Key Takeaways:
- Hyperliquid hit a report $248 billion in Could perps quantity, up 51.5% month-on-month.
- Hyperliquid’s market share climbed to 10.54% of Binance’s perps quantity.
- Dealer James Wynn misplaced $100 million after a high-leverage Hyperliquid wager collapsed throughout a sudden Bitcoin downturn.
Onchain perpetual futures platform Hyperliquid notched a record-breaking $248 billion in month-to-month buying and selling quantity for Could, a 51.5% soar from April’s $187.5 billion, as market curiosity surged through the so-called “James Wynn” buying and selling frenzy.
The year-on-year development is much more placing. Simply 12 months in the past, Hyperliquid noticed $26.3 billion in quantity, making this Could’s whole an 843% enhance.
The platform’s speedy rise highlights its rising dominance within the onchain perps area, providing centralized exchange-like efficiency whereas preserving merchants on crypto-native rails.
Hyperliquid Closes In on Binance’s Perps Market Share
Hyperliquid’s rising footprint is more and more seen towards long-standing big Binance.
In Could, Hyperliquid’s month-to-month perps quantity reached 10.54% of Binance’s—a brand new report.
That ratio, up from April’s 9.76%, is quick changing into a key gauge of market share shifts throughout the sector.
Key drivers of Hyperliquid’s momentum embrace its CEX-grade person expertise mixed with non-custodial infrastructure, plus its in style Season 2 factors marketing campaign.
The marketing campaign attracted recent dealer inflows following a well-received Season 1 airdrop.
The broader development can be mirrored within the share of decentralized trade (DEX) futures quantity in comparison with CEX volumes.
Hyperliquid’s all-time quantity is nearing $1.5t and surpassing what dYdX achieved in 4 years
Hyperliquid pic.twitter.com/IZKiMMhWLG— hantengri (@0xhantengri) Could 20, 2025
In Could, DEX perps captured 6.84% of worldwide perpetual flows, barely beneath February’s report of seven.06%. For 2025, the common sits at 6.7%, a marked climb from beneath 2% in 2022.
With onchain infrastructure persevering with to shut the hole—via improved liquidity, tighter spreads, and native stablecoin on-ramps—the DEX share of worldwide perp circulate seems poised to interrupt into double digits earlier than year-end.
James Wynn Loses $100M in Days
James Wynn, a pseudonymous crypto dealer identified for turning meme coin bets into hundreds of thousands, revealed he misplaced $100 million inside days after a failed sequence of leveraged trades on Hyperliquid.
Wynn, who first rose to prominence by turning a $7,000 place in PEPE into $25 million, just lately shared the story on X.
In March, Wynn started buying and selling perpetual futures for the primary time and shortly reworked a $3 million place into $100 million via aggressive high-leverage performs.
His speedy success attracted main on-line consideration, with merchants carefully monitoring his onchain strikes.
Nonetheless, Wynn admitted the rising highlight distorted his decision-making.
In a put up, he stated the buying and selling “spiraled uncontrolled” as he turned more and more reckless, acknowledging he wasn’t treating the rising numbers significantly.
By mid-Could, Wynn had constructed a $1.25 billion lengthy place on Bitcoin, utilizing as much as 40x leverage.
When a tweet from former U.S. President Trump triggered a pointy market downturn, Bitcoin fell beneath Wynn’s liquidation stage, wiping out practically his total place.
The dramatic collapse has since divided the crypto group, turning Wynn into each a cautionary story and a controversial determine.
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