Hyperliquid Reclaims Top Perpetual Futures Market Share

Hyperliquid regained the largest share of perpetual futures on centralized exchanges, capturing 6.9% of open interest after the listing of official S&P 500 perpetual futures and heavier stock-index trading increased activity.

The surge was led by the new S&P 500 perpetual contract, which drew traders seeking index exposure. Contracts tied to major stocks, including NVDA, TSLA and CRCL, recorded notable volume as the S&P 500 reached fresh price highs following a period of stagnation.

The exchange’s recovery began in March, when HIP-3 governance shifted platform focus from silver and gold to energy futures. Hyperliquid’s perpetual deployer passed $1 billion in open interest in March and has retained the largest market share within HIP-3 since then.

On April 14, Hyperliquid handled about $1.86 billion in daily volume, compared with $2.25 billion on TradeXYZ. Established centralized venues such as Binance, OKX and Bybit continue to serve traders seeking broader legacy pair lists and international access. Emerging competitors include Aster, Lighter and Backpack.

Large traders contributed to concentrated volume and liquidation events on Hyperliquid. On-chain transparency of the platform made these flows traceable and showed patterns of whale activity moving into commodity and index contracts.

Hyperliquid’s native token HYPE reached a three-month peak of $44.93, rising more than 8% in a single day and about 73% over the past quarter. Aster’s token traded at a one-week high of $0.68 but remains well below earlier trading levels near $4.

The exchange now lists a mix of crypto and traditional markets and has reclaimed the leading perpetual futures market share it lost earlier in the year.