Hyperliquid is rapidly gaining ground in the world of perpetual futures trading. In May alone, the platform recorded over $248 billion in volume, marking an 843% year-over-year increase. This surge is positioning Hyperliquid as a serious competitor to Binance, the long-time leader in the space.

Perpetual Volume Hits New All-Time High

According to a report by The Block, Hyperliquid’s perpetual trading volume soared from $26.3 billion in May 2024 to a staggering $248 billion this year. That’s a 51.5% increase from April’s $187.5 billion, and a clear signal of massive market traction.

Currently, Hyperliquid’s monthly volume is 10.54% of Binance’s, a significant rise from April’s 9.76%. This continued growth shows the platform is no longer just a niche player—it’s shaping up as a serious contender.

What’s Fueling Hyperliquid’s Growth?

Much of the momentum is attributed to Hyperliquid’s strong user experience (UX) and its popular Season 2 points campaign, following the success of Season 1’s airdrop. The platform also blends the performance of centralized exchanges (CEX) with native crypto infrastructure, attracting a new wave of traders.

In fact, Hyperliquid’s revenue recently surpassed Ethereum, Solana, and BNB Chain, fueled by increased trading activity. A key moment came when crypto trader James Wynn placed massive leverage bets, which drove a spike in platform usage.

The platform’s Total Value Locked (TVL) doubled in just one month, hitting $1.46 billion, thanks in part to its partial liquidation mechanism introduced in March. This system helps reduce risk during periods of high market volatility.

HYPE Token Rides the Momentum

With trading volume surging, Hyperliquid’s native token HYPE has caught investor attention. In May, the token jumped by 75%, making it one of the month’s top-performing cryptocurrencies.

Open Interest (OI) on the platform also rose sharply. In just two days, it climbed from $8 billion to $9.2 billion, with Bitcoin derivatives contributing over $4.2 billion—more than 40% of the platform’s total OI.

At its peak, HYPE reached an all-time high of $37.44 and saw its market cap surpass $12 billion. At the time of writing, HYPE trades at $33.65, down slightly by 2.81% in the past 24 hours, with a current market cap of $11.21 billion and $223.56 million in trading volume.

Will Hyperliquid Overtake Binance?

While it’s too early to say whether Hyperliquid can fully unseat Binance, the platform’s rapid growth and rising influence suggest a significant market shift. Its strong UX, innovative features, and aggressive campaigns continue to attract users and trading volume alike.

As HYPE’s price fluctuates, traders and analysts are watching closely to see whether increased volume translates into long-term dominance.