Key Takeaways:
- Hyperliquid (HYPE) has surged to become the third-largest BTC perpetuals market, overtaking OKX and positioning itself as a serious rival to Binance, according to Jump Trading.
- HYPE token has outperformed BNB by over 230% since April, fueled by institutional interest and rising dominance in the decentralized exchange (DEX) space.
Dave Olsen, CIO at high-frequency trading firm Jump Trading, declared Hyperliquid [HYPE] as a “meaningful competitor” to Binance [BNB]. Olsen emphasized Hyperliquid’s innovative on-chain execution model and its unique regulatory positioning, stating, “They’re exposing some of the regulatory gaps in the framework to allow U.S. participation.”
Hyperliquid’s momentum is most evident in the Bitcoin perpetuals market. In May, it trailed behind centralized giants like OKX and Bybit. But by June, the DEX flipped OKX to become the third-largest in BTC Open Interest (OI), hitting nearly $3 billion. Binance still leads with $8 billion, followed by Bybit at $5.5 billion—but Hyperliquid’s rise marks the first major DEX breach into a CEX-dominated sector.
The bullish sentiment around Hyperliquid isn’t isolated. Syncracy Capital’s Ryan Watkins forecasted that the perpetual futures market could evolve into a $100 billion revenue arena in five years. He highlighted Hyperliquid as a key beneficiary of this growth trajectory.
Perps are one of the few true financial innovations crypto has produced, and people are underestimating how much the market could expand as we begin “perpifying” new asset classes.
— Ryan Watkins (@RyanWatkins_) June 11, 2025
Could easily become a $100B+ revenue opportunity within 5 years.
Hyperliquid.
Supporting this trend, the broader DEX-to-CEX trading volume ratio surged from 10% in 2024 to 27% in 2025. Riding this wave, HYPE—the platform’s native token—has rallied over 300% since April, recently marking a new all-time high. Notably, corporate interest is building: Tony G Co-Investment Holdings acquired 10,000 HYPE tokens for $438.82K, becoming the first corporate treasury to back the altcoin.
The question now dominating trader discussions: Is HYPE eating BNB’s lunch?
According to market data, HYPE has outperformed BNB by more than 230% since April lows. At press time, HYPE traded at $38, and despite recent dips, analysts argue the altcoin still holds greater short-term upside potential than BNB.
With institutional interest, technical momentum, and a strategic niche in the decentralized finance (DeFi) space, Hyperliquid appears poised to disrupt Binance’s long-held dominance in crypto trading. Investors may soon need to reevaluate which altcoin offers superior returns as HYPE continues its upward trajectory.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
Also Read: Hyperliquid Challenges Binance with $248B Perp Volume
