Hyperliquid (HYPE) has emerged as the next big exchange-based cryptocurrency, rivaling Binance and its native BNB coin. While Binance is still the world’s largest cryptocurrency exchange by volume, Hyperliquid is slowly becoming the number one choice for many. Let’s discuss if we will soon have a new crypto exchange heavyweight.
Will Hyperliquid Eat Away Binance’s Market?
Hyperliquid has had several bullish developments this year. The first push came from increased activity on the Hyperliquid exchange. While most other exchanges had fixed operating timings, the Hyperliquid exchange was open 24/7. This became an attractive factor due to the availability of oil futures, stocks index products, exposure to pre-IPO markets, prediction markets, gold and other commodities. Oil futures were heavily traded on the platform. The platform also has a very low fee structure which made it extremely popular among retail investors.
Like for Binance’s BNB, Hyperliquid’s native token, HYPE, also saw the launch of its very first spot ETF (Exchange Traded Fund). ETFs have become a key pillar in the cryptocurrency sector.
The increased fee generation from high activity on the Hyperliquid led to increase buy backs of HYPE tokens. The asset eventually climbed to an all-time high of $76.70 on June 16, 2026.
However, the most vital thing that can lead to Hyperliquid topping Binance is its MiCA compliance. Hyperliquid is authorized to offer its services in the European Union (EU). Binance, on the other hand, withdrew its application after some complications. Binance will cease to offer services to the European market from July 1, which is the deadline for obtaining a MiCA license. Binance is reportedly applying for another license via France, but an approval could take some time.
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It is unclear if Hyperliquid (HYPE) can overtake BNB in the crypto charts, but the exchange is slowly emerging as a worthy contender.
