Binance.US Hints at Hyperliquid (HYPE) Listing, Trading Volume Jumps 20%

Binance.US is stoking interest in the Hyperliquid (HYPE) token and it’s already up 20% in daily trading volume to $150 million.

Written by: Arslan Butt • Monday, June 9, 2025 • 2 min read

• Last updated: Monday, June 9, 2025

Quick overview

Binance.US is promoting the Hyperliquid (HYPE) token, which has seen a 20% increase in daily trading volume to $150 million.
Hyperliquid is a fast and scalable DEX that supports perpetual futures and spot trading, with its total value locked (TVL) doubling in recent months.
Crypto trader James Wynn has criticized Hyperliquid's referral program as inadequate and suggested that Binance create a competing dark pool DEX.
The proposed dark pool DEX aims to enhance privacy and reduce market manipulation issues faced by traders on current platforms.

Binance.US is stoking interest in the Hyperliquid (HYPE) token and it’s already up 20% in daily trading volume to $150 million. After the exchange’s promotional activity around Hyperliquid, the token is up 2% today.

Hyperliquid is a DEX with a Layer 1 blockchain, it’s fast, scalable and low cost. It supports perpetual futures and spot trading and has gotten a lot of attention especially after crypto trader James Wynn’s leveraged bets highlighted its capabilities. Over the past few months the TVL on Hyperliquid has doubled.

The Rise and Fall of Hyperliquid DEX

Despite the growing popularity of Hyperliquid, it’s getting criticism from key crypto influencers. James Wynn who helped bring attention to the platform with his multi-billion dollar bets is not happy with the DEX’s referral program. Wynn earned only $34,000 from referrals despite getting a lot of signups and trading volume and called the program “extremely poor” compared to competitors.

Wynn also publicly suggested that Binance founder Changpeng Zhao (CZ) build a competing “dark pool” decentralized exchange to take on Hyperliquid. Wynn argued that Binance’s resources and network could build a better platform and address some of the flaws he sees in Hyperliquid’s model.

Binance’s Dark Pool Proposal and Market Impact

The idea of a “dark pool” DEX came after Wynn got liquidated several times due to transparency issues in the current Hyperliquid setup. In a decentralized exchange, retail traders’ positions are visible and larger traders can anticipate and counteract their moves, resulting in forced liquidations. This is often exacerbated by Miner Extractable Value (MEV) attacks and market manipulation.

HYPE Price Chart - Source: Tradingview — HYPE Price Chart – Source: Tradingview

CZ suggested a dark pool mechanism to improve privacy and reduce such vulnerabilities in perpetual futures trading. A dark pool DEX would hide traders’ positions from public view and potentially curb frontrunning and unfair market practices.

Key points:

Hyperliquid TVL has doubled in the past few months
Wynn is not happy with Hyperliquid’s referral rewards and lack of partnership engagement
Binance.US is teasing HYPE token listing
CZ’s dark pool DEX

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ABOUT THE AUTHOR See More

Arslan Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.