Binance and Hyperliquid Lock in Battle for Derivatives Dominance

Binance retained its dominance in derivatives market share at 29% by the end of 2025, despite regulatory headwinds in the US and EU.

The exchange scaled to $25 trillion in derivatives volume through 2025, with daily spot flows averaging $10-12 billion across 600+ pairs. Perpetuals and options fueled 75% of activity, while revenue diversification through Launchpool, Simple Earn, and BNB Chain staking added about 40% to fee income.

Hypersolid (HYPE) emerged as the top on-chain perps platform in 2025, with a rapid volume ramp among niche players. The company posted explosive growth, lifting weekly perpetuals volumes from $13 billion to $47 billion peaks by year-end.

Hyperliquid's open interest climbed toward $9.6 billion across 100+ markets, while protocol revenue hit $833 million via maker-taker fees, shifting from HYPE emissions to self-sustaining operations.