Binance has rolled out two new perpetual contracts — HYPEUSDC and TRXUSDC — both offering leverage of up to 75x, according to an exchange notice posted on the company's website on November 11. Perpetual contracts are derivatives with no expiry date that let traders take leveraged long or short positions; at 75x, a fully margined position controls exposure worth 75 times its collateral, so an adverse move of roughly 1.3% can wipe out the margin. HYPE is the native token of the Hyperliquid platform, while TRX is the native token of the TRON blockchain. The timing of the launch could hardly be more sensitive.

Just one day earlier, on November 10, Binance warned users about an iOS vulnerability known as “worse_query,” through which malicious actors can read seed phrases and private keys stored on a user's Apple device. Because those credentials grant full control over the wallets they protect, their exposure ranks among the most serious security risks in crypto. Although no attacks have been confirmed, the advisory has done little to help investor sentiment. Likewise, the new listings have done little to lift expectations around Hyperliquid (HYPE) and Tron (TRX), both of which were already struggling before the announcement.

Why HYPE Could Be the First to Fall

HYPE is down 3.4% over the past 24 hours and 14.7% over the last week, trading at $72.15 at press time, according to CoinGecko. Meanwhile, the Long/Short Ratio stood at 2.62, implying that traders are betting against the downtrend — a reading above 2 signals that long exposure outweighs short exposure by more than two to one.

If the price continues sliding, leveraged long positions face liquidation, potentially setting off a liquidation cascade that accelerates the decline — a chain reaction in which forced selling from unwound longs pushes prices lower and triggers the next round of liquidations. On its own, a 75x contract does little to change that picture if HYPE cannot recover independently.

TRX Refuses to Budge

Per AMBCrypto's review of TradingView's monthly (1M) chart, TRX has been consolidating in the $0.31–$0.35 range. Its Relative Strength Index (RSI) — a momentum indicator scored from 0 to 100, where readings above 70 are generally considered overbought — currently reads 60.27, showing that buyers have held the upper hand recently. The token is not yet overbought, leaving room for further upside.

At press time, Tron's Open Interest was stagnant at 165.3 million, indicating a lean toward sellers — though nothing decisive has emerged. Open Interest measures the total number of outstanding derivative positions, and flat readings suggest fresh capital is not entering decisively. TRON is showing no breakout, no breakdown, and no clear directional signal. Even if the new contract brings some extra volume, the token's consolidation appears set to continue for now.

Will Anything Change?

HYPE faces real selling pressure that exists regardless of the Binance news, though the new contract could serve as a trigger for a cascade. How its long-heavy positioning unwinds — gradually or through forced liquidations — is the variable to watch. TRX, by contrast, continues to look rangebound, and a new perpetual listing is unlikely to change that dynamic anytime soon; whether open interest expands near the range boundaries would be the signal to monitor.

Bottom Line

Binance launched two new 75x perpetual contracts while simultaneously warning users about an iOS flaw that could expose private keys. With sentiment already shaky, the announcement offered no lift to either token. HYPE's ongoing downtrend leaves leveraged positions exposed to a potential liquidation cascade, while TRX lacks direction and may keep ranging.