Binance Dominance Challenged by Rising Hyperliquid
Binance retained its dominance in derivatives markets in 2025, capturing 29% of global volume and $25 trillion in trading activity, despite regulatory headwinds. Hyperliquid, a niche player, surged to become the top on-chain perps platform, with weekly volumes jumping from $13 billion to $47 billion.
Binance's strong position is due to its deep liquidity across 600+ pairs, unmatched execution speed and uptime, and institutional-grade APIs. However, Hyperliquid has been gaining traction with its focus on transparent perpetuals-only infrastructure, governance via native HYPE coin, and specialization in perpetuals.
The question remains whether Hyperliquid can translate its momentum into meaningful market share against Binance this year. Binance's stability and diversified revenue make it a formidable competitor, but Hyperliquid's growth and L1 scalability may pose a challenge to the CEX giant.