HYPE Price Defied Broader Market Slide After Binance Hack

• HYPE price held onto most of its gains while the crypto market sold off after the Binance hack.
• ICE agreed to bring Hyperliquid-based futures to US traders through TradeXYZ.
• Outside builders now generate a large share of Hyperliquid’s revenue.
• A golden cross is forming on the 4-hour chart just below the record high.

Hyperliquid’s HYPE price held near $93 on Friday, up close to 20% on the week with a market value of about $23.7 billion, while the rest of the crypto market absorbed the largest exchange theft on record. An attacker drained roughly $6.3 billion from Binance late on Thursday and sent Bitcoin to its lowest level since mid-September. HYPE gave back only a small part of a rally that had started a few hours earlier, when Intercontinental Exchange (ICE), the owner of the New York Stock Exchange, agreed to bring Hyperliquid-based perpetual futures to US traders.

ICE Deal Landed Hours Before the Hack

ICE disclosed the agreement with TradeXYZ during Thursday’s US session, alongside its quarterly results, and HYPE climbed from around $80 to above $92 within the day. At 20:05 UTC that evening, funds started leaving Binance wallets on ten blockchains, and most of the money was gone within about 20 minutes, according to TRM Labs. The firm attributes the attack to TraderTraitor, a North Korean state-backed group.

Bitcoin fell about 4% to an overnight low near $76,400, and CoinGlass data shows that roughly $1.57 billion in leveraged positions were forcibly closed over 24 hours, most of them bets on higher prices. HYPE dropped along with the market but held above $88 the whole time.

Stolen Bitcoin Keeps Sellers Nervous

At one point the wallets linked to the hack held nearly $1.5 billion in Bitcoin and about $900 million in ether, according to Arkham Intelligence data, so traders have to price in the chance that those coins get sold through other venues. Stablecoin issuers and partner firms have frozen about $3 billion, mostly in USDT and USDC, and Binance has promised to cover all losses from its own funds. HYPE had a fresh catalyst of its own that day, which gave buyers a reason to absorb the dip.

Outside Builders Brought In $38M

Grayscale said in a post on X that Hyperliquid’s “outsourced” revenue reached $38 million last month. Grayscale runs a spot HYPE ETF under the ticker HYPG, so it has a commercial interest in the token.

The figure covers income that third parties generate by building on top of Hyperliquid’s infrastructure.

The deployer model is what links this income to the token. Under Hyperliquid’s HIP-3 framework, any company that wants to run its own perpetual futures market on the network has to lock up 500,000 HYPE for as long as that market operates. Trading fees also go into an assistance fund that buys HYPE on the open market.

ICE Still Needs a CFTC Sign-Off

Perpetual futures have no expiry date, so a trader can keep a leveraged position open for as long as there is enough collateral in the account. Under the agreement, ICE will run the exchange and clearing, TradeXYZ will design the contracts, and Hyperliquid will supply the trading technology. US clients would get access through regulated futures brokers once the Commodity Futures Trading Commission (CFTC), the main US derivatives regulator, approves the plan. ICE is also taking a strategic stake in TradeXYZ. ICE CEO Jeffrey Sprecher called the products “additive to our futures markets, not a replacement for them” and noted that more than 99% of ICE’s current trading comes from institutions.

Golden Cross Forms Under $97

HYPE gained about 30% between its October 24 low of $74.50 and Thursday night’s high of $97.02, which sits just under the record near $98 that the token set in September. The October 29 breakout pushed through both key moving averages and through the $82-$83 area, where sellers had stopped the price twice the week before. Since then the token has traded in a range between roughly $88.40 and $94.

The 50-period average is about to cross above the 200-period one, a golden cross that many traders read as a sign the trend has turned up. Both averages sit near $83, so that is the main floor if the price pulls back further. Trading volume has faded since the breakout, which suggests holders aren’t rushing to sell. The RSI momentum gauge has cooled from about 78 to 67.7, just below the 70 mark that usually means a move has run too hot.

Binance Reopening Tests the $94 Line

Binance co-CEO Yi He said on Friday that the exchange expects to begin restoring withdrawals within 48 hours, while deposits are already working normally. That will be the first real test for the whole market, because some users will move their funds elsewhere and others may sell. For HYPE, a 4-hour close above $94 would put the $97.02 high and the September record back in reach, with $100 just above them. If the price falls back below $91.70, the bottom of the range at $88.40 comes back into play.

ICE is not the only company trying to bring Hyperliquid’s markets to the US. Payward, the parent company of Kraken, has separately proposed offering Hyperliquid-based perpetual futures through its CFTC-regulated Bitnomial businesses, after the CFTC allowed US-listed perpetual futures in May. Neither plan has an approval date yet, so the CFTC’s review will decide how soon US traders can reach Hyperliquid’s markets through a regulated broker.