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 reached a record high of 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 over ~$62 billion in May shows that its lead in the category is wide enough that Binance's entry has not yet affected them meaningfully.
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