Hyperliquid has seen rapid growth in the decentralized derivatives market, ending May 2025 with a reported $264 billion in trading volume. This figure surpasses the total volume recorded by all perpetual decentralized exchanges combined during the same month last year.
The platform’s native token, HYPE, has gained over 1,000% in value over the past 12 months and is now the 11th-largest cryptocurrency by market capitalization. HYPE is currently trading near $37.5, following a series of major developments including a recent Binance Futures listing and an upcoming spot listing on Binance US. It’s only $2 down from the all-time high set last week.
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Binance Listing Sparks Mixed Reactions
On May 30, Binance Futures began offering perpetual contracts for HYPE with up to 75x leverage. Shortly after, Binance US announced its intention to list HYPE on its spot market, though an exact launch date has not been confirmed.
These listings were followed by increased market activity. Trading volume rose sharply, and data from CoinGlass showed futures open interest for HYPE reaching an all-time high of $1.43 billion.
However, some community members expressed skepticism about the timing of the listing, referencing earlier tensions between Binance and Hyperliquid. In March 2025, Hyperliquid experienced an exploit tied to the JELLYJELLY token, during which Binance was accused of amplifying the market impact.
Read also: Hyperliquid Chaos: $20M Exploit, Forced Shutdown, and a Surprise Twist
CZ’s Dark Pool Proposal and Response from Hyperliquid
The Binance listings coincided with public comments from Binance founder Changpeng Zhao (CZ), who proposed the creation of a “dark pool”-style decentralized exchange to prevent front-running and protect large traders from liquidation hunts.
His remarks followed the liquidation of a $100 million long BTC position held by trader James Wynn on Hyperliquid, which drew attention to the transparency of liquidation levels on the platform.
Hyperliquid co-founder Jeff Yan responded to the proposal, arguing that public liquidation data allows whales to anticipate and counteract potential manipulation. He stated that dark pools, while offering privacy, may be more susceptible to insider trading and less protective of regular users.
James Wynn’s Trades Raise Questions
James Wynn has been at the center of several high-leverage trades on Hyperliquid, including the BTC position that was liquidated last week. While some view his activity as independent and high-risk trading, others – including industry figures like Evgeny Gaevoy and Arthur Hayes – have suggested it could be part of a broader marketing strategy tied to Hyperliquid.
According to HyperDash and Spot On Chain data, Wynn has remained active on the platform and received community donations following large losses. Reports also suggest he may be engaging in airdrop farming or delta-neutral hedging strategies across multiple wallets.
What’s Next?
Hyperliquid holds a leading position in the decentralized perpetual exchange space. The platform accounted for nearly 75% of the sector’s total volume in May. HYPE’s technical setup, platform revenue, and trading activity remain very high compared to earlier this year.
Further clarity on the Binance US spot listing and continued developer activity may shape the next phase of the project’s visibility and adoption. Hyperliquid’s approach to transparency, risk management, and public governance will likely remain under close observation from both supporters and critics in the weeks ahead.
