentiment surrounding HYPE.
Hyperliquid’s DEX has gained support from the community due to its innovative features such as the TWAP (Time-Weighted Average Price) mechanism, which splits large orders into smaller transactions every 30 seconds with a maximum slippage of 3%. These features have set the platform apart from its competitors and increased its popularity among users. Furthermore, Hyperliquid has notably surpassed competitors like Jupiter and SynFutures, achieving a record $1.39 billion in daily trading volume in October, as reported by DeFiLlama’s data. This success has solidified Hyperliquid’s position in the market and attracted a strong user base.
In conclusion, the recent listing of Hyperliquid’s native token, HYPE, on OKX’s pre-market futures platform has generated significant interest and positive sentiment within the crypto community. The surge in price following the listing indicates potential for further growth and adoption of the altcoin. With its unique features, commitment to decentralization, and impressive trading volume, Hyperliquid is positioned to continue its success and solidify its presence in the decentralized exchange market. As the platform evolves and gains more traction, it will be interesting to see how HYPE performs and what impact it has on the broader crypto ecosystem.
