HYPE Token Recovers After Drop

The HYPE token rebounded to $82 on Friday after an intraday drop to $77.59 amid hotter-than-expected U.S. inflation. As of the time of publication, HYPE was trading around $81.88, up 0.8% over 24 hours. The PPI for September rose 6.3% year-on-year against a forecast of 5.3%, reigniting concerns over the Fed rate and impacting risk assets. Long positions took the main hit: according to CoinGlass, long liquidations amounted to about $7 million compared to $810,000 for shorts. Despite the rebound above $80, the token remained below important short-term moving averages.

On Thursday, Ripple announced that Ripple Prime launched perpetual swaps on real assets, covering more than 100 reference markets. The products include stocks, index futures, ETFs, metals, energy, and currency; trading and settlement are 24/7, including weekends. The swaps reference Trade xyz perpetuals on Hyperliquid. Ripple Prime acts as the main counterparty and provides institutional clients access through brokerage services, without direct trading on the decentralized platform. The launch does not create direct or immediate demand growth for HYPE itself.

Clients can use the stablecoin RLUSD as collateral. Ripple Prime also supports cross-margining across eligible asset classes: offsetting exposures can reduce margin requirements depending on the portfolio and rules. According to Ripple, among the users is market maker Virtu. The service currently operates under a CIV BVI license; Ripple plans to expand to other regions but does not specify timelines.

Separately, EQX Labs announced plans to launch 11 tokenized markets for U.S. stocks and ETFs on the HyperCore infrastructure: among them are exposures to Apple, Nvidia, Amazon, and Tesla, plus ETFs on key U.S. markets. The tokens will be traded in the public order book of Hyperliquid and backed by custodial stocks. These are different products than Ripple Prime's perpetuals, but together they indicate an expansion of traditional market exposures around Hyperliquid.