Hyperliquid Chases Binance's Derivatives Dominance in 2026

Binance dominated the derivatives market in 2025, despite regulatory challenges, and enters 2026 as the leader in global derivatives with a 29% share.

The company's strong infrastructure, including APIs for institutional clients and licensed subsidiaries, helped it maintain its position.

However, Hyperliquid emerged as a top on-chain perps platform, growing rapidly from $13 billion to $47 billion in weekly perpetuals volumes, with $833 million in revenue and $9.6 billion in open interest.

Hyperliquid's focus on transparent perps execution, gasless execution, and true self-custody appealed to traders, but its growth was largely driven by 60% programmatic trades, limiting retail access.