Hyperliquid's May perpetual contract trading volume accounted for 6.63% of the global CEX market, reaching a new all-time high.

BlockBeats News, June 4th. Decentralized derivatives platform Hyperliquid's perpetual contract trading volume in May accounted for 6.63% of the total perpetual contract trading volume on global centralized exchanges (CEX), reaching a new all-time high. During the same period, the volume has reached 14.4% of Binance's.

Data shows that Hyperliquid is gradually expanding from the DeFi sector to the broader cryptocurrency derivatives market, directly competing with centralized exchanges such as Binance, OKX, Bybit, and Bitget. In May, the new markets deployed through the HIP-3 framework contributed over $62 billion in trading volume, driving overall platform growth.

Analysis believes that as on-chain perpetual contracts mature from a niche market to mainstream, with features such as low-latency order books, self-custody models, and a more diverse trading market, they are beginning to exert competitive pressure on traditional centralized exchanges.

Industry insiders point out that the continuous growth in Hyperliquid's trading volume may further incentivize centralized exchanges to optimize product speed, transparency, and capital efficiency, while also driving market makers and institutions to accelerate their deployment on-chain infrastructure. As the decentralized derivatives market continues to grow, regulatory bodies may also strengthen their oversight of high-leverage on-chain trading activities.