The Plasma Foundation’s new governance and utility token, XPL, has begun pre-market trading on the Hyperliquid derivatives platform. The token’s price opened around $0.45, briefly hit $0.53, and has since settled between $0.40 and $0.45. This gives XPL a fully diluted valuation of roughly $4.5 billion to $5.1 billion, which is ten times its public sale price.
Interest in XPL was very high, with Hyperliquid reporting an estimated $60 million to $100 million in trading volume within the first few hours. Funding rates for perpetual futures soared to around 1,200% annually as traders paid a high cost to bet on price increases. The token’s circulating supply is currently zero, as all airdrop and investor tokens are still locked.
KuCoin also launched its own pre-market session for XPL, providing another venue for trading. This event highlights how derivatives platforms are increasingly influential in determining a token’s price and managing early volatility before it is officially listed on spot exchanges.
August 2025, Cryptoniteuae
