HYPE Price Up 17% as Crypto Sinks on the Binance Hack. Are Traders Fleeing to Hyperliquid?

The HYPE price is up 17% in 24 hours to $92.14 at the time of writing, on a day when almost everything else is red. Bitcoin is down 2% at $78,260, Ethereum 3% and BNB 5%, after the Binance hack, which DefiLlama puts at $5.78 billion.

So the obvious story writes itself: traders who just watched a centralized exchange get drained are moving to a decentralized one. It sounds right. The timing and the deposit data say it is not proven yet.

Binance co-founder Yi He confirmed overnight that deposits and withdrawals are suspended while the exchange runs security checks:

Yi He @heyibinance

User funds are safe.

Binance will cover all hacking losses.

Deposits and withdrawals are temporarily suspended while our team conducts security checks, freezes funds, and works with law enforcement.

We will share a full post-mortem once the investigation is complete. Please

1:04 AM · Oct 30, 2026 View on X

What Pushed the HYPE Price Up?

Mostly the Hyperliquid ICE news, and most of the move came before the hack. HYPE traded at $79.28 at 10:00 UTC on Thursday. At 10:41 UTC trade.xyz announced that ICE, owner of the New York Stock Exchange, is investing in it and planning a US market for 24/7 perps on Hyperliquid, pending CFTC approval.

By 16:00 UTC HYPE had hit $97.11, within 1% of its September 23 record near $98. The first large transfers out of a Binance hot wallet came around 20:20 UTC, four hours after that peak, and Binance said it was investigating at 21:24 UTC.

Is Money Moving From Exchanges to Hyperliquid?

Not that the deposit data shows yet. The USDC parked in the Hyperliquid bridge went from $6.63 billion at the start of Thursday to $6.59 billion at 03:00 UTC on Friday, per DefiLlama. All stablecoins on Hyperliquid sat flat at $6.89 billion.

There is a simple reason for part of that. Binance users can’t move their coins anywhere while withdrawals are frozen, so any exodus from the biggest exchange would show up later, not now. Traders already sitting on other exchanges could move, and so far they haven’t in size.

What did hold up is the HYPE price. When the hack hit, HYPE fell with everything else, from $95.21 to $89.90 within the 20:00 UTC hour. Since then it has given up about 2%, while Bitcoin lost 3% and touched $76,443 at its low.

SIDE TRAIL: ICE Hyperliquid Deal: NYSE Owner Backs trade.xyz Plan for 24/7 US Perps

What Do Hyperliquid Volume and Open Interest Show?

Real demand, and a lot of leverage. HYPE perps on Hyperliquid did $2.92 billion in volume over 24 hours, about eight times their average day over the previous ten days and nearly as much as Ethereum’s $2.99 billion on the same exchange.

Open interest in the HYPE perp stands at $2.03 billion, third on Hyperliquid behind Bitcoin at $3.37 billion and Ethereum at $2.36 billion. Longs pay shorts 0.0075% an hour in funding, about six times Bitcoin’s rate, while Ethereum, Solana and BNB funding has turned negative.

That is the part to keep an eye on. A crowded long in the one coin still going up is exactly what gets shaken out if the market drops again.

HYPE Price: What Next?

HYPE has bounced off the $88.50 to $88.90 area four times overnight, the floor of its range since the hack. A close below it opens the gap back to the $85 area where the ICE rally broke out. Above, the $97.11 high and the $98 record are the levels left.

The Fear & Greed Index dropped to 30 from 51 a day earlier, so the rest of the market isn’t lending HYPE any help. Whether a move off exchanges ever shows up in the deposit numbers is the question the next few days will answer, once Binance reopens withdrawals.

TRAIL MAP: Funding Rates and Open Interest: Reading the Leverage in the Market

Written by

Teddy

In crypto since 2016. Covers altcoins and the daily market. When not trading, out climbing and traveling.

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