The Hyperliquid platform continues to expand rapidly its presence in the cryptoderivative market. While in May, its share of the total volume of perpetual futures on centralized exchanges (CEX) reached a historic high of 6.63%, by June it had risen to 7.5%. In the last 30 days, the total turnover of derivatives on the site exceeded $176.97 billion. Open interest (OII) amounted to an impressive $9.82 billion, accounting for more than half (54%) of the total OII in the lower perp-DEX.

The launch of HIP-3, an innovative mechanism, served as a foundation for such expansion. This option allows third-party teams to exploit their own markets for open-ended contracts with independent batches of bids by blocking 500,000 HYPE coins, after which the originator receives half of all commissions generated. In May alone, turnover in this direction exceeded $62 billion. An additional impetus for development was the introduction of synthetic tools - users were able to trade tokenized stocks of giants like Tesla and Nvidia, commodities, as well as unique contracts for valuing private companies such as SpaceX and OpenAI.

Strong operating performance immediately impacted the price of the HYPE native token, which on 2 June updated its absolute price record to $75.48. Notably, HYPE surpassed Solana in nominal value of one coin, although SOL still retains a huge advantage over Hyperliquid ($14.46 billion) in total market capitalization ($39.23 billion). The project’s successes did not go unnoticed in the institutional sector: analysts from Grayscale Research had already dubbed Hyperliquid a true DeFi breakthrough, and the ICE board called for an equalisation of regulatory rules for oncheen futures and their centralized counterparts.