Binance launched spot trading for Hyperliquid’s HYPE token with a high-risk Seed Tag, requiring users to complete a risk quiz and retake it every 90 days. HYPE ranked as the 11th-largest cryptocurrency by market capitalization and traded against USDT, USDC and the Turkish lira at launch. The token fell 4.5% as whale wallets moved tokens to exchanges after reaching a record $98 on September 23. Its limited float—about 26% of 1 billion tokens—is amplifying price movements. Hyperliquid Strategies bought 494,200 HYPE worth about $45.8 million on September 25, while three U.S. HYPE ETFs held $502 million and had attracted $342 million in net investor contributions, down from a $357 million peak. The Seed Tag signals volatility rather than a judgment on Hyperliquid’s fundamentals.