Hyperliquid’s perpetual contract market share hits a new all-time high, but pure crypto trading volume declines significantly year-on-year.
Source：
www.theblock.co
According to The Block, in May 2026, Hyperliquid’s monthly perpetual futures trading volume accounted for 6.63% of the global centralized exchange market share—a new all-time high; its share relative to Binance also rose to a historic peak of 14.4%. Notably, HIP-3 protocol’s monthly trading volume exceeded $62 billion, with open interest reaching $3 billion.
Despite HIP-3’s strong performance, Hyperliquid’s pure cryptocurrency trading volume declined significantly year-on-year—consistent with broader market weakness that pressured other exchanges.
