Upbit HYPE listing begins as token falls to $71

The Upbit HYPE listing began on November 10, as South Korea's largest crypto exchange opened trading in the Hyperliquid token against the won, bitcoin and Tether. HYPE fell to about $71 by 7 p.m. Central European Time that day, according to CryptoTicker.

The listing gives South Korean investors a way to buy HYPE directly with won, but CryptoTicker reported that only about $8 million had changed hands on Upbit by the evening. The outlet also found that HYPE's Korean price was close to its global price, rather than carrying a substantial local premium.

Upbit HYPE listing and launch rules

Trading in the Upbit HYPE listing began at 3 p.m. Korea Standard Time, or 7 a.m. in Germany, according to CryptoTicker and Coinfomania. The three markets pair HYPE with South Korea's currency, bitcoin and Tether's USDT stablecoin.

Before trading began, Upbit published a reference price of 99,608 won, approximately 2.4% below the previous close of 102,048 won, CryptoTicker and Crypto News reported. Crypto News said the reference figures were released before the scheduled start of trading.

CryptoTicker reported that Upbit accepted no buy orders during the first five minutes and blocked sell orders priced more than 10% below the previous day's close. Only limit orders, which specify a price, were allowed for about two hours, according to CryptoTicker and Crypto News.

The Upbit HYPE listing supports deposits and withdrawals only through HyperEVM, an Ethereum-compatible layer of the Hyperliquid blockchain, CryptoTicker and Crypto News reported. Transfers from external exchanges are subject to Upbit's travel rule requirements, while CryptoTicker said a transfer sent over another network faces a lengthy refund process.

The travel rule requires crypto service providers to record and pass on information about a transfer's sender and recipient, according to CryptoTicker. Crypto News also reported that Upbit's withdrawal policy provides for a per-transaction limit equivalent to 100 million won on the twentieth business day in a count that starts on the business day following the start of trading support.

Trading volume and prices

By 7 p.m. CET, Upbit's won market had traded 112,796 HYPE, with a combined value of 11.3 billion won, CryptoTicker reported. Using Upbit's Tether-won rate of 1,362 won, the outlet put that value at about $8.3 million.

Trading in the other two markets was smaller: 0.10 bitcoin changed hands in the bitcoin pair, while the Tether pair recorded less than $400, according to CryptoTicker. The outlet said the first day's won-market range ran from 94,100 to 102,000 won, equivalent to $69.09 to $74.89.

CryptoTicker compared the Upbit HYPE listing volume with approximately $441 million traded in Hyperliquid's HYPE perpetual over the same 24 hours, putting the former at less than 2% of that derivatives market. The comparison covers different instruments: CryptoTicker distinguished perpetual futures from a spot purchase, while TronWeekly described Upbit's three pairs as spot markets.

At one point, Upbit's last won price of 96,850 translated to $71.11, compared with $71.01 on Hyperliquid at the same time, CryptoTicker reported. The outlet said it found no sign of the so-called kimchi premium, a markup over global prices that it said can reach several percent when Korean demand is strong.

CryptoTicker reported a 4.9% decline in HYPE over 24 hours and a daily low of $70.25. In a separate account, 24/7 Wall St. put the token at $74, down 3.2% over 24 hours and 13.1% over the preceding week; that was a different reading from CryptoTicker's $71 figure at 7 p.m. CET.

Perpetual trading and token use

HYPE is the token of Hyperliquid, which operates a blockchain used mainly for perpetual futures trading, according to CryptoTicker. The contracts have no expiry date and can be used to take leveraged positions on rising or falling prices, the outlet said.

On Tuesday evening, 21.15 million HYPE were open in the token's perpetual market on Hyperliquid, equivalent to about $1.5 billion at $71, CryptoTicker reported. The outlet put the HYPE perpetual's funding rate at 0.00028% per hour, or approximately 2.4% on an annualised basis.

Crypto News reported that HyperCore handles perpetuals, spot trading, order books, margin management and liquidations on Hyperliquid's blockchain. It also said HYPE is used for staking and transaction fees, while the HIP-3 framework supports markets deployed by independent developers.

