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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Amid all the bullish sentiment on HIP-3, it is worth noting that Hyperliquid's pure crypto volumes are down significantly on a year-over-year basis, as is the case with other exchanges due to the broader crypto market downturn.
This is still fine for the bullish case on (HYPE) as HIP-3 fees flow through to the protocol anyway, but it means the binary risk concentration is on tokenized-equity flow rather than on crypto market structure.
If Binance's equity perps were to achieve significant adoption, which is highly possible considering its large existing user base, in addition to the introduction of spot tokenized shares onto the platform via a partnership with Nest Trading and Alpaca, then Hyperliquid's category lead could compress faster than its crypto-native business can backstop.
With Hyperliquid and HIP-3 now blessed on the regulatory side via the SEC’s innovation exemption, the durability question is now on whether Trade.xyz can hold its >90% builder share as new entrants spin up under the same framework, and whether Hyperliquid's asset breadth advantage over Binance widens or narrows.