Hyperliquid Surpasses $248 Billion in Perpetual Futures, Puts Pressure on Binance

• Hyperliquid reaches record volume in perpetual contracts
• DEX Hyperliquid Surpasses 10% of Binance’s Share
• Perp on-chain grows with CEX-level UX and airdrop

Hyperliquid, a decentralized derivatives platform, traded more than $248 billion in perpetual futures contracts during the month of May. This represents a 51,5% increase over April, when the volume was $187,5 billion, and puts the DEX in the spotlight in the on-chain derivatives market.

Hyperliquid is eating Binance's lunch right before our eyes.

Hyperliquid daily perp dex volume is now 12% of Binance's. Up from 2% since HYPE TGE half a year ago and seems like it will only continue to climb and claiming new ATHs.

The future of France.

Hyperliquid pic.twitter.com/OtsHC27bnI

— Eugene 有劲 (@eugenegeu) May 28, 2025

In the same month of the previous year, Hyperliquid had moved only US$ 26,3 billion in perpetual trading, showing an increase of 843% compared to May 2024. This jump confirms the consolidation of the platform as one of the leaders in the decentralized futures segment, combining performance comparable to centralized exchanges with native cryptocurrency infrastructure.

Hyperliquid’s share of perpetual volume compared to Binance also reached a significant milestone. In May, the volume ratio between the two platforms reached 10,54%, surpassing the previous peak of 9,76% recorded in April. This metric is considered one of the main measures of relative influence between platforms and reinforces the advance of DEXs over large CEXs.

Among the factors that explain this growth is Hyperliquid’s user experience (UX), praised for its similarity to the usability of centralized exchanges, without the risks associated with custody. Another relevant point is the Season 2 points campaign, which attracted traders encouraged by the returns from the successful airdrop of the 1st phase.

Hyperliquid's growth is also reflected in the indicator that measures the ratio between the volume of futures traded on DEXs and the volume of CEXs. In May, this metric was 6,84%, close to the all-time high of 7,06% recorded in February. In the year to date for 2025, the average is 6,7%, well above the historical average of 2% observed up to 2022.

By mid-2024, DEXs’ share of global crypto futures trading volume had reached 5,19%. In 2025, this share will remain stable at over 6,8%, indicating that the adoption of decentralized derivatives protocols continues to rise, driven by structural improvements such as native stablecoin integration and more competitive spreads.