Upbit Lists HYPE as Hyperliquid Faces $2.4B Leverage Test

Upbit is adding HYPE trading against KRW, BTC and USDT, expanding access to Hyperliquid’s native token in South Korea. HYPE trades below its 50-day and 100-day moving averages, with a potential recovery requiring stronger spot-market participation. Hyperliquid accounts for approximately two-thirds of reported HYPE derivatives open interest, making leveraged positioning an important factor in the token’s next move. Upbit’s decision to list Hyperliquid’s HYPE token brings a new source of spot-market liquidity to an asset whose derivatives market remains heavily concentrated on its native platform.