Hyperliquid hit another milestone in establishing its position as a key $BTC trading hub. The perpetual futures and spot market surpassed Binance’s depth on $BTC pairs.
Hyperliquid achieved the biggest top-of-book market depth, bringing the most favorable bid and ask prices for $BTC. The 1 basis point from mid depth on Hyperliquid reached $3.1M on Hyperliquid, versus $2.3M on Binance, meaning the Hyperliquid market could absorb more selling without slippage.
Over time, the Hyperliquid market became the most liquid venue for crypto price discovery among both centralized and decentralized markets. Binance perpetual futures came second, despite the exchange’s higher volumes, noted Jeff Yan, Hyperliquid’s founder and technical leader.
Hyperliquid takes over more of Binance’s market share
The increased market depth is just one of the markers in the competition between Binance and Hyperliquid. The two trading venues have been tracked for months, indicating a shift in trader behavior.
Hyperliquid is gaining market share, and is already catching up with Binance’s spot market. Binance is still the leader in centralized perpetual futures trading. | Source: Dune Analytics
Hyperliquid remained the leader in perpetual futures trading, still ahead of Aster, a Binance-backed competing exchange. Recently, Hyperliquid also gained market share against Binance’s spot market as a benchmark for crypto activity.
Binance still carries 86% of the perpetual futures volume against 13.9% for Hyperliquid. However, Hyperliquid’s volume is comparable to the top 100 pairs on the Binance spot market.
For now, Hyperliquid is still the smallest exchange, but it is still undergoing robust growth. The market carries $7.9B in open interest, trying to recover from the October 2025 deleveraging.
Beyond a general trading venue, Hyperliquid is still the exchange used by high-profile whales, with positions seen as an indicator of market sentiment. The recent market recovery also led the exchange’s native token HYPE to rise to a one-month high at $33.55.
HIP-3 volume records boost Hyperliquid’s position
Liquidity on the perpetual futures DEX is not limited to $BTC. The HIP-3 platform, which carries user-generated pairs, showed its capabilities in building liquid markets with significant depth.
According to researcher Shaunda Devens, HIP-3 has a more robust market for silver compared to Binance. The HIP-3 pair offers $33K in liquidity just days after launching, compared to $24K for Binance’s trading pair.
Recently, HIP-3 set records for trading volume and open interest. The platform had $29.35B in trading volumes, reaching a record in the past day. The platform invited more than 72K daily active traders.
HIP-3 reached peak trading volumes driven by the sudden interest in a new silver-based perpetual futures pair. | Source: HIP-3
The latest expansion in HIP-3 liquidity was tied to the launch of silver trading pairs, reaching record influence in the past day.
Trade XYZ is the most active deployer of trading pairs, recently expanding its influence in trading metals and stock positions. Overall, HIP-3 expanded its influence to make up over 35% of total volumes in the Hyperliquid ecosystem. The competition between deployers is just heating up, trying to open in-demand markets and attract liquidity.
