Builder-Deployed Perp Markets Push Hyperliquid to Record Share of Global Perps Volume

§ 01 Executive Snapshot

• What: Hyperliquid achieves a record share of global perpetual futures volume, rising to 7.5% in June from 6.6% in May.
• Who: Hyperliquid, trade.xyz, Ventuals, and various third-party wallets and aggregators.
• Why it matters: This growth signals Hyperliquid's increasing dominance in the decentralized perpetuals market amidst a broader decline in crypto derivatives.

§ 02 Key Developments

• Hyperliquid's share of monthly perpetuals volume reached an all-time high of 7.5% in June 2025.
• The share against Binance specifically peaked at 14.4% in May 2025.
• Builder-deployed markets under the HIP-3 framework cleared over $62 billion in monthly volume in June 2025.
• Open interest at Hyperliquid stands at $9.82 billion, accounting for 54% of the total $18.08 billion across all perpetual DEXs.
• HYPE token traded at $73.31 on a recent Wednesday, with a market cap of $16.31 billion.

§ 03 Strategic Context

• The significant increase in Hyperliquid's market share comes amid a contraction in the broader crypto derivatives market, with centralized exchange volume dropping to $2.9 trillion in May 2025.
• The HIP-3 framework has enabled the launch of unique markets that traditional exchanges are unable to offer, such as synthetic perpetuals on private companies and tokenized US equities.

§ 04 Strategic Implications

• Hyperliquid's growth reflects a shift toward decentralized finance solutions, positioning it strongly against centralized exchanges, especially in niche markets.
• The concentrated growth driven by trade.xyz indicates potential vulnerabilities in the ecosystem, as one deployer dominates open interest.

§ 05 Risks & Constraints

• The requirement for a 500,000 HYPE stake to deploy markets may limit the number of participants and slow down the growth of the ecosystem.
• The uneven listing of HIP-3 markets through external interfaces could create barriers for user access and liquidity distribution.

§ 06 Watchlist / Forward Signals

• The upcoming HIP-4 proposal, which is currently live on testnet, may introduce new features such as prediction markets, potentially enhancing Hyperliquid’s offerings.
• Monitoring the market performance of trade.xyz and other deployers will be crucial to assess the sustainability of Hyperliquid's growth trajectory.