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

§ 01 Executive Snapshot

• What: Hyperliquid achieves record share of global perpetual futures volume in June.
• Who: Hyperliquid, trade.xyz, Ventuals, Binance.
• Why it matters: This event highlights Hyperliquid's growing dominance in the decentralized perpetual market amidst a contraction in centralized crypto derivatives volume.

§ 02 Key Developments

• Hyperliquid's share of global perpetual futures volume rose to 7.5% in June from 6.6% in May, marking the largest monthly increase since data tracking began in June 2025.
• The share against Binance reached a record 14.4% in May, showcasing competitive growth against major centralized exchanges.
• Builder-deployed markets under the HIP-3 framework cleared over $62 billion in monthly volume, contributing to a total of $176.97 billion in 30-day perp volume.
• Open interest at Hyperliquid stands at $9.82 billion, representing 54% of the $18.08 billion tracked across all perpetual DEXs.
• The HIP-3 framework allows teams that stake 500,000 HYPE (approximately $36.7 million) to deploy their own perpetual DEX on HyperCore.

§ 03 Strategic Context

• Hyperliquid's growth comes despite a broader contraction in crypto derivatives, with centralized exchanges' perp volume dropping to $2.9 trillion in May, the lowest since late 2023.
• The HIP-3 framework enables the launch of markets that centralized exchanges cannot build, including synthetic perpetuals on private companies and tokenized US equities.

§ 04 Strategic Implications

• Immediate market implications include Hyperliquid capturing market share from centralized exchanges, indicating a shift towards decentralized trading solutions.
• Long-term implications involve potential expansion of the decentralized finance ecosystem as more markets are created under the HIP-3 framework, which could attract new users and liquidity.

§ 05 Risks & Constraints

• A significant risk is the high capital requirement for deploying under HIP-3, which may limit the number of market makers and diversity of offerings.
• Competition from established centralized exchanges, which still control a significant portion of the market, poses an ongoing challenge for Hyperliquid's growth.

§ 06 Watchlist / Forward Signals

• The upcoming HIP-4 proposal, which introduces prediction markets, could signal further innovation and market expansion for Hyperliquid, with a mainnet date yet to be announced.
• Monitoring the performance of trade.xyz and other deployers will indicate the sustainability of Hyperliquid's growth and open interest trends in the coming months.