Plasma Foundation’s new governance and utility token, XPL, began pre-market trading on the Hyperliquid derivatives platform on 22 Aug 2025. Quotes opened near $0.45, briefly reached $0.53 and later stabilised between $0.40 and $0.45, implying a fully diluted valuation of roughly $4.5 billion to $5.1 billion—about ten times the price set during the project’s public sale. Interest was intense: Hyperliquid logged an estimated $60 million to $100 million in volume within the first few hours, while perpetual futures funding rates climbed to around 1,200 percent annualised as traders paid steep premiums to hold long positions. Circulating supply remains zero for now, with both airdrop allocations and venture investor tokens still locked. KuCoin opened its own pre-market session for XPL at 14:00 UTC, adding another venue for early trading. The launch highlights the growing influence of derivatives platforms in setting token prices well before formal Token Generation Events, shifting initial liquidity and volatility away from traditional spot listings.