- Hyperliquid (HYPE) has surged to become the third-largest player in the Bitcoin perpetuals market, outperforming Binance’s BNB by over 230% and gaining its first corporate treasury investor.
- With rising institutional interest and a growing share of the DEX market, HYPE is emerging as a serious contender to Binance’s dominance.
Hyperliquid Makes Waves in the Crypto Market
Jump Trading’s Chief Investment Officer, Dave Olsen, didn’t mince words at the 2025 Coinbase State of Crypto Summit: “Hyperliquid is turning a lot of heads. They are the first meaningful competitor to Binance.”
Once dismissed as another decentralized exchange (DEX), Hyperliquid (HYPE) is now rapidly emerging as a real threat to the centralized dominance of Binance (BNB)—and the numbers back it up.
HYPE’s Meteoric Rise in the BTC Perpetual Market
As of June, Hyperliquid has climbed to third place in the Bitcoin perpetual futures (perps) market, flipping OKX with a $3 billion BTC Open Interest (OI). Binance still leads at $8B, and Bybit holds second place at $5.5B, but Hyperliquid is closing in fast. Notably, it’s the only DEX competing in a field dominated by centralized exchanges (CEXs).
Moreover, the broader DEX-to-CEX trading volume ratio has risen dramatically—from 10% in 2024 to 27% in 2025, signaling a paradigm shift in trader behavior and trust.
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Corporate Adoption and HYPE’s Token Explosion
In a major milestone, Tony G Co-Investment Holdings became the first corporate treasury firm to invest in HYPE, purchasing 10,000 tokens worth $438,820. This strategic move mirrors early bets on Bitcoin and Ethereum by institutions and could catalyze more treasury inflows into HYPE.
Meanwhile, HYPE’s price has rallied over 300% since April, even outperforming Binance’s BNB by a stunning 230%. At the time of writing, HYPE trades around $38.
The $100B Opportunity and What Lies Ahead
Ryan Watkins of Syncracy Capital believes the perps market could evolve into a $100B+ revenue stream within five years—with Hyperliquid positioned to lead that charge.
So, is HYPE the better bet over BNB? Based on current momentum, growing institutional interest, and market share in the perps arena, HYPE may very well offer superior returns in the near term.
