Key Points
- HYPE, the native token of Hyperliquid, is now available for future contracts trading on the OKX pre-market futures platform.
- The token experienced a surge in value following its listing, reaching a high of $19.65, but later traded at $13.70.
Hyperliquid’s HYPE token has been introduced to the OKX pre-market futures platform. This move allows customers to trade futures contracts just a week after the token’s creation event.
On the 4th of December, OKX, a well-known cryptocurrency exchange, made public that it had listed pre-market futures for the HYPE/USDT pair. This allows users to predict the price of the altcoin before it gets listed for spot trading on centralized exchanges.
Performance of HYPE on the Market
Following its listing, HYPE’s value rapidly increased to $19.65 on the pre-market futures platform. However, the altcoin later traded at a lower value of $13.70, marking a decrease of 14.38% from its peak.
Pre-market trading delivery contracts are typically USDT-margined delivery contracts. They are usually delivered before the new token launches on the spot trading market. However, in the case of HYPE, the token had already undergone its Token Generation Event on the 29th of November.
The HYPE token has already been listed on CoinW, a centralized exchange. Following its listing on OKX’s pre-market futures platform, there’s speculation within the crypto community that the altcoin may soon secure spot trading support on OKX. This could potentially trigger further price increases.
About Hyperliquid and HYPE
Hyperliquid, a decentralized perpetuals exchange, launched its native token HYPE on the 29th of November. It was initially priced at $3.90. The total value of its airdrop event reached $1.2 billion, with 31% of the total supply distributed to the community.
Less than a day after the pre-market future listings, Hyperliquid’s HYPE price rallied to a new all-time high of $13.14 on the 5th of December.
The sentiment within the community remains highly positive, driven by the platform’s commitment to decentralization. This commitment is evident in the lack of allocations for venture capitalists or private investors.
Furthermore, the DEX’s innovative features, such as the TWAP (Time-Weighted Average Price) mechanism that divides large orders into smaller transactions every 30 seconds with a maximum slippage of 3%, have contributed to strong community support.
In the past, Hyperliquid has managed to surpass competitors like Jupiter and SynFutures. It set a record $1.39 billion in daily trading volume in October, according to data from DeFiLlama.