Hyperliquid, the decentralized perpetual exchange, is solidifying its position as a dominant force in the global derivatives arena. Hyperliquid has hit a record market share in the global perp market. Its slice of the monthly perpetual trading volume has jumped to 6.63%, an impressive figure.
The new record is backed by rising institutional interest and groundbreaking framework updates. On the backdrop of this new record, the price of HYPE has continued to trend upwards, recently setting a new ATH at $75.52.
Hyperliquid Hits New Perps Record
The Block reports that Hyperliquid’s share of the monthly perpetual trading volume has surged to a record 6.63%. This means that Hyperliquid contributes 6.63% market share across all centralized and decentralized platforms.
An even more impressive stat is Hyperliquid’s growth performance relative to the industry’s largest player, Binance. Hyperliquid’s volume ratio against Binance specifically surged to a record high of 14.4%.
The primary engine behind this historic expansion is HIP-3 (Hyperliquid Improvement Proposal 3). In a single month, HIP-3 single-handedly generated over $62 billion in trading volume, anchoring more than $3 billion in open interest.
This massive volume jump demonstrates Hyperliquid’s immense growth. While the likes of Binance have attempted to retaliate by launching competing pre-IPO and equity perpetuals, their early traction (around $280 million) hasn’t made a dent in Hyperliquid’s market command.
Benefiting from the SEC’s innovation exemption, Hyperliquid has successfully mitigated regulatory drag, allowing its builder ecosystem to safely capture a massive share of tokenized asset flows.
HYPE Surges To New ATH
On the backdrop of the exchange growth, HYPE, the native token of Hyperliquid, has been on a strong bullish run. While Bitcoin and the rest of the crypto market have struggled with strong bearish pressure throughout the year, the HYPE price has been strongly bullish.
Since the start of the year, the price of HYPE has jumped by more than 173%, per data from CoinMarketCap. In the last 30 days, HYPE has increased by 50% in terms of value. As a result of the price pump, HYPE hit an all-time high of $75.5 on Monday, June 1.
The recent crypto market decline, with Bitcoin sliding to its lowest level since February, HYPE price is seeing a correction. On the daily chart, the HYPE price has declined by 10% and now trades around the $65 level.
Indicators Still Look Bullish
A deep dive into the technical analysis provided by Investing.com confirms that the underlying math strongly backs the market’s optimism. Across the daily, weekly, and monthly charts, HYPE registers a unanimous “Strong Buy” signal based on its moving averages and technical indicators.
The MACD(12,26) at 6.389 and the RSI (14) at 59.185 suggest that HYPE price still has more room for upside moves. If the HYPE price keeps climbing, it will look to birst break above the resistance level at $70. When this happens, HYPE will look to restest its ATH at $75.5.
And with the strong fundamental backing and its rapidly growing exchange, chances are high that Hyperliquid bulls will bounce back strongly from the recent market correction. When that happens, we could see HYPE push for a new ATH.