Hyperliquid Hits Record Perps Share as HIP-3 Tops $62B Monthly Volume

Hyperliquid's share of monthly perpetual volume against all centralized exchanges reached 6.63% in May, its highest point ever. Against Binance specifically, the ratio hit a record 14.4%.

HIP-3, Hyperliquid's builder-deployed perpetual framework, has been the engine behind this growth, posting over $62 billion in volume in May alone and $3 billion in open interest at the time of writing. Over the past month or two, Binance has launched its own equity and pre-IPO perps on its platform, disclosing $280 million in cumulative volume across its pre-IPO perpetuals in their first five days. Against that, HIP-3 printing roughly $62 billion in May suggests its lead in the category is wide enough that Binance's entry has not meaningfully dented it.

Amid all the bullish sentiment on HIP-3, it is worth noting that Hyperliquid's pure crypto volumes are down significantly on a year-over-year basis, as is the case with other exchanges due to the broader crypto market downturn. This is still fine for the bullish case on HYPE, since HIP-3 fees flow through to the protocol regardless, but it does mean the binary risk concentration sits on tokenized-equity flow rather than on crypto market structure. If Binance's equity perps were to achieve significant adoption, which is highly possible given its large existing user base, alongside the introduction of spot tokenized shares via a partnership with Nest Trading and Alpaca, then Hyperliquid's category lead could compress faster than its crypto-native business can backstop.

With Hyperliquid and HIP-3 now blessed on the regulatory side via the SEC's innovation exemption, the durability question shifts to whether Trade.xyz can hold its >90% builder share as new entrants spin up under the same framework, and whether Hyperliquid's asset breadth advantage over Binance widens or narrows.

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