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 recorded the strongest top of book liquidity, offering the tightest bid and ask levels for BTC. Depth within 1 basis point of the mid price reached about 3.1 million dollars on Hyperliquid compared to around 2.3 million dollars on Binance, showing that Hyperliquid can handle larger sell orders with less price impact.
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 rise in market depth is only one sign in the ongoing battle between Binance and Hyperliquid. These two platforms have been closely monitored for months and the data points to a clear change in how traders are choosing where to trade.
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 continues to lead in perpetual futures trading, staying ahead of Aster, a Binance-supported rival. Lately, it has also captured more market share compared to Binance’s spot market, becoming an important reference point 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.
Currently Hyperliquid remains the smallest exchange, yet it is experiencing strong growth. The market has about 7.9 billion dollars in open interest as it works to bounce back 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.
Record HIP-3 trading volumes strengthen Hyperliquid’s market standing.
Liquidity on the perpetual futures DEX extends beyond BTC. The HIP-3 platform, featuring user-created trading pairs, has demonstrated its ability to create deep and liquid markets.
Researcher Shaunda Devens notes that HIP-3 has a stronger silver market than Binance. Just days after launch, the HIP-3 silver pair provided 33 thousand dollars in liquidity, compared to 24 thousand dollars for Binance’s equivalent 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.
The recent boost in HIP-3 liquidity came with the launch of silver trading pairs, hitting a record level in the past 24 hours.
Trade XYZ has been the most active in creating trading pairs, recently growing its presence in metals and stock markets. Overall, HIP-3 now accounts for more than 35 percent of total volume within the Hyperliquid ecosystem. Competition among pair deployers is intensifying as they aim to launch popular markets and draw in more liquidity.