Hyperliquid hits all-time high in global perpetual futures market share

Hyperliquid's (HYPE) share of perpetual futures trading volume across all centralized exchanges hit a new all-time high of 6.63% in May, The Block reported. Its share relative to Binance also reached a record 14.4%. The platform recorded over $62 billion in trading volume last month, and its open interest currently stands at around $3 billion. While Binance recently launched perpetual futures for private stocks, they are seen as falling short of Hyperliquid's HIP-3. However, HYPE's trading volume has seen a slight decrease amid the market downturn. The outlet added that while Hyperliquid currently has a first-mover advantage, this lead could quickly shrink if Binance, with its vast user base, fully introduces spot trading for stock tokens. While regulatory risks have been addressed through an innovation exemption from the U.S. SEC, its future sustainability will depend on whether the Hyperliquid-based trading platform Trade.xyz can maintain its market share and whether Hyperliquid can preserve its advantage in asset diversity over Binance.