Plasma’s mainnet asset, XPL coin, is yet to launch but is already making waves in the crypto market with its pre-market performance. On Binance Futures and Hyperliquid’s 3x leveraged XPL-USD hyperps contract, it is trading at around $0.45, resulting in a fully diluted valuation of $4.5 billion. In the public sale completed in July 2025, 10% of the total supply of 1 billion was sold for $0.05 each, raising $373 million in 10 days. The current prices reflect a tenfold increase, demonstrating substantial early investor interest.
XPL Coin’s Price Surge and the Impact of Leverage
Binance has opened pre-market order books for the XPL coin, while Hyperliquid listed the XPL-USD hyperps contract with up to 3x leverage for long/short positions. Unlike other platforms, Hyperliquid does not use an external spot or index oracle for these contracts. Instead, the funding rate is determined based on the moving average of the contract’s own market price, aiming to reduce manipulation risks commonly found in pre-listing futures products.
Shortly after the contract launch, Hyperliquid data indicated a trading volume of approximately $49 million and an open interest of $33 million. DeFi analyst Ignas shared on his platform that XPL is trading at roughly a tenfold premium based on its public sale valuation. The annualized funding payment for long positions has skyrocketed to around 1200%.
Binance’s Campaigns Fuel Demand for the Altcoin
Binance supported the altcoin‘s pre-market valuation with its project-related campaigns. The exchange announced that the “Plasma USDT Locked Product” initiative, offering daily USDT returns and token production events with XPL rewards, quickly filled its initial quota of 250 million USDT.
On Friday, the total limit was increased to 1 billion USDT, with multiple subscription tiers introduced. The second quota of 250 million USDT was exhausted in three minutes. Bitfinex-backed Plasma, a cryptocurrency-focused Layer-1 network, surpassed its initial target of $50 million during its 10-day public sale by raising $373 million. The network aims to facilitate USDT transfers without fees. Initially, the plan to blend Bitcoin 
$91,967’s UTXO model with EVM was deemed impractical, prompting Plasma to proceed as an independent Layer-1 with minimal reliance on a trusted Bitcoin bridge.
