Binance opened spot trading in Hyperliquid's HYPE token on September 24, with HYPE/USDT, HYPE/USDC, and HYPE/TRY pairs. The listing carries Binance's Seed Tag, a label the exchange applies to assets it considers likely to be more volatile and riskier than established tokens.

Users must pass a risk quiz before trading Seed Tag assets and retake it every 90 days to keep access. Binance charged no listing fee and opened deposits ahead of trading, while withdrawals were scheduled to open at 11:00 UTC on September 25.

HYPE reached an all-time high of about $97.96 in the days before the listing, having traded near $25 early in the year. It fell roughly 4.6% to around $90.50 after trading began, a common pattern when a widely anticipated listing has already been reflected in the price.

The listing gives HYPE access to Binance's spot market, the largest in crypto by volume, for the first time. The practical tests now are liquidity depth on the new pairs, the balance of trading between Binance and Hyperliquid's own venue, and how the token trades once withdrawals open.