Kraken lists Hyperliquid’s HYPE token

The American exchange Kraken formalized the addition of the token HYPE of Hyperliquid to its spot trading offer. The pairs HYPE/USD And HYPE/EUR have been available since January 28, 2026 at 3:00 p.m. UTC, according to the announcement published on the platform's official X account. This listing comes as the token displays a spectacular increase of more than 50% over a weekpropelled by the explosion in trading volumes on the protocol's commodity markets.

Kraken: a pillar of trust in the crypto industry

Founded in 2011 in San Francisco, Kraken has established itself as one of the most respected and trusted exchanges in the crypto ecosystem. A pioneer in the industry, the platform has never suffered a major hack in more than thirteen years of existence, a rare feat in a sector marked by security vulnerabilities. Regulated in many jurisdictions, Kraken notably holds a license SPDI (Special Purpose Depository Institution) in the state of Wyoming, making it one of the rare crypto platforms to benefit from an American banking framework.

With more than 10 million users worldwide and a daily trading volume regularly exceeding $1.5 billionKraken is systematically in the top 5 global exchanges in terms of liquidity. Its reputation for rigor in terms of compliance and asset selection makes it a barometer for the industry: a listing on Kraken is often perceived as a seal of legitimacy for crypto projects, particularly in the eyes of institutional investors and compliance officers.

Hyperliquid: from niche DEX to global financial infrastructure

Hyperliquid has established itself in a few months as the essential reference for trading in decentralized perpetuals. Launched in 2023, the protocol runs on its own blockchain Layer 1 optimized for high-frequency trading, with a proprietary consensus mechanism called HyperBFT.

This technical architecture allows it to display impressive performances: block time less than a second, theoretical capacity of 200,000 orders per secondand above all an entirely on-chain order book. Unlike traditional DEXs using AMMs (Automated Market Makers), Hyperliquid replicates the CLOB (Central Limit Order Book) model of centralized exchanges, offering tighter spreads and better price discovery.

As of January 2026, Hyperliquid processes approximately $40 billion in weekly volume on perpetual contracts, ahead of its competitors Aster (31.7 billion) and Lighter (25.3 billion), according to Messari data. The protocol holds approximately 70% market share in the DeFi perpetual segment, a domination which justifies the growing interest in centralized exchanges.

HYPE: a token with solid fundamentals

The token HYPE constitutes the economic heart of the ecosystem Hyperliquid. Launched on November 29, 2024 via a massive community airdrop (31% of the total offer distributed to 94,000 users), it made an impact with its radically different approach from traditional launches: no allocation for venture capitalistsno initial listing on centralized exchanges, and an average valuation of around $45,000 to $50,000 per airdrop participant.

The total supply amounts to 1 billion HYPE tokenswith around 240 million currently in circulation. The tokenomics mechanism provides that 97% of trading fees generated by the platform are used to buy back and burn HYPE tokens, creating deflationary pressure proportional to the platform's activity.

At the time of the Kraken listing, the HYPE is trading around 33-34 dollarsdisplaying a market capitalization close to 10 billion dollars. The token remains approximately 45% below its all-time high of $59.30 reached in September 2025.

What the Kraken listing changes for HYPE

The addition of HYPE to Kraken represents a significant step for several reasons.

• Access to fiat pairs : For the first time, investors can acquire HYPE directly in dollars or euros without going through stablecoins. This fiat on-ramp significantly reduces friction for new investors, especially individuals less familiar with DeFi mechanics.
• Institutional credibility : Kraken is among the most regulated and reputable exchanges in the industry, particularly in the United States. A listing on this platform constitutes a form of validation which can reassure institutional investors and compliance officers.
• Liquidity depth : Arrival on a major exchange mechanically increases the depth of the order book, tightens spreads and facilitates large volume transactions without significant impact on the price.

According to on-chain data, the announcement triggered significant capital movements: a single address acquired approximately $9.8 million from HYPE in the hours leading up to the listing, signaling aggressive positioning from deep-pocketed investors.

HIP-3: the little-known catalyst for the rise

If the Kraken listing has captured the media attention, the spectacular increase in HYPE has its roots in a deeper protocol evolution: the Hyperliquid Improvement Proposal 3 (HIP-3)activated on the mainnet in October 2025.

This update allows anyone staking at least 500,000 HYPE (around $17 million at current prices) to deploy its own perpetual markets in a permissionless manner. The deployer receives 50% of the fees generated, with the protocol keeping the other half.

The major innovation lies in the extension beyond cryptocurrencies: HIP-3 opens the door to perpetuals on traditional assets – stocks, stock indices, currencies and commodities. A historic convergence between crypto markets and traditional finance.

The results exceed expectations. In three months, the HIP-3 markets have accumulated more than $1 billion in open interest, $25 billion in total volume and over $3 million in fees, all transparently on-chain.

The explosion of silver trading: 1.2 billion dollars in 24 hours

On January 27, 2026, the market Silver-USDC of Hyperliquid recorded more than $1.2 billion in volume in a single day, a figure rivaling the volumes of traditional commodity exchanges. Silver has become the third most traded asset on the platform, behind Bitcoin and Ethereum.

This explosion can be explained by the conjunction of several factors. Investors looking for safe havens in the face of macroeconomic uncertainties are turning to gold and silver. Decentralized perpetuals provide 24/7 access without the market interruptions of the CME or COMEX. All without mandatory KYC and with competitive fees.

Total open interest on HIP-3 markets has reached $920 million as of January 28, 2026, up more than 200% over one month. Growth which directly feeds the HYPE buyback mechanism via the fees generated.

Market context: the rally in a sea of ​​red

The performance of HYPE takes on a particular dimension in the current context. While Bitcoin hovered around $89,000-91,000 and most altcoins showed mixed performance, HYPE outperformed the broader market with a rise of over 50% for the week.

Retail sentiment, measured by Stocktwits, went from “bearish” to “extremely bullish” in 24 hours. Technical analysts are now watching resistance at $36 and support at $28-26 as key levels.

This outperformance illustrates a change in perception: Hyperliquid is no longer considered a niche DeFi experiment, but as a serious trading infrastructure capable of competing with centralized exchanges on their own territory.

What this means for users

For traders and investors, the Kraken listing opens several opportunities.

• THE existing HYPE holders benefit from a new liquidity option and more efficient price discovery potential thanks to increased order book depth.
• THE new investors can now gain exposure to HYPE via a regulated platform offering security and compliance guarantees superior to native DEXs.
• THE active traders on Hyperliquid see their tokens potentially valued by the increase in institutional and retail demand that the listing can generate.

Finally, the listing indirectly validates Hyperliquid's economic model: token redemptions financed by trading fees create a virtuous circle where the increase in volumes reinforces the upward pressure on HYPE.