Hyperliquid's share of monthly perpetual futures volume against all centralized exchanges reached 6.63% in May, marking its highest level on record, while the ratio against Binance alone rose to a record 14.4%. The growth was driven by HIP-3, Hyperliquid's builder-deployed perpetual framework, which posted more than $62 billion in volume in May and had $3 billion in open interest at the time of writing. The decentralized exchange has continued gaining relative share even as centralized platforms remain the largest venues for crypto derivatives, with HIP-3 emerging as the main growth engine rather than standard crypto perpetual trading.
HIP-3 Framework Posts $62 Billion Volume in May
HIP-3, Hyperliquid's builder-deployed perpetual framework, generated more than $62 billion in volume in May. At the time of writing, the framework had $3 billion in open interest. The framework allows builders to launch specialized perpetual markets under Hyperliquid's infrastructure, giving the ecosystem a broader asset menu without requiring every product to be launched directly by the core exchange.
Hyperliquid's pure crypto volumes are down sharply on a year-over-year basis, matching the broader decline across exchanges during the crypto market downturn. Protocol fees from HIP-3 flow through to the broader ecosystem. The framework has become the main driver of Hyperliquid's market share expansion, with growth concentrated in tokenized equity and pre-IPO perpetual products rather than standard crypto derivatives.
Trade.xyz Accounts for Over 90% of HIP-3 Builder Share
Trade.xyz accounts for more than 90% of builder share under HIP-3. This concentration gives the current HIP-3 ecosystem a clear leader. The framework's asset breadth and builder ecosystem have contributed to Hyperliquid's category lead in tokenized equity and pre-IPO perpetual markets.
Hyperliquid benefits from the SEC's innovation exemption. This regulatory positioning has allowed the market to focus on competitive dynamics rather than immediate regulatory constraints, though it does not eliminate legal risk from tokenized equity and pre-IPO products.
Binance Discloses $280 Million Pre-IPO Product Volume
Binance launched equity and pre-IPO perpetuals over the past month or two. The exchange disclosed $280 million in cumulative volume across its pre-IPO products in the first 5 days. This figure remains small compared with HIP-3's more than $62 billion in May volume.
Binance's partnership with Nest Trading and Alpaca introduced spot tokenized shares. The partnership connects tokenized spot access with perpetual futures products on the same platform. For now, Binance's entry has not meaningfully affected Hyperliquid's lead in the category.
FAQ
What market share did Hyperliquid achieve against Binance in May?
Hyperliquid's ratio of monthly perpetual futures volume against Binance alone reached 14.4% in May, its highest level on record. Against all centralized exchanges, the share reached 6.63% in May.
How much volume did HIP-3 generate in May?
HIP-3, Hyperliquid's builder-deployed perpetual framework, posted more than $62 billion in volume in May and had $3 billion in open interest at the time of writing. Trade.xyz accounts for more than 90% of builder share under HIP-3.
What volume has Binance disclosed for its pre-IPO products?
Binance disclosed $280 million in cumulative volume across its pre-IPO products in the first 5 days after launching equity and pre-IPO perpetuals over the past month or two.
