Crypto traders are piling into HIFI derivatives as the token’s removal from Binance draws near, sparking one of the steepest surges in activity across the crypto derivatives market this week.
Data from Coinglass showed that contracts tied to HIFI soared to $6.17 billion in 24-hour trading volume on Saturday, marking a more than sixfold increase compared with the previous day. That spike propelled HIFI derivatives into the top 10 most-traded assets, eclipsing established players such as Cardano and Avalanche.
HIFI Traders Push Derivatives Volume to $6.17 Billion as Binance Delisting Nears
At the same time, HIFI open interest—the total value of unsettled contracts—more than doubled to $113 million. Market analysts often treat such jumps as a sign that traders are positioning for dramatic price swings.Sponsored
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A breakdown of the activities showed that Binance dominated the space, recording $2.7 billion in trades, while Bybit and Bitget trailed with $1.09 billion and $756 million, respectively.
HiFi Derivatives Volume. Source: CoinGlass
Notably, the Richard Teng-led exchange also led in open interest with $33 million in active contracts, outpacing Bybit’s $27 million.
Interestingly, the rush into derivatives has spilled over into spot prices.
HIFI gained more than 200% in a single day, climbing to $0.47 after briefly touching $0.81 earlier in the week. That rally extended a seven-day run that left the token nearly 650% higher than the start of September.
The dramatic move illustrates how speculative positioning can intensify volatility when tokens face structural shifts like exchange delistings. While the decision initially cast doubt on HIFI’s outlook, derivatives traders appear to be treating the exit as a short-term opportunity rather than a terminal blow.
Despite the project’s current fate, the HIFI team acknowledged the community’s frustration but pledged to stay focused on core operations. The team said it would maintain key infrastructure, honor obligations, and support users “with professionalism and politeness.”
HIFI itself functions as a decentralized finance protocol on Ethereum that enables fixed-rate borrowing against both digital and real-world collateral.
As of August, it secured more than $20 million in total value locked, while its DAO treasury controlled just over $5.1 million in liquidity.
