Robinhood became the first major centralized cryptocurrency exchange to list HYPE, the native token of the decentralized perpetual futures exchange Hyperliquid.
This spot trading listing is available to eligible U.S. customers via the Robinhood app, allowing users to buy, sell, and hold the token directly. The announcement, shared via Robinhood’s official X account, has ignited significant market activity, with HYPE surging over 13% in the immediate aftermath to highs above $40.87 as of October 24.
As a commission-free broker with millions of retail users, Robinhood’s move broadens HYPE’s accessibility beyond decentralized exchanges (DEXs). This is particularly notable since larger players like Binance and Coinbase have not yet listed it, despite high demand.
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Historical Robinhood listings like BNB and CRV have often led to short-term volume spikes and liquidity boosts. Hyperliquid, a leading on-chain perp DEX, recently reclaimed the top spot in perpetual DEX trading volume, surpassing CZ-backed Aster and Lighter.
It generated $4.26 million in fees over the past 24 hours as of October 23, with portions allocated to HYPE buybacks. Coinciding with the listing, Hyperliquid Strategies filed with the SEC for a $1 billion raise to fund HYPE token buybacks, holding ~12.6 million HYPE valued at ~$470 million plus $305 million in cash reserves for further purchases.
HYPE has been a top performer in 2025, up over 66% year-to-date, though it pulled back from a $60 ATH amid broader market corrections. HYPE broke out from a descending wedge pattern post-listing, recovering from an intraday low of $35 to above $40.
Analysts project a potential rally to $56.50 a ~40% upside from current levels by November, supported by increased retail exposure and whale accumulation in leveraged longs. However, near-term support sits at $35, with risks tied to overall crypto market volatility.
Hyperliquid is a decentralized perpetual futures exchange (DEX) built on its own layer-1 blockchain, specializing in on-chain perpetual futures trading. Hyperliquid recorded $4.26 million in fees over the past 24 hours, reflecting high trading activity. Its perpetual futures markets support a wide range of assets, offering up to 50x leverage on some pairs.
The native HYPE token powers the ecosystem, with a portion of trading fees used for buybacks, enhancing token value. Hyperliquid Strategies’ recent SEC filing for a $1B raise aims to further bolster HYPE buybacks, holding 12.6M HYPE ($470M) and $305M in cash reserves.
All trades are executed and settled on Hyperliquid’s L1 blockchain, ensuring transparency and security without reliance on centralized custodians. Competitive fee structures maker/taker fees typically lower than centralized exchanges attract high-frequency traders.
Deep order books and tight spreads, driven by market makers and retail participation, especially post-Robinhood listing. No KYC requirements, appealing to DeFi-native users, though Robinhood’s listing now bridges to retail with KYC.
Hyperliquid outpaces other perp DEXs, with daily volumes often exceeding $1B. Growing rapidly, fueled by DeFi adoption and recent mainstream exposure via Robinhood. Supports major cryptos (e.g., BTC, ETH) and altcoins, with plans to expand offerings.
HYPE’s listing on October 23, 2025, as the first major centralized exchange to offer it, has boosted on-chain activity. Spot trading on Robinhood complements Hyperliquid’s perp markets, potentially driving cross-platform arbitrage.
HYPE’s 13% surge to ~$40.87 post-listing reflects increased perp trading interest, with leveraged longs accumulating. Analysts eye $56.50 as a near-term target if volume sustains. Hyperliquid’s on-chain perp trading combines DeFi’s trustlessness with high-leverage derivatives, rivaling centralized exchanges like Binance.
Its low-cost, high-speed L1 and fee-driven HYPE buybacks create a self-reinforcing ecosystem. However, risks include market volatility and regulatory scrutiny, especially with the SEC filing. For traders, Hyperliquid offers a robust platform for perps with DeFi’s transparency.
This listing underscores Robinhood’s aggressive push into DeFi assets, following recent additions like BNB, ASTER, XPL, and VIRTUAL. For Hyperliquid, it validates its “everything exchange” positioning amid rising competition in on-chain trading.
