- Hyperliquid now powers 77% of decentralized perp volume, outpacing rivals and nearing 10% of Binance’s derivatives share.
- $HYPE open interest nears $1B as traders position around key breakout levels, signaling growing institutional-grade demand.
- Breaking out of a wedge, $HYPE rallies 200% with targets at $50–$70, supported by strong inflows and rising on-chain momentum.
Hyperliquid processed $248 billion in perpetual volume in May 2025, representing over 77% of total decentralized derivatives activity. The explosive rise pushes the on-chain exchange into direct comparison with centralized giants.
Hyperliquid Captures Majority Market Share
Hyperliquid’s ascent has accelerated sharply over the past year, securing a growing lead over other decentralized perpetuals platforms. In a post by Kyledoops, it was highlighted that the protocol now commands over 10% of Binance’s total derivatives volume.
Data from DefiLlama confirms this growth, tracking Hyperliquid’s rise from $50 billion in June 2024 to $248.29 billion in May 2025. The May figure accounts for nearly 77% of all decentralized perpetual volumes, eclipsing competitors such as dYdX, Jupiter, and APX Finance.
Monthly volume trends show consistent dominance. From Q4 2024 onward, Hyperliquid maintained between 40% and 70% of monthly decentralized volumes. The December 2024 high of over $300 billion was largely driven by Hyperliquid alone, foreshadowing its Q2 breakout.
$HYPE Open Interest Nears $1 Billion
Open interest for the HYPE-USD perpetual contract is approaching $1 billion on HyperCore. According to NMTD.HL, the setup indicates rising anticipation for a significant price move, backed by sustained capital exposure.
Trading data shows HYPE-USD priced at $34.821 with a 24-hour volume exceeding $300 million. The spread between mark and oracle prices remains within 0.07%, demonstrating strong price efficiency and minimal slippage across trades.
The funding rate sits at 0.0013%, offering low-cost exposure for long positions. Nearly $1 billion in active positions signals institutional-grade commitment, with high liquidity and tight spreads enabling larger strategies.
Bullish Price Structure Builds Momentum
Recent activity signals the market may be entering a new phase, as $HYPE breaks out of a falling wedge formation and establishes support above $31.20. The asset has surged over 200% since reversing from its demand zone near $11.
Bitcoinsensus outlines the breakout from descending resistance and the shift into a steep uptrend. Price action suggests a path toward $50 and $70, with minimal historical resistance and strong continuation structure.
On-chain activity supports this outlook. Wallet inflows and active participation remain strong. Among traders, some believe the bottom is firmly in, while others remain cautious of potential volatility amid high leverage and rising open interest.
The $26 to $34 range now acts as a key launchpad. As price builds toward the next leg up, Hyperliquid remains the core venue for execution, commanding unmatched volume, liquidity, and market share.