Hyperliquid's Assistance Fund buys HYPE daily using fees from the exchange, according to 24/7 Wall St. The outlet reported that the fund had spent more than $1.26 billion as of October 10, but trades on Upbit and Bithumb do not generate fees for it.

CryptoTicker said Hyperliquid has no EU licence and that trading on the platform lacks the safeguards of a supervised exchange. It also reported that HYPE exists on both HyperCore and HyperEVM, and that an Ethereum-address wallet can hold the HyperEVM version if the network is configured in the wallet.

The decline before the listings

The Upbit HYPE listing came after a decline from the token's November 3 close of $85.08, with CryptoTicker putting the subsequent loss at 16.7%. The outlet reported that HYPE was around $77 on November 6 and said its latest decline was part of a broader market move.

CryptoTicker reported that ether fell 4.5% in 24 hours to $2,030 in Hyperliquid's perpetual market, while bitcoin slipped 2% to $73,230. At 4.9%, HYPE's decline was close to ether's and more than twice bitcoin's, according to the outlet.

Bithumb also began HYPE trading against won on November 10, according to 24/7 Wall St. The outlet reported that Binance had resumed HYPE withdrawals on November 8 after a freeze following an October hack.

Separately, 24/7 Wall St. reported that U.S. Hyperliquid exchange-traded funds had net outflows of $2.7 million on November 9. It said $3.5 million left the 21Shares Hyperliquid Staking ETF, while the Bitwise Hyperliquid ETF received $0.8 million.

On October 29, Intercontinental Exchange disclosed its agreement with Trade[XYZ] to develop a U.S. perpetual futures business using Hyperliquid infrastructure, Crypto News reported. According to 24/7 Wall St., the plan still needs approval from the Commodity Futures Trading Commission.

Conclusion

Upbit opened HYPE trading in three markets on November 10, giving investors a direct won pair, but CryptoTicker's figures showed the token at about $71 by 7 p.m. CET and roughly $8 million traded on the exchange by the evening. The outlet found little difference between the Korean and global prices at its comparison point. Beyond the listing, an identified next step is regulatory: 24/7 Wall St. reported that Intercontinental Exchange's plan for Hyperliquid-based perpetual futures in the U.S. still requires Commodity Futures Trading Commission approval.

Frequently Asked Questions

When did Upbit start HYPE trading on November 10?

Upbit began trading HYPE at 3 p.m. Korea Standard Time on November 10, according to Coinfomania. CryptoTicker reported that the start corresponded to 7 a.m. in Germany. The exchange opened three markets, allowing HYPE to be traded against the South Korean won, bitcoin and Tether.

Why was HYPE at about $71 after the Upbit listing?

CryptoTicker reported that HYPE was about $71 at 7 p.m. CET on November 10, down 4.9% over 24 hours. The outlet said the decline was part of a broader move that also saw ether and bitcoin fall. Its data did not establish that the listing itself caused HYPE's decline.

How much HYPE traded on Upbit after the November 10 launch?

By 7 p.m. CET, 112,796 HYPE had traded in Upbit's won market, worth 11.3 billion won, CryptoTicker reported. The outlet valued that at about $8.3 million using the exchange's Tether-won rate. It reported much smaller volumes in the bitcoin and Tether markets.

Which network does Upbit support for HYPE deposits and withdrawals?

Upbit supports HYPE deposits and withdrawals exclusively through HyperEVM, according to CryptoTicker and Crypto News. CryptoTicker described HyperEVM as an Ethereum-compatible layer of Hyperliquid and said transfers sent over another network face a lengthy refund process. Crypto News reported that external exchange transfers must meet Upbit's travel rule requirements.

What approval does ICE's Hyperliquid futures plan still need?

According to 24/7 Wall St., the Commodity Futures Trading Commission must approve Intercontinental Exchange's U.S. plan for perpetual futures built on Hyperliquid. Crypto News reported that ICE announced an agreement with Trade[XYZ] on October 29 to develop the business using Hyperliquid's infrastructure.