Binance Hints at Listing HYPE as Trader Criticizes Hyperliquid

Binance.US is once again drawing attention to Hyperliquid, one of the rising decentralized exchanges (DEXs), by suggesting the possibility of listing its native token, HYPE. This subtle endorsement from one of the most recognized crypto exchanges in the world triggered renewed interest in Hyperliquid, causing its daily trading volume to jump 20% to nearly $150 million and pushing HYPE’s price up 2%.

Hyperliquid has become increasingly popular for offering fast and scalable perpetual futures and spot trading through its own Layer 1 blockchain. Over the past month, the platform has seen a significant rise in usage, with its total value locked (TVL) doubling. According to data from DeFi Llama, the exchange is drawing more liquidity as traders explore alternatives to traditional centralized exchanges.

A Growing Trend Around Hyperliquid

The ongoing attention from Binance.US adds momentum to speculation that a listing for HYPE may be on the horizon. Over the past week, the platform has shared content that appears to promote Hyperliquid, without making any direct confirmation. This has led several crypto influencers and traders to publicly ask if the exchange will finally open trading for HYPE.

Hyperliquid’s growth has been notable, with its decentralized nature attracting retail and institutional traders alike. The platform supports high-speed transactions and relatively low costs, which appeals to users looking for alternatives outside of large centralized platforms.

James Wynn Slams Hyperliquid’s Referral Program

Despite being one of the traders who helped bring visibility to Hyperliquid, crypto investor James Wynn recently expressed dissatisfaction with the platform. He criticized its referral program, saying it failed to compensate promoters fairly despite the large number of users and volume they helped generate.

“I made only $34,000 through their referral program, which is disappointing considering how many people I brought to the platform,” Wynn stated. “Other platforms offer far better rewards for similar or even less activity.”

Wynn claimed that he approached Hyperliquid with a partnership proposal, but due to its decentralized structure, he didn’t receive a response. This, he acknowledged, was somewhat expected, though still frustrating. He described the DEX’s referral approach as “weak” and said it fails to support those helping to grow the platform.

A Call for Binance to Compete Directly

James Wynn took his criticism a step further by encouraging Binance founder Changpeng Zhao (CZ) to build a new type of decentralized exchange—specifically, a “dark pool” DEX. In traditional finance, dark pools are private exchanges where large trades can be made without revealing position sizes to the public. Wynn believes a crypto version of this could protect traders from manipulation and front-running.

“CZ has the money, network, and team to build something unique,” Wynn said. “He’s already done it with Binance. Now is the time to create a better decentralized alternative.”

The idea of a dark pool DEX gained attention last week when CZ himself mentioned the concept in response to growing complaints from traders about transparency issues in perpetual futures trading. Because of the open nature of most DEXs, larger players can often observe retail positions and potentially manipulate the market—causing liquidations through strategic bets.

A dark pool model could help address such concerns by hiding sensitive order book information, reducing the chances of front-running and MEV (maximal extractable value) attacks.

Hyperliquid’s Future Under Scrutiny

Despite its recent growth, Hyperliquid now finds itself in a complicated position. While its user base is expanding and its ecosystem is showing strong numbers, some of the crypto community’s most influential voices are calling for serious competition or even replacement.

Whether Binance will move forward with listing HYPE or developing a dark pool DEX remains unclear. However, the growing pressure and attention may accelerate innovation in the decentralized trading space.

For now, Hyperliquid continues to operate as one of the fastest-growing DEXs in the market. Still, the ongoing debate—between its expanding popularity and criticism from key figures—could shape the future of decentralized trading in the months ahead.