Hyperliquid’s native token, HYPE, has made its debut on the OKX pre-market futures platform, allowing users to engage in futures trading just a week after its token generation event.
The announcement came on Dec. 4, with OKX revealing the listing of pre-market futures for the HYPE/USDT pair, giving traders the opportunity to speculate on the token’s price before it officially hits the spot trading market on centralized exchanges.
Following its listing, HYPE experienced a surge, reaching a peak of $19.65 on the pre-market futures platform. However, the altcoin later saw a dip, trading at $13.70, marking a 14.38% decrease from its all-time high.
Typically, pre-market trading delivery contracts are USDT-margined contracts that are settled before the new token is launched for spot trading. In this case, HYPE had already undergone its Token Generation Event on Nov. 29.
Moreover, Hyperliquid’s HYPE token has already been listed on CoinW, a centralized exchange. With 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 increases.
Hyperliquid, known for its decentralized perpetuals exchange, introduced its native token HYPE on Nov. 29 at an initial price of $3.90. The platform’s airdrop event had a total value of $1.2 billion, with 31% of the total supply distributed to the community.
Shortly after the pre-market future listings, the price of Hyperliquid (HYPE) soared to a new all-time high of $13.14 on Dec. 5.
Community sentiment towards Hyperliquid remains positive, driven by the platform’s dedication to decentralization, as evidenced by the absence of allocations for venture capitalists or private investors. Additionally, the DEX’s innovative features, like the TWAP mechanism, which splits large orders into smaller transactions every 30 seconds with a maximum slippage of 3%, have garnered strong support from the community.
Hyperliquid has outpaced competitors like Jupiter and SynFutures, achieving a record $1.39 billion in daily trading volume in October, according to data from DeFiLlama.
By offering a seamless integration of its native token on the OKX pre-market futures platform, Hyperliquid continues to solidify its position in the crypto market and attract more traders seeking innovative decentralized trading solutions.