Robinhood Lists HYPE As Hyperliquid Flips CZ Backed Aster In Perp DEX Volume

Crypto exchange Robinhood has listed Hyperliquid’s native token HYPE for its U.S. clients. This comes amid increased competition among perpetual decentralized exchanges (DEXs), with Hyperliquid reclaiming the top spot, ahead of CZ-backed Aster and Lighter.

Robinhood Lists Hyperliquid For Spot Trading

Robinhood data shows that the crypto exchange has now listed HYPE for spot trading. This comes as the exchange continues to ramp up the number of tokens available for its U.S. clients.

As CoinGape reported, Robinhood listed Binance Coin yesterday. Meanwhile, the exchange also listed other coins, including Hyperliquid competitor ASTER, XPL, and VIRTUAL, last week.

The HYPE price has surged amid the Robinhood listing. TradingView data shows that the token is up over 10% today, breaking above the $40 psychological level from an intraday low of around $35.

Notably, Hyperliquid’s native token has been one of the best-performing altcoins this year with a year-to-date (YTD) gain of over 66%. Meanwhile, HYPE had rallied to an all-time high (ATH) of around $60 last month but pulled back amid the broader crypto market crash.

In addition to the Robinhood listing, another recent positive for HYPE is the Hyperliquid Strategies’ proposed $1 billion raise. The company plans to use some of this capital to accumulate more HYPE tokens. These developments provide much-needed positives for the token amid the increased Perp DEX competition from the likes of CZ-backed Aster.

Reclaim Of The Number One Spot

The Robinhood HYPE listing comes as Hyperliquid reclaims the top spot among Perpetual decentralized exchanges in terms of trading volume. DeFiLlama data shows that the DEX has recorded a trading volume of $11.515 billion in the last 24 hours, while there is an open interest of $6.908 billion on the exchange.

Meanwhile, Lighter and Aster rank second and third with trading volumes of $10.38 billion and $10.26 billion, respectively. They are also behind Hyperliquid in open interest, with $1.5 billion $3.2 billion, respectively.

However, it is worth mentioning that Aster has recorded more trading volume in the last seven days than Hyperliquid and Lighter. The CZ-backed DEX has a 7-day trading volume of $91.5 billion, while Hyperliquid and Lighter have recorded 7-day trading volumes of $64 billion and $60 billion, respectively.

Hyperliquid ranks fourth in terms of fees made in the last 24 hours, behind Tether, Uniswap, and Circle. The DEX has $4.26 million in fees during this period and $24.61 million in the last seven days. This is significant as the exchange uses some of the fees for HYPE buybacks.