With the clock ticking down to HIFI’s removal from Binance, cryptocurrency traders are heavily investing in its derivatives. This surge in activity has made it one of the most significant movers in the crypto derivatives market this week.
According to data provided by Coinglass, trading volumes for HIFI-related contracts skyrocketed on Saturday, reaching $6.17 billion within a 24-hour period. This represents a more than six-fold increase compared to the trading volume recorded the day before. This impressive surge propelled HIFI derivatives into the top 10 most actively traded assets, surpassing even well-known cryptocurrencies like Cardano and Avalanche.
HIFI Derivatives See $6.17 Billion Volume Surge Ahead of Binance Exit
Concurrently, HIFI’s open interest – representing the total value of outstanding contracts – more than doubled, reaching $113 million. Market watchers often interpret such large increases as indicators of traders preparing for substantial price fluctuations.
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Analyzing trading activity, Binance emerged as the dominant platform, facilitating $2.7 billion in trades. Bybit followed with $1.09 billion, and Bitget recorded $756 million.
Notably, the exchange led by Richard Teng also topped the charts in open interest, holding $33 million in active contracts, exceeding Bybit’s $27 million.
Interestingly, this derivatives frenzy has also influenced the spot price of HIFI.
HIFI’s value surged by over 200% within a single day, reaching $0.47 after briefly hitting $0.81 earlier in the week. This surge extended a seven-day rally, pushing the token nearly 650% higher than its value at the beginning of September.
This significant price movement highlights how speculative trading can amplify market volatility when tokens experience structural changes like delisting from exchanges. While the initial delisting announcement raised concerns about HIFI’s future, derivatives traders seem to view it as a short-term opportunity rather than a critical setback.
Despite the project’s current circumstances, the HIFI team has acknowledged the community’s concerns while reaffirming its commitment to core operations. The team stated that they will maintain vital infrastructure, fulfill their obligations, and support users “with professionalism and politeness.”
HIFI itself operates as a decentralized finance (DeFi) protocol on the Ethereum blockchain, facilitating fixed-rate borrowing using both digital assets and real-world assets as collateral.
As of August, it reported over $20 million in total value locked (TVL), while its DAO (Decentralized Autonomous Organization) treasury managed just over $5.1 million in liquidity.