Hyperliquid’s native token, HYPE, has been launched on the OKX pre-market futures platform, enabling customers to trade futures contracts a week after its token generation event.
On Dec. 4, crypto exchange OKX announced that it had listed pre-market futures for the HYPE/USDT pair, allowing users to speculate on the altcoin’s price before its listing for spot trading on centralized exchanges.
Shortly after its listing, HYPE surged to a high of $19.65 on the pre-market futures platform. However, the altcoin was later trading at $13.70, down 14.38% from its all-time high.
Pre-market trading delivery contracts are USDT-margined delivery contracts, typically delivered before the new token launches on the spot trading market. However, in this case, the HYPE token had already undergone its Token Generation Event on Nov. 29.
Meanwhile, the HYPE token has already been listed on CoinW, a centralized exchange. Following its inclusion on OKX’s pre-market futures platform, the crypto community is speculating that the altcoin may soon secure spot trading support on OKX, which could potentially lead to further price rallies.
You might also like: XRP market cap turn down as the price shrink 12% in a day
Hyperliquid, a decentralized perpetuals exchange, debuted its native token HYPE on Nov. 29, 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 (HYPE) price rallied to a new all-time high of $13.14 on Dec. 5.
Community sentiment on X remains highly positive, fueled by the platform’s commitment to decentralization, highlighted by the absence of allocations for venture capitalists or private investors.
Additionally, the DEX’s innovative features, such as the TWAP (Time-Weighted Average Price) mechanism that splits large orders into smaller transactions every 30 seconds with a maximum slippage of 3%, have further contributed to the strong support from the community.
Hyperliquid has previously managed to outpace competitors like Jupiter and SynFutures, setting a record $1.39 billion in daily trading volume in October, as per DeFiLlama’s data.
Read more: ApeCoin price could hit $5 as APE forms 2 rare patterns
