The crypto derivatives market is seeing a new trend with stocks becoming available for trading on crypto exchanges. Following this development, Hyperliquid traders will soon have access to a perpetual contract linked to Coinbase’s COIN stock.
This move comes after a successful bid for HIP-3 deployment. The deployer, tradexyz, paid 500 HYPE, which was approximately $18,976 at the time of market value, to secure the COIN ticker, as reported by Hyperliquid News on X.
The tradexyz deployer currently offers support for eight tickers, including xyz:TSLA, xyz:NVDA, xyz:GOLD, and now xyz:COIN. The overarching objective is to provide synthetic access to equities and commodities within a single ecosystem. According to data available on OpenHL, trading for COIN in the HIP-3 market has not yet commenced.
HIP-3 and the Token Deployment Process
Hyperliquid introduced the HIP-3 upgrade on October 13, which enables permissionless creation of new perpetual contract markets on HyperCore. Previously, the core team had exclusive control over market additions, meaning only selected tokens were listed based on liquidity and demand. HIP-3 redistributes this power to community deployers who participate in a Dutch Auction. The winning bidder acquires the right to deploy one new market every 31 hours.
The deployer is required to lock 500,000 HYPE as collateral. This serves as a safeguard against market manipulation, and validators have the authority to seize these funds if any malicious activity is detected. Consequently, the party responsible for the listing must manage the oracle, leverage parameters, settlement logic, and overall market integrity.
Furthermore, the deployer is entitled to a share of the trading fees, receiving 50% of market fees along with any custom fees they establish. This arrangement not only offers potential profit but also incentivizes thorough due diligence.
Growing Popularity of COIN as a Crypto Stock
This listing signifies a growing interest among crypto traders to gain exposure to traditional stocks through on-chain markets. It arrives at a time when Coinbase's share price has experienced significant fluctuations, largely influenced by shifting sentiment across the cryptocurrency sector. By adding COIN perpetuals, Hyperliquid provides traders with a method to speculate on Coinbase’s price movements without needing a conventional brokerage account.
COIN has seen a decrease of approximately 0.60% over the past 24 hours, with trading volume remaining active at around $824.7 million. Open interest is close to $562.5 million, indicating strong participation, while the funding rate of 0.0013% suggests a balanced market between buyers and sellers.
The stock has exhibited considerable volatility recently. According to analyst Yimin X on X, “$COIN has given back its entire post-earnings rally. And then some.” He identified support around the $300 level and cautioned that a breach below this zone could indicate a weakening bullish trend. He also advised strict stop-loss measures due to the current market conditions.
Another technical analyst, FibonacciTrading, presented a more optimistic outlook. “As long as it stays within the Fibs and above the EMA cloud, it’s just a healthy reset,” they stated. The stock closed at $307.32 on the Nasdaq, marking a 6.99% decline, and saw a slight recovery in after-hours trading to $311.47.
Despite an initial significant drop after its public debut, Yahoo Finance data indicates that COIN managed to rebound throughout 2023 and 2024. However, it is still trading approximately 19% below its long-term price level. As of the latest market close, the stock was priced at $307.32, reflecting a substantial decrease of $23.10, or 6.99%.
Potential Coinbase Listing of Hyperliquid
Hyperliquid’s native token, HYPE, is not currently available for trading on Coinbase, though users can access it via Coinbase Wallet. Polymarket traders are currently assigning a roughly 43% probability to a Coinbase listing before December 31, 2025. This probability had previously exceeded 60% in late October, but sentiment has cooled as market conditions evolved.
Hyperliquid has experienced notable growth over the past year. According to DefiLIama data, its total value locked has increased from approximately $600 million in October 2024 to about $4.75 billion. The platform's annual fee and revenue figures, both nearing $1.3 billion, are achieved without incentive payouts, suggesting that the activity is not driven by reward programs.
In the last month, trading volume in perpetual markets reached approximately $302 billion, with open interest standing near $7.17 billion. The HYPE token is currently trading at around $40, giving it a market capitalization close to $10.87 billion, according to CoinMarketCap data.