Hyperliquid achieved a record trading volume of 248 billion USD in May, accounting for over 10% of Binance's cash flow.

Hyperliquid has recorded a monthly all-time high in perpetual futures contract volume, with over 248 billion USD in trading activity for perpetual futures (perp) in May, an increase of 51.5% compared to the volume of 187.5 billion USD in April.

Previously, Hyperliquid only facilitated 26.3 billion USD in perp trading volume in May 2024. The platform has seen an increase of 843% on an annual timeframe.

This explosive growth highlights the protocol's position as the dominant project in the on-chain perpetual futures market, successfully combining the performance of CEX.

Moreover, the ratio of Hyperliquid's monthly perpetual contract volume to the centralized exchange Binance has surged to a record high of 10.54%. This figure exceeds the previous peak of 9.76% in April.

! Source: The Block DataThis indicator is representative of Hyperliquid's relative dominance in the overall perp market, indicating the explosive growth of the platform.

The main drivers behind Hyperliquid's growth compared to Binance are Hyperliquid's UX, competing with CEX functionalities while minimizing custody risks, as well as the Season 2 Points campaign, attracting traders after the extremely successful Season 1 airdrop.

These factors have also driven the total futures trading volume of DEX compared to CEX, which has fluctuated near record highs over the past few months.

In May, this index reached 6.84%, slightly lower than the ATH of 7.06% in February. As of now, this figure has an average of 6.7%, much higher than the average threshold in the past.

In 2022, futures trading on DEX products accounted for less than 2% of the global flow of funds into perpetual futures contracts. This figure doubled to a peak of 5.19% by mid-2024 and has since remained stable above 6.8% in 2025.

If this trend continues as DEX infrastructure narrows the gap and integrates stablecoin on-ramps, then this ratio is likely to reach double digits by the end of this year.

Vincent

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