HYPE broke above $40 on Robinhood listing

Hyperliquid (HYPE) recovered above $40 on news of an imminent Robinhood listing. The platform is adding some of the trending assets from the past months, with HYPE following the recent BNB listing. 

Hyperliquid (HYPE) will be available to retail traders through Robinhood. The platform added a landing page for HYPE, later officially announcing the listing on X. 

$HYPE is now available to trade on Robinhood. pic.twitter.com/sRLLJavwze

— Robinhood (@RobinhoodApp) October 23, 2025

Immediately after the announcement, HYPE recovered to $40.12, adding another 5% to its price. HYPE was already on an expansion track, as Hyperliquid Strategies announced its fundraising plan to acquire more tokens. 

HYPE continued to defy the crypto market, as most assets still had only tentative recoveries. The token is yet to regain its ‘up only’ trend, especially after the addition of more exchanges and a larger number of traders. 

For now, HYPE trading remained relatively subdued at under $800M. The effect of Robinhood listing is yet to be seen. The Robinhood platform is neutral about HYPE, though Binance has been more cautious about listing. Coinbase is also wary of listing the token due to US regulations. 

Currently, Bybit remains the single most concentrated market for HYPE. The token also encourages long-term holding and staking for perks in the Hyperliquid ecosystem.

Whales moved back to HYPE 

HYPE recovered its open interest within days, recently jumping to over $1.4B from lows of $1.12B. 

The token is also attracting long positions on Hyperliquid itself. The long positions take up 69.35% of all trades, signaling a bullish expectation. Outside Hyperliquid, on average, only 60% of traders are long on HYPE, so far avoiding aggressive long positions. 

One notable whale has opened a 5x long position on HYPE, currently with an unrealized profit of $1.15M, but incurring over $30K in fees. At the same time, another whale is shorting HYPE, with a position valued at $52.73M.

HYPE remains risky, as most of its leveraged positions have re-accumulated below the current price. Based on the liquidation heatmap, HYPE may crash again to $34, potentially liquidating around $5M in open long positions. 

Previously, HYPE set expectations of losing the $32 support and crashing to a lower price range, down to $20. HYPE has previously crashed and recovered, as Hyperliquid is still defeating its competition and remains the leading perp DEX. 

Hyperliquid aims to rebuild its market

Hyperliquid remains the leading DEX in terms of volumes. However, the market is yet to recover its open interest following the deleveraging 

Hyperliquid expanded to $7.64B in total open interest, with $2.71B for BTC. Open interest is recovering slowly, and is currently 50% down from the exchange’s peak levels. 

Despite this, whales have remained highly active, taking up high-visibility positions. Hyperliquid remains a marker of crypto sentiment and activity, as some of the prominent whales are watched for their decisions on longing or shorting BTC. 

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