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On 24 September 2026 at 11:00 UTC Binance opened spot trading in Hyperliquid (HYPE) against USDT, USDC and TRY under a Seed Tag, and the same day added HYPE to Simple Earn, Convert, VIP Loan and Margin. For Hyperliquid funding carry (short the HYPE perpetual, hold spot HYPE, collect the funding) this is the first Binance venue for the spot hedge. Our first order-book snapshot, taken on 28 September, puts both venues inside the 5 bps slippage our paper model assumes, so the published 5.56% net APR for HYPE stays unchanged until real fills are measured.
Where the numbers live: the front page keeps the carry test with its window and costs; the demo dashboard runs on synthetic data, no account.
Binance listed HYPE on spot with a Seed Tag, its label for innovative projects that may carry higher volatility and risk; to trade them, users pass a quiz every 90 days. From the two official announcements (spot listing, Earn, Convert, VIP Loan and Margin):
A funding carry trade earns the hourly payment perpetual longs make to shorts, while an equal spot position cancels the price risk; buying and later selling that spot leg is the main cost the trader controls. In Huginai’s paper test HYPE returned 5.56% net APR over 60 days (2026-05-10 to 2026-07-08), after taker fees plus 5 bps assumed slippage per leg per side, amortized over a 30-day hold. Method and risks: the 60-day Hyperliquid funding carry report.
Until 24 September Binance had no HYPE spot pair, so our HYPE hedge sat on Hyperliquid’s own spot book, where perp and spot share margin.
On 28 September 2026 at 05:07 UTC a $50,000 market buy of HYPE cost 2.3 bps over mid on Binance HYPE/USDT and 0.9 bps on Hyperliquid’s native book.
| Venue · pair | Spread | $10k buy | $50k buy | 24h volume |
|---|---|---|---|---|
| Binance · HYPE/USDT | 1.1 bps | 0.9 bps | 2.3 bps | $19.4M |
| Binance · HYPE/USDC | 2.2 bps | 1.1 bps | 3.7 bps | $14.3M |
| Hyperliquid spot · HYPE/USDC | 0.1 bps | 0.1 bps | 0.9 bps | $46.3M |
Every row sits below the 5 bps per side our model charges. One snapshot is a single data point, so the assumption stays.
The published numbers stay; the listing adds a hedge venue and new things to measure.
Binance closes the new HYPE spot pairs to residents of Canada and the United States, and Hyperliquid’s Terms of Use (last updated 15 June 2026, section 1.6) list persons in the United States and in Ontario, Canada among Restricted Persons. Huginai runs this strategy on paper only; check your own jurisdiction first.
On 24 September 2026 at 11:00 UTC, with a Seed Tag, plus Earn, Convert, VIP Loan and Margin the same day.
The announcement lists Canada among regions whose residents are excluded from the new HYPE spot pairs.
The income comes from Hyperliquid funding; our one snapshot shows hedge costs already inside the 5 bps assumed. The 5.56% net APR (60 days, paper) is unchanged.
Binance’s label for innovative projects that may carry higher volatility and risk. To trade a Seed Tag token, users pass a quiz every 90 days and accept its Terms of Use.
Three coins, 60 days, after fees and slippage, next to the four strategies that closed. The demo runs on synthetic data, no account needed.