In May, the trading volume of perpetual futures on Hyperliquid surged to a record 6.63% of the total turnover on centralized exchanges (CEX), amounting to $200 million out of $3 trillion.
For comparison, this figure represented 14.4% of the turnover of the largest cryptocurrency exchange, Binance. In June, the platform's expansion continued, with its market share hovering around 7.5% at the time of writing.
The growth driver was the launch of the HIP-3 mechanism, which allows third-party teams to create their own markets for perpetual contracts. In May, the turnover in this segment exceeded $62 billion. The total 30-day trading volume of derivatives on Hyperliquid reached $176.97 billion.
The open interest (OI) on the platform is estimated at $9.82 billion, accounting for 54% of the total OI across all protocols in the perp-DEX segment.
Source: DefiLlama.The HIP-3 mechanism requires developers to stake 500,000 HYPE to deploy a platform with independent order books and a margin system. The deployer's share of the fees is fixed at 50%.
The platform's growth has been fueled not only by cryptocurrencies but also by synthetic assets, including tokenized stocks (Tesla, Apple, Nvidia), commodities, and contracts for valuing private companies (OpenAI, SpaceX).
Amid the protocol's successes, the native token HYPE reached an all-time high. On June 2, prices hit $75.48. At the time of writing, the asset is trading at $65.15 with a market capitalization of $14.46 billion.
Hourly chart of HYPE/USDT on KuCoin. Source: TradingView.Notably, at its nominal price, HYPE has surpassed Solana, which is trading at $68.64. However, the market capitalization of the "people's cryptocurrency" ($39.23 billion) still significantly exceeds that of Hyperliquid.
As a reminder, in May, analysts from Grayscale Research called the platform a breakthrough in DeFi.
Later, the head of ICE acknowledged Hyperliquid's growth and called for "equal rules" for on-chain futures.