PANews reported on June 4th that, according to The Block, Hyperliquid's share of the global perpetual contract market reached a record high of 6.63% in May. This compares to Binance's record 14.4%. HIP-3, the framework that built Hyperliquid for deploying perpetual contracts, saw its trading volume exceed $62 billion in May, with open interest reaching $3 billion. In the past month or two, Binance launched stock and pre-IPO perpetual contracts, accumulating a trading volume of $280 million in its first five days. In contrast, HIP-3's $62 billion trading volume in May demonstrates its significant lead, and Binance's entry has not yet had a substantial impact.

It's worth noting that Hyperliquid's pure cryptocurrency trading volume has declined significantly year-over-year, impacted by the overall crypto market downturn, similar to other exchanges. Since HIP-3 fees will still flow to the protocol, the bullish logic for HYPE remains valid; however, the risk concentration has shifted from the crypto market to tokenized stock trading.