Hyperliquid vs. Binance

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Today we’re analyzing the launch of one of the most anticipated tokens of the year, Plasma ($XPL). Events like this clearly reveal where market participants prefer to trade the latest shiny crypto asset. As we’ll see in this short analysis, the preferred destination right now is Hyperliquid.

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Disclaimer: Views expressed are the author’s personal views and should not be relied upon as investment advice.

Discloser: Analyst (Yarl) behind this research owns $HYPE. Full disclaimer and disclosure here.

The most anticipated launch of the year: Plasma ($XPL)

As explained above, Plasma officially launched both their chain and their token, $XPL. It was one of the most anticipated launches of the year, as Plasma is an EVM-compatible Layer 1 blockchain designed specifically for the rapidly growing stablecoin market. Its goal is to replace centralized and costly networks like Tron by offering lower transaction fees, higher scalability, deeper liquidity, and stronger security.

With the stablecoin market up +38% YTD in 2025, Plasma has quickly become a hot topic. Many see the token as a way to gain indirect exposure to Tether, the issuer of USDT, the most widely used stablecoin in the world. Tether, a private company reportedly seeking to raise funds at a $500 billion valuation, has never offered direct equity exposure. But since Plasma will center its operations around USDT and is backed by Tether, $XPL has attracted major attention.

In short, this was a highly anticipated launch, and a lot of people were and still are eager to get exposure.

Hyperliquid: The preferred venue for trading $XPL

Hyperliquid shows more Open Interest on $XPL than Binance, Bybit, and everyone else. When real trading matters, traders go to Hyperliquid. The numbers aren’t even close.

It’s almost funny. You see all kinds of FUD on the timeline about Hyperliquid supposedly facing competition or losing market share to Aster and other DEXs.

But when the time comes for actual trading, the market makes the choice clear: it’s all happening on Hyperliquid.

We can't even see Aster's OI on the chart... Hyperliquid has 250X more OI on $XPL than Aster.

And here’s the part people forget: $HYPE isn’t just a perp DEX. It’s an ecosystem of top builders aligned around a shared vision. Yes, Hyperliquid offers the best venue for perps, but it also creates the best environment for major launches like this one.

Take $XPL as the perfect example.

As soon as it went live, Unit’s team enabled deposits, withdrawals, and spot trading.

And with Unit’s speed and strong execution, Hyperliquid has also become one of the largest spot markets, handling over $650 million in volume. It is now competing with the biggest CEXs in one of the most anticipated launches of the year, while standing out as by far the largest DEX by trading volume.

Naturally, traders piled in long (perps) and funding rates spiked up to 500% annualized.

That’s where Liminal comes in.

With one click, you can deposit USDC and Liminal builds the delta-neutral strategy for you: long spot, short perps.

In minutes, traders were earning up to 500% APY by shorting $XPL through an automated delta-neutral strategy. Even now, fundings are hovering around 100%, implying around 50% APY through the strategy. Obviously, funding rates won’t stay this elevated forever, but over the last quarter, delta-neutral strategies delivered APYs between 7% and 17%.

With some optimization you can squeeze out a few extra points, but on average the strategy should still provide solid returns.

It’s not only the best trading venue, it’s an ecosystem. When a big launch happens, why would you go anywhere else ?

Hyperliquid is simply the best place to be for traders, and it SHOWS.

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