Hyperliquid’s share of perpetual futures trading climbed to a record in May, reaching 6.63% of total global centralized exchange perpetual volume, while its perps volume rose to 14.4% of Binance’s, also a new high. Karthik Subramanian said developer-deployed markets supported by the HIP-3 framework generated more than $62 billion in monthly volume. Binance, OKX, Bybit and Bitget still dominated global perpetual activity, with Binance leading, highlighting both Hyperliquid’s growth and the market’s continued concentration among the largest venues.