Crypto analyst Darkfost said HYPE posted a record $16.2 billion in spot trading volume on Binance in a single day, far above the exchange’s roughly $3.6 billion average daily spot volume for the month. Over the same period, HYPE rose from $81 to $97, a gain of about 24% on the day. Darkfost linked the surge in activity to a newly announced partnership between TradeXYZ and Intercontinental Exchange, the parent company of the New York Stock Exchange. The two companies plan to launch a 24/7 perpetual futures market in the US built on Hyperliquid’s technology infrastructure, covering equities, commodities, foreign exchange and crypto, subject to regulatory approval. Under the plan, ICE would operate the regulated market, while TradeXYZ would handle market design and implementation. Darkfost also noted that the news was quickly priced in by the market, though he said it did not come entirely out of nowhere, pointing to an earlier remark from Trump that CFTC Chair Mike Selig was working to bring Hyperliquid into the US market in a compliant and lawful way.
Crypto analyst Darkfost said HYPE recorded $16.2 billion in spot trading volume on Binance yesterday, setting a new all-time high for the token on the exchange. The figure was well above Binance’s roughly $3.6 billion average daily spot volume for the month.
At the same time, HYPE climbed from $81 to $97, for a one-day gain of about 24%.
Volume spike followed partnership announcement
Darkfost tied the jump in trading activity to a partnership announcement involving TradeXYZ and Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange. The two firms plan to launch a 24/7 perpetual futures market in the United States based on Hyperliquid’s technology infrastructure, covering equities, commodities, foreign exchange and cryptocurrencies.
The plan still requires regulatory approval. Under the arrangement described, ICE would operate the regulated market, while TradeXYZ would be responsible for market design and implementation.
How the news spread
The announcement was later reposted by Stanley Druckenmiller in his first post on X.
Darkfost added that the market moved quickly to price in the development, but said the move was not without prior signals. Earlier, Trump had said that Mike Selig, chair of the US Commodity Futures Trading Commission (CFTC), was pushing to bring Hyperliquid into the US market in a compliant and lawful manner.
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