Hyperliquid Achieves Record $248 Billion in Perpetual Volume in May
Hyperliquid (HYPE) is emerging as a competitor to Binance in perpetual futures trading, achieving over $248 billion in trading volume in May, an all-time high. This reflects a 51.5% increase from April's $187.5 billion and an 843% year-over-year rise compared to $26.3 billion in May 2024.
Key Highlights
- Monthly perpetual volume ratio with Binance reached 10.54%, up from April's 9.76%
- Hyperliquid's user experience and promotional campaigns have driven this growth
- Recent revenue surpassed Ethereum, Solana, and BNB Chain due to increased network activity
- Total Value Locked (TVL) doubled to $1.46 billion within 30 days
- HYPE price rose 75% in May, reaching a new ATH of $37.44
- Open interest surged from $8 billion to $9.2 billion, largely driven by BTC derivatives
- Current HYPE trading at $33.65, with a market cap of $11.21 billion and trading volume of $223.56 million
Despite its growth, Hyperliquid's impact on its price outlook remains uncertain.