With Hyperliquid Expanding Its Market Share… Coinbase and Robinhood Also Target the Derivatives Market

The decentralized perpetual futures exchange Hyperliquid is rapidly increasing its market share, supported by the expansion of the perpetual futures market.

According to Unchained on the 26th (local time), based on The Block data, Hyperliquid's perpetual futures trading volume surged from $25.9 billion in June last year to $2.63 trillion in May this year. Additionally, as of this month, Hyperliquid recorded about 11.47% market share compared to Binance’s perpetual futures market trading volume.

In response to Hyperliquid’s growth, major centralized exchanges (CEX) in the United States are also working to expand into the derivatives market. Coinbase officially announced its plan to launch perpetual futures products in the U.S. at the annual ‘State of Crypto’ event held in New York this month. Robinhood is also reported to be planning perpetual futures products.

The media explained, “Although Hyperliquid does not directly provide services to users in the U.S., it is still increasing its market share,” and analyzed, “If Coinbase and Robinhood successfully launch perpetual futures products within regulatory boundaries, they may be able to capture part of Hyperliquid’s market share.”