Hyperliquid, a decentralised derivatives exchange, posted a record share of May monthly perpetual futures trading volume, taking 6.63 percent versus all centralised exchanges.

Hyperliquid’s share compared with Binance also rose to a record 14.4 percent, The Block reported. Its HIP-3 perpetual futures framework drove the growth, it said.

HIP-3 topped $62 billion in trading volume in May alone, and open interest stood at $3 billion.

Binance also launched stock and pre-IPO perpetual futures on its platform during the same period. Pre-IPO perpetual futures recorded cumulative trading volume of $280 million in the first 5 days after launch. Compared with HIP-3’s $62 billion in May, Binance’s entry has so far had only a minimal impact on Hyperliquid, The Block reported.

However, Hyperliquid’s pure cryptocurrency trading volume fell sharply from a year earlier. That was due to an overall downturn in the cryptocurrency market, and other exchanges were in a similar situation.

Because HIP-3 fees flow into the protocol, that does not mean the bullish case for the token, HYPE, has collapsed. But the growth driver is focusing on tokenised stock trading flows rather than the cryptocurrency market, The Block reported.