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

The Hyperliquid, the largest decentralized perpetuals exchange by volume, is share of global perpetual futures volume jumped in June.

Hyperliquid's share of monthly perps against global exchanges, including centralized exchanges, jumped to an all-time high of 7.5% in June from 6.6% in May, on track to be the largest monthly increase in data that goes back to June 2025, according to The Block data.

The share against Binance specifically reached a record 14.4% in May, per The Block's data on the two venues.

Builder-deployed markets under the protocol's HIP-3 framework cleared more than $62 billion in monthly volume last month, per the ASXN Hyperscreener dashboard. That HIP-3 volume sits on top of $176.97 billion in 30-day perp volume across the wider Hyperliquid exchange, per DefiLlama.

Open interest at the venue stands at $9.82 billion — 54% of the $18.08 billion tracked across all perpetual DEXs.

HIP-3, activated on mainnet on October 13, 2025, lets any team that stakes 500,000 HYPE deploy its own perpetual DEX on HyperCore, Hyperliquid's order-matching layer. That stake is worth roughly $36.7 million at the token's current price. The first three markets per deployer are free; further listings go through a Dutch auction, and deployers keep 50% of trading fees.

What the Builders Are Listing

The framework has been used to launch markets centralized exchanges either won't or can't build. Synthetic perpetuals on private companies. Tokenized US equities. Commodities trading around the clock.

trade.xyz, operated by Hyperliquid's tokenization unit, deployed the first HIP-3 DEX. Its product slate includes an index tracking the 100 largest public companies and individual perps on Tesla, Apple, Nvidia, and Amazon. Tokenized equities and commodities now account for 23 of the top 30 trading pairs on the platform.

Ventuals, a separate HIP-3 deployer, runs synthetic perpetuals on private-company valuations including OpenAI, SpaceX, and Cursor. The Defiant reported on trade.xyz's launch of a SpaceX pre-IPO perpetual in May, which valued the rocket maker at $1.78 trillion. ICE chief Jeff Sprecher then called Hyperliquid "bigger than Nasdaq" on the strength of that pre-IPO market.

The Distribution Layer

HIP-3 markets do not appear on Hyperliquid's main front-end. Builders must list them through external interfaces, which has pulled wallets and aggregators into the deployment chain.

Phantom, the Solana-native wallet, has listed trade.xyz's XYZ100 index perp through its Hyperliquid integration. BasedApp did the same. Some aggregators, including Axiom, have opted not to list HIP-3 markets, per Blockworks — leaving distribution uneven by design.

That third-party-frontend structure is one reason HIP-3 markets get categorized as "community-deployed." The protocol provides the matching engine and margining. Everything else — oracle definition, interface, liquidity — sits with the deployer.

The Macro Backdrop

The market-share gains have come during a broader contraction in crypto derivatives. Centralized-exchange perp volume fell to roughly $2.9 trillion across the top 10 venues in May, the lowest monthly figure since late 2023. That is well below the $6 trillion to $7 trillion peaks of 2025. Binance still holds roughly a third of the global market.

Hyperliquid's perp volume on pure-crypto contracts is also down year-on-year. The protocol is taking share, not riding a rising tide. The non-crypto markets opened up by HIP-3 are the offset.

HYPE traded at $73.31 on Wednesday, up 4% on the day and 23% on the week, per CoinGecko. The token sits roughly 3% below its all-time high set Monday. Market cap is $16.31 billion; fully diluted valuation is $70.03 billion. The protocol's annualized revenue, per DefiLlama, is $618 million, with 97% routed to a buyback program for HYPE.

Concentrated Growth

HIP-3's growth is real but narrow. trade.xyz alone accounts for more than 90% of HIP-3 open interest, according to CoinGecko's compilation of Dune dashboards. One deployer's risk management currently underwrites the framework's headline numbers.

The 500,000-HYPE staking requirement also limits who can deploy. At Wednesday's price, the entry ticket is around $36.7 million in capital that must remain bonded and is subject to validator slashing. The Hyperliquid team has said the requirement is expected to decrease as the system matures.

What's Next

HIP-4, the protocol's next improvement proposal, is live on testnet. It brings outcome-based contracts — prediction markets with 0-or-1 settlement — into the HyperCore execution layer. A mainnet date has not been announced. If HIP-4 ships with the same builder-deployed model as HIP-3, Hyperliquid would be the only crypto venue offering spot, perpetuals, and prediction markets natively in a single account.