A shift is unfolding in the crypto derivatives market with various stocks now being made available to trade on crypto exchanges. Following the narrative, Hyperliquid traders will soon gain access to a perpetual contract tied to Coinbase’s COIN stock.
The move follows a successful HIP-3 deployment bid, with the deployer, tradexyz, paying 500 HYPE—equal to about $18,976 at its market value at the time—to secure the ticker, as per Hyperliquid News’ post on X.
The xyz deployer currently supports eight tickers, including xyz:TSLA, xyz:NVDA, xyz:GOLD, and now xyz:COIN. The goal centers around creating synthetic access across equities and commodities in one ecosystem. According to data on OpenHL, the trading for COIN in the HIP-3 market has not started trading yet.
HIP-3 and how token deployment works
Hyperliquid introduced the HIP-3 upgrade on October 13, which opens a permissionless door for new perpetual contract markets to appear on HyperCore. Previously, the core team controlled market additions. Hence, only selected tokens reached listing status based on liquidity and demand. HIP-3 shifts that power to community deployers who compete through a Dutch Auction. The winning participant buys the right to deploy one market every 31 hours.
The deployer locks 500,000 HYPE as security. This acts as insurance against manipulation, and validators can cut it if any malicious activity is detected. Therefore, the listing party must manage the oracle, leverage parameters, settlement logic, and general integrity of the market.
In addition, the deployer receives a portion of trading fees; 50% of market fees plus any custom fees they establish. In addition to possible profit, this strategy promotes thorough inspection.
COIN’s gaining popularity as a crypto stock
The listing reflects growing interest among crypto traders in gaining exposure to traditional stocks through on-chain markets. It comes at a time when Coinbase’s share price has been moving unpredictably, mainly due to shifting sentiment across the crypto sector. Adding COIN perpetuals, Hyperliquid gives traders a way to speculate on Coinbase’s price movements without going through a regular brokerage account.
COIN is down roughly 0.60% over the last 24 hours, though trading remains active at around $824.7 million in volume. Open interest stands near $562.5 million, showing strong participation, while the funding rate of 0.0013% suggests a largely balanced market between buyers and sellers.
The stock has shown heavy volatility recently. According to analyst Yimin X on X, “$COIN has given back its entire post-earnings rally. And then some.” He noted support around $300. He also warned that a break below that zone could signal a weakening bullish setup. He mentioned strict stop-losses due to current market conditions.
Another technical analyst, FibonacciTrading, offered a more constructive view. “As long as it stays within the Fibs and above the EMA cloud, it’s just a healthy reset,” they said. The stock closed at $307.32 on the Nasdaq with a 6.99% drop. It then saw a slight bounce in after-hours trading to $311.47.
Even though COIN dropped a lot after it first went public, Yahoo Finance data shows it managed to climb back through 2023 and 2024. However, it’s still trading about 19% below the long-term price level. As of the latest market close, the stock was priced at $307.32, marking a sharp decline of $23.10, or 6.99%.
Will Coinbase eventually list Hyperliquid?
Hyperliquid’s native token HYPE is not currently tradable on Coinbase, although users can access it through Coinbase Wallet. Polymarket traders now price the chance of a Coinbase listing at around 43% before December 31, 2025. The probability once exceeded 60% in late October. Sentiment cooled as market conditions shifted.
Hyperliquid has seen noticeable growth over the past year. According to DefiLIama data, its total value locked has increased from around $600 million in October 2024 to about $4.75 billion. The platform’s fee and revenue figures, both near $1.3 billion annually, come without incentive payouts, which indicates the activity is not tied to reward programs.
Over the last month, trading volume in perpetual markets reached about $302 billion, and open interest stands near $7.17 billion. The HYPE token currently trades at roughly $40, giving it a market value close to $10.87 billion, as per CoinMarketCap data.
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