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What is kHYPE?

kHYPE is a wrapped HYPE token issued by Kraken. It's fully backed 1:1 by HYPE held in Kraken's custody and designed for use on Ink, with additional network support planned in the future. This allows you to use HYPE in DeFi activities and other onchain applications on Ink.

kHYPE is a wrapped token. Wrapped tokens are typically backed by, and represent, other crypto-assets, and are created to facilitate compatibility and interaction across different blockchain protocols. In addition to the general risks associated with crypto assets, wrapped tokens like kHYPE have some unique risks. Learn more about kHYPE risks here.

FAQ

Each kHYPE token is fully backed by an equivalent amount of HYPE held by Kraken. This ensures that for every kHYPE in circulation, there is an equal amount of HYPE securely stored by Kraken, providing transparency and security.

Don't trust, verify:

Network

Address

HYPE custody wallet:

0x8f13F610a732d872134494dc2DE14d2fCfdEC5c4

kHYPE Ink smart contract:

0xAd09Cd20e513E4d8cB78036F77Ab9AfdE8555929

Note: the reserve wallet address and explorer link need to be finalized before this section can publish. If any portion of the reserve is staked on Kraken's behalf, that should be reflected here so the balance readers see matches what's actually redeemable.

kHYPE is available to eligible clients in the US, UK, and Australia, and to clients elsewhere on a reverse-solicitation basis. It is not available in Canada. Support for clients in the EEA is expected to follow shortly after launch (targeting on/around 18 September 2026, pending regulatory notification). All geographic restrictions can be found here.

To exchange HYPE for kHYPE, initiate an external withdrawal of HYPE from your Kraken account, and an equivalent amount of kHYPE will be sent to your destination address.

It is important to ensure that the destination supports kHYPE. If you are uncertain, consider doing a small test withdrawal.

  1. 1

    Hold some HYPE in your Kraken account.

  2. 2

    Go to the Portfolio page on Kraken (web or mobile).

  3. 3

    Select Withdraw, and choose HYPE from the asset dropdown.

  4. 4

    Select Ink (kHYPE) from the network dropdown.

  5. 5

    Complete the withdrawal process, and your HYPE will be exchanged to kHYPE on Ink.

To exchange kHYPE back to HYPE, deposit kHYPE into your Kraken account. On the deposit page, select HYPE from the asset dropdown, then select Ink (kHYPE) from the network dropdown and send your kHYPE to that address.

Once the kHYPE is received, Kraken will automatically exchange it back to the HYPE equivalent in your Kraken account.

kHYPE can be used in various onchain activities on Ink at launch. Keep an eye on our blog and this article for the latest updates.

Yes, kHYPE benefits from Kraken's industry-leading security and over a decade of custodial expertise, with the HYPE backing each kHYPE token securely stored in Kraken's segregated wallets.

As a state-chartered bank, Kraken Financial ensures the safety and security expected from a regulated financial institution, with digital assets protected by advanced encryption and security protocols at all times.

No, there are currently no trading pairs available with kHYPE. Minting and redemption happen through withdrawal and deposit only.

Deposit minimum: 0.2 kHYPE

Withdrawal minimum: 0.1 kHYPE

kHYPE is available on Ink at launch. Kraken is exploring support for additional networks in the future.

kHYPE is not the same as HYPE. Holding kHYPE lets you use your HYPE in onchain DeFi activity, like posting it as collateral to borrow, that isn't possible while it sits as native HYPE. Keep in mind that HYPE held in your Kraken account may be eligible to earn staking rewards; once withdrawn as kHYPE, it's no longer in your Kraken account and won't earn those rewards.

There are no fees for depositing or withdrawing kHYPE.

You can convert any amount of HYPE to an equivalent amount of kHYPE, with a minimum equal to the required minimum for withdrawals and deposits (see "What are the transaction parameters for kHYPE?" above).

The conversion rate is 1:1, 1 HYPE equals 1 kHYPE.

Yes, the kHYPE smart contract has undergone thorough reviews by Kraken's engineering and security teams, and a third-party smart contract security audit by Chain Security.

Yes, Kraken is continually exploring opportunities to expand kHYPE's availability. Stay tuned for updates on future network support and keep an eye on kraken.com/khype.

These materials are for general information purposes only and are not investment advice or a recommendation or solicitation to buy, sell, stake, or hold any cryptoasset or to engage in any specific trading strategy. Kraken makes no representation or warranty of any kind, express or implied, as to the accuracy, completeness, timeliness, suitability or validity of any such information and will not be liable for any errors, omissions, or delays in this information or any losses, injuries, or damages arising from its display or use. Geographic restrictions may apply. Custody services provided by Kraken Financial, a Wyoming-chartered Special Purpose Depository Institution. Kraken Financial is not an FDIC-insured bank and deposits are neither insured by nor subject to the protections of the FDIC.