PANews reported on June 9 that according to The Block, the decentralized derivatives protocol Hyperliquid's perpetual contract trading volume reached $248 billion in May, a record high, a month-on-month increase of 51.5%, and a surge of 843% compared with the same period in 2024. The protocol's trading volume in that month accounted for 10.54% of the total perpetual contract volume of the centralized exchange Binance, setting a new record for two consecutive months.

Data shows that Hyperliquid has attracted traders through a user experience close to that of CEX and the Season 2 points incentive plan, driving the continued rise in the market share of DEX derivatives. Since 2025, DEX perpetual contracts have accounted for an average of 6.7% of the global total, a significant increase from less than 2% in 2022. If the current trend continues, analysts predict that the DEX share may exceed 10% this year.