Hyperliquid has reached a record 8.3% share of aggregate perpetual futures open interest. That marks a fresh high in its push into a market long dominated by centralized exchanges, and it means a larger slice of outstanding leveraged positions is now sitting onchain rather than on exchange balance sheets.
The move is not only about open interest. In May, Hyperliquid’s share of monthly perpetual volume against centralized exchanges reached a record 6.63%, while its ratio against Binance hit 14.4%. The platform’s HIP-3 framework for builder-deployed perpetual markets generated more than $62 billion in monthly volume and about $3 billion in open interest, helping drive the venue’s broader expansion. Recent reporting also put Hyperliquid’s total open interest at about $7 billion in late May.
Taken together, the numbers show Hyperliquid gaining share in perpetual futures as more activity moves onchain.