HIFI Derivatives Hit $6 Billion as Traders Flood Market Ahead of Binance Delisting
Crypto merchants are piling into HIFI derivatives as the token’s removing from Binance attracts close to, sparking one of the steepest surges in exercise throughout the crypto derivatives market this week.
Data from Coinglass confirmed that contracts tied to HIFI soared to $6.17 billion in 24-hour buying and selling quantity on Saturday, marking a greater than sixfold improve in contrast with the day prior to this. That spike propelled HIFI derivatives into the highest 10 most-traded property, eclipsing established gamers such as Cardano and Avalanche.
HIFI Traders Push Derivatives Volume to $6.17 Billion as Binance Delisting Nears
At the identical time, HIFI open interest—the total value of unsettled contracts—greater than doubled to $113 million. Market analysts usually deal with such jumps as an indication that merchants are positioning for dramatic value swings.
A breakdown of the actions confirmed that Binance dominated the space, recording $2.7 billion in trades, whereas Bybit and Bitget trailed with $1.09 billion and $756 million, respectively.
Notably, the Richard Teng-led exchange additionally led in open curiosity with $33 million in lively contracts, outpacing Bybit’s $27 million.
Interestingly, the push into derivatives has spilled over into spot costs.
HIFI gained greater than 200% in a single day, climbing to $0.47 after briefly touching $0.81 earlier within the week. That rally prolonged a seven-day run that left the token nearly 650% higher than the start of September.
The dramatic transfer illustrates how speculative positioning can intensify volatility when tokens face structural shifts like exchange delistings. While the choice initially forged doubt on HIFI’s outlook, derivatives merchants seem like treating the exit as a short-term alternative somewhat than a terminal blow.
Despite the venture’s present destiny, the HIFI crew acknowledged the group’s frustration however pledged to remain targeted on core operations. The crew mentioned it will preserve key infrastructure, honor obligations, and assist customers “with professionalism and politeness.”
HIFI itself capabilities as a decentralized finance protocol on Ethereum that permits fixed-rate borrowing against both digital and real-world collateral.
As of August, it secured greater than $20 million in whole worth locked, whereas its DAO treasury managed simply over $5.1 million in liquidity.
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