Hyperliquid vs. Binance: Token Listings, Fees, and the Future of Crypto Exchanges

A deep dive into the clash between Hyperliquid and Binance over token listing practices, fees, and the evolving landscape of crypto exchanges, plus Hyperliquid's new INDODAX listing.

The crypto world's been buzzing about the contrasting approaches of Hyperliquid and Binance when it comes to listing new tokens. It's a showdown between centralized power and decentralized ideals, and everyone's got an opinion. Let's break down what's happening and why it matters.

The Listing Debate: Binance vs. Hyperliquid

The drama started when Binance's CZ (Changpeng Zhao) defended Binance's listing policies. CZ emphasized that strong projects shouldn't have to shell out cash to get listed. His argument? If your project is legit, exchanges will be lining up to list you. But if you're begging for a listing, maybe it's time to re-evaluate your project.

This came after whispers about Binance allegedly asking for 8% to 10% of a token's supply for a listing. Crypto analyst Ibrahim even pointed to the $WAL token as an example of Binance's listing approach negatively impacting market performance.

Hyperliquid, on the other hand, came out swinging, touting its open system. No listing fees, no gatekeepers, nada. Anyone can launch a spot asset by paying a small gas fee in HYPE, making the process transparent and fair. Plus, deployers can earn up to 50% of trading fees from their spot pairs. It's a stark contrast to Binance's more centralized, and potentially costly, approach.

CZ Responds: No Ties to Hyperliquid

CZ also addressed rumors about Binance being linked to Hyperliquid. He clarified that there are no current investment ties, though Hyperliquid's founder, Jeff Yan, did participate in Binance Labs' incubation program back in 2018. However, that project didn't take off.

CZ even took a jab at Hyperliquid's transparent on-chain order book, arguing that it exposes trading strategies. According to CZ, Wall Street traders wouldn't want their orders visible in real-time.

Hyperliquid's Latest Move: Permissionless Perpetual Futures

Hyperliquid isn't just talking the talk; they're walking the walk with their latest upgrade, HIP-3. This upgrade is a major step towards decentralizing the perpetual futures listing process, allowing users and developers to launch their own perpetual futures exchanges on the platform. Think of it as building your own mini-Binance, but on Hyperliquid.

HIP-3 brings builder-deployed perpetuals, sharing characteristics with HyperCore. Gas fees in HYPE are determined through a Dutch auction every 31 hours. The staking requirement is set at 500,000 HYPE for the mainnet, but it's expected to decrease as the infrastructure matures. Any deployer meeting the staking criterion can establish one perpetual DEX, with independent margin, order books, and deployer settings.

Hyperliquid Lands on INDODAX

In other news, Hyperliquid's native token, HYPE, has been listed on INDODAX, the largest crypto exchange in Indonesia. This listing, which occurred on October 16, 2025, gives Indonesian traders direct access to HYPE through the HYPE/IDR pair. Alongside HYPE, INDODAX also listed Palapa (PLPA), Avantis (AVNT), Aster (ASTER), and RED (RED2), expanding its offerings in the Indonesian market.

My Take: A Shifting Landscape

The clash between Binance and Hyperliquid highlights a growing trend: the push for decentralization in the crypto space. While Binance offers liquidity and exposure, the listing requirements can be a barrier for smaller projects. Hyperliquid's open system levels the playing field, allowing anyone to participate. This matters because the future of crypto depends on empowering innovation, not gatekeeping it.

Binance's model isn't necessarily evil, however. Let's be real, the need for security deposits to protect users from scam projects has some validity. However, the 8-10% token ask for a listing seems a bit steep, especially for projects just starting out. I think both exchanges have their merits, and the best solution will likely be somewhere in the middle: a system that balances accessibility with security and fairness.

Final Thoughts

So, what does all this mean? The crypto world is evolving, and the debate over listing practices is just one piece of the puzzle. Whether you're team Binance or team Hyperliquid, it's clear that the future of crypto exchanges will be shaped by the ongoing tension between centralization and decentralization. Buckle up, it's going to be a wild ride!