Hyperliquid Hits $248B in May Perp Volume, Surges Past Binance Milestone

According to The Block the platform has now firmly cemented itself as the top onchain player in the perpetuals space, thanks to its ability to combine centralized exchange (CEX)-like speed with crypto-native infrastructure.

Yearly Growth Tops 843% as Market Share Expands

Looking at the bigger picture, Hyperliquid’s growth has been explosive. Just one year ago, the protocol saw only $26.3 billion in volume for May 2024. That marks an 843% year-over-year increase—a figure few competitors in DeFi or CeFi can match.

Its relentless rise continues to close the gap between onchain and centralized platforms.

Hyperliquid Gains on Binance in Market Share Ratio

Even more telling: Hyperliquid’s share of Binance’s perpetual futures volume hit a new record. The protocol’s monthly ratio relative to Binance rose to 10.54%, beating April’s 9.76%—which at the time was the highest ever.

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That rising ratio signals a broader shift in trader behavior. More capital is flowing into onchain perps, and Hyperliquid is capturing a growing slice of that pie.

The Big Picture

Hyperliquid’s May performance highlights a clear trend: serious traders are embracing onchain speed and autonomy without sacrificing execution quality. If volume growth and market share gains continue at this pace, the protocol could challenge CEX dominance faster than many expected.

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