Hyperliquid’s Derivatives Market Share Reaches 6.63%

Hyperliquid's trading volume share of perpetual futures reached 6.63% in May.

In May, the trading volume share of perpetual futures on Hyperliquid rose to a record 6.63% of the total turnover on CEX — $200 million out of $3 trillion.

For comparison, relative to the turnover of the largest crypto exchange Binance, the figure was 14.4%. In June, the platform’s expansion continued — at the time of writing, its share is around 7.5%.

The growth driver was the launch of the HIP-3 mechanism, allowing third-party teams to create their own markets for perpetual contracts. In May, turnover in this segment exceeded $62 billion. The cumulative 30-day trading volume of derivatives on Hyperliquid reached $176.97 billion.

Open interest (OI) on the platform is estimated at $9.82 billion — accounting for 54% of the total OI of all protocols in the perp-DEX segment.

The HIP-3 mechanism requires developers to lock 500,000 HYPE in staking to deploy a platform with independent order books and a margin system. The deployer’s share in commissions is fixed at 50%.

The platform’s growth was driven not only by cryptocurrencies but also by synthetic assets: tokenized stocks (Tesla, Apple, Nvidia), commodities, and contracts for the valuation of private companies (OpenAI, SpaceX).

Amid the protocol’s success, the native token HYPE reached a new all-time high. On June 2, the price hit $75.48. At the time of writing, the asset is trading at $65.15 with a market capitalization of $14.46 billion.

Notably, at its nominal price, HYPE surpassed Solana: SOL is trading at $68.64. However, the market capitalization of the “people’s cryptocurrency” ($39.23 billion) still significantly exceeds Hyperliquid’s figures.

In May, Grayscale Research analysts called the platform a breakthrough in DeFi.

Later, the head of ICE acknowledged Hyperliquid’s growth and demanded “equal rules” for on-chain futures.