• Hyperliquid reached $248 billion in May perps volume, up 51.5% month-over-month.
  • Year-over-year growth hit 843%, compared to $26.3 billion last May.

Hyperliquid’s native token HYPE trades at $34.78 after briefly touching $34.94. It has gained 1.77% over the last 24 hours. Market cap rose to $11.61 billion, with circulating supply at 333.92 million tokens. Trading volume surged 59.4% to $159.21 million, lifting the volume-to-market cap ratio to 1.38%.

Despite modest price movement, Hyperliquid’s on-chain futures platform hit a record $248 billion in perpetual volume in May. That marks a 51.5% jump from April’s $187.5 billion and an 843% increase year-on-year. Just 12 months ago, volume stood at $26.3 billion.

The surge occurred during what traders dubbed the “James Wynn frenzy.” Wynn, a high-profile pseudonymous trader, lost $100 million after a 40x leveraged Bitcoin position worth $1.25 billion was liquidated following a sudden dip in BTC. 

The market move followed a tweet from former U.S. President Donald Trump , triggering Wynn’s collapse. His story, which began with a $ 7,000 to $25 million PEPE bet, has become a cautionary tale within crypto circles.

HYPE Stalls Amid DEX Growth

Hyperliquid’s growing presence now rivals centralized giants. In May, its perps volume reached 10.54% of Binance’s, up from 9.76% in April. The platform’s rise is fueled by its CEX-like performance, non-custodial architecture, and a widely followed Season 2 points campaign.

In a broader context, decentralized perps platforms captured 6.84% of global futures flows in May. While just shy of February’s 7.06% record, it reflects a sharp climb from under 2% in 2022. Analysts expect DEX perps to break above 10% share before year-end.

Technically, HYPE faces resistance at $36.00 and support at $32.00. RSI stands at 59.64, below its average of 65.14, signaling fading momentum. The CMF sits flat at 0.00, showing capital flows are neutral. Without strong volume on green candles, upside may stall unless bulls reclaim $36.

The moving averages on the RSI chart show a bearish crossover in late May. That shift coincided with the recent pullback from highs above $38.00. No new crossover has formed yet, signaling caution. Any fresh bullish crossover could renew upside traction.

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