Robinhood Adds HYPE Token as a Spot Trading Asset Amid Hyperliquid's Market Domination

Robinhood, a prominent U.S.-based trading platform, has officially listed HYPE, the native token of Hyperliquid, as a spot trading asset for its American clientele. This pivotal addition aligns with Hyperliquid reclaiming its position as the leading decentralized perpetual futures exchange (DEX), outpacing its competitors and solidifying its dominance.

Robinhood Expands Cryptocurrency Portfolio with HYPE

On October 23, CoinGape reported that Robinhood had expanded its cryptocurrency offerings by including HYPE in its list of spot trading assets. This development underscores Robinhood's continued commitment to growing its digital asset portfolio for U.S.-based traders.

The trading platform had previously listed other notable tokens, such as Binance Coin (BNB), in addition to adding assets from Hyperliquid's competitors like Aster (ASTER), Plasma (XPL), and Virtual Protocol (VIRTUAL) just last week.

Following the announcement of HYPE’s listing, the token experienced a sharp price surge. According to TradingView data, HYPE’s value climbed over 10% within a 24-hour period, decisively breaking through the $40 psychological resistance level. The token rebounded strongly from its intraday low of approximately $35, spurring bullish sentiment among traders.

HYPE stands out as one of the best-performing altcoins of the year, boasting year-to-date (YTD) gains surpassing 66%. Before last month’s market-wide correction, its price hit an all-time high (ATH) near $60.

Further optimism surrounds Hyperliquid Strategies' proposed $1 billion fundraising initiative, designed to bolster its ecosystem. A segment of these funds will be allocated toward acquiring additional HYPE tokens, which is expected to provide lasting price support and reinforce the token's bullish trajectory.

Hyperliquid Reclaims Top Position in the Perpetual Futures DEX Market

Hyperliquid has once again claimed the number-one rank in the perpetual futures DEX sector by daily trading volume, coinciding with the token’s Robinhood listing and generating renewed market enthusiasm.

According to DeFiLlama, Hyperliquid recorded an impressive 24-hour trading volume of $11.5 billion, alongside open interest of $6.9 billion. Its closest competitors, Rhyther and Aster, registered slightly lower trading volumes at $10.3 billion and $10.2 billion, respectively, with open interest levels lagging at $1.5 billion and $3.2 billion.

On a broader seven-day cumulative trading volume basis, however, Aster leads the field with $91.5 billion, followed by Hyperliquid's $64 billion and Rhyther's $60 billion.

Hyperliquid is also among the top-ranking platforms in terms of daily trading fee revenue, securing fourth place after Tether, Uniswap (UNI), and Circle. Over the past 24 hours, the platform generated $4.26 million in fees, accumulating a total of $24.61 million for the week. Notably, a segment of this revenue has been allocated toward HYPE token buybacks, reducing token supply in circulation and bolstering its market value.

Key Drivers Fortify Hyperliquid’s Market Influence

The synergistic effect of Robinhood’s endorsement through the HYPE listing, alongside Hyperliquid’s resurgence as the leading DEX by trading volume, has emerged as a dual catalyst driving the platform’s prominent market position.

As HYPE consolidates above the critical $40 price point, market participants are increasingly optimistic about its potential to revisit the $60 threshold. If momentum persists, this could pave the way for a significant new breakout, capturing greater investor attention and bolstering Hyperliquid’s dominance within the cryptocurrency trading landscape.