Catenaa, Thursday, June 05, 2025-Decentralized trading protocol Hyperliquid has surged to command 80% of the decentralized perpetuals market, marking a sharp rise in just six months and intensifying competition with centralized crypto exchanges such as Binance.
According to data Hyperliquid grew from a 30% market share in November 2024 to 80% in May, fueled by increased user demand for non-custodial trading and platforms free of Know Your Customer requirements.
The protocol processed $165 billion in trading volume this month, equivalent to 9% of Binance’s $1.7 trillion.
The exponential rise reflects a larger shift in crypto trading behavior, with traders moving away from centralized exchanges amid tightening regulatory scrutiny and rising concerns over counterparty risk.
Hyperliquid’s approach stands out for its lack of venture capital funding. Unlike competitors that distributed early tokens to institutional investors, Hyperliquid bootstrapped development and launched without VC backing.
As a result, all participants must purchase tokens on the open market, creating what the project claims is a more balanced distribution model and avoiding the overhang of future unlocks.
The platform’s funding and tokenomics models have resonated strongly within the DeFi community, strengthening its position as a major alternative to established centralized exchanges.
With growing volumes and community engagement, analysts say Hyperliquid’s momentum signals the maturity of DeFi’s trading infrastructure and the growing viability of decentralized finance in high-volume derivatives markets.
