Hyperliquid Shakes Up Crypto Trading: PUMP-USD Hyperps Go Live with 3x Leverage on Unlaunched Token

Hyperliquid just dropped a bombshell—traders can now get 3x leverage on PUMP-USD Hyperps before the token even launches. Talk about betting on the come.

High-stakes gambit or genius move? The perpetuals market gets a jolt of adrenaline as Hyperliquid lets punters amplify exposure to an asset with zero price history. Because what’s crypto without a little reckless abandon?

Cynical take: Wall Street would demand a 200-page prospectus. In DeFi? A tweet and a dream’ll do. Buckle up.

Listing Adds to Hyperliquid’s Momentum in On-Chain Derivatives Market

While the product offers new trading opportunities, it also comes with significant risk. The exchange flagged the PUMP-USD hyperp as high-risk due to its low liquidity, high volatility and potential for extreme funding costs.

Traders can only use isolated margin and low leverage, with the contract converting into a standard perpetual once the token is listed on a centralized exchange.

With 70% of DEX Perp Volume, Hyperliquid Leans Into Speculative Products

The listing comes as Hyperliquid strengthens its grip on the decentralized derivatives market. In June, the platform posted $214b in trading volume, according to Dune data.

That total surpassed the combined volume of all other on-chain perpetual protocols. It also pushed Hyperliquid’s share of Binance’s perp market above 10 percent, up from 9.76% in April.

The exchange now processes more than 70% of all DEX perpetual trading volume. In addition, it allocates 97% of protocol fees to buybacks of its native token, HYPE. This approach reduces token supply while aligning incentives with platform activity.

With $3.5b in bridge total value locked and half a million users, Hyperliquid currently ranks eighth among all blockchains by TVL, based on DefiLlama figures.

The launch of risk-heavy hyperps like PUMP-USD appears to be part of a broader strategy to capitalize on speculative flows while retaining control over platform mechanics.

Hyperliquid has urged users to review documentation before engaging in these contracts, stressing that the mechanism differs from traditional perps and may not suit all traders.