Hyperliquid processes record share of global perpetual futures

Hyperliquid has reached an impressive milestone: in May, the platform accounted for a record 6.63% of total global CEX perpetual futures volume. Relative to Binance, that share even rose to 14.4%, also a new all-time high. The growth is unmistakable, even though the HYPE price currently stands at $68,14. a decline of 5.7% over the past 24 hours.

Hyperliquid is available at OKX and Bybit.

HIP-3 as the driving force behind growth

The strong volume figures are largely attributable to Hyperliquid’s HIP-3 framework. In May alone, this framework generated more than $62 billion in trading volume, with open interest of approximately $3 billion. This proves HIP-3 is a serious engine behind the platform’s expansion.

Yet the picture is not entirely rosy. The report shows that Hyperliquid’s pure crypto perpetuals volume is still declining year-on-year, partly due to broader weakness in the crypto market. The rise in market share is therefore more the result of relatively strong performance compared with competitors than of absolute growth. As such, Hyperliquid is increasingly positioning itself as a serious player in the world of derivatives trading.

Hyperliquid gains ground on major exchanges

The Block’s chart clearly illustrates how the ratio between Hyperliquid and traditional centralised exchanges has developed in recent months. Whereas the share previously fluctuated around 4% to 5%, the ratio shot up towards 7% in May 2026. That is a notable increase in a period when total market volumes were actually lower than in previous months.

The development fits a broader trend in which decentralised perpetual platforms are gaining ground on centralised alternatives. For example, OpenSea recently launched perpetual contracts via Hyperliquid, further reinforcing the protocol’s growing position. Platforms such as Kalshi are also launching Bitcoin perpetual contracts, indicating that interest in perpetuals is broad. Those who want to learn more about the platform itself can consult the Hyperliquid review on Blockchain Stories.