Did Hyperliquid Crypto DEX Just Flip Binance As The Most Liquid Exchange in the World?

Competition successful crypto is cutthroat. It is particularly existent of crypto exchanges. Binance is the world’s largest by commercialized measurement and lawsuit count. The occupation is, it is centralized and custodial. Every lawsuit utilizing Binance indispensable relinquish power implicit their backstage keys. Meanwhile, implicit the past fewer months, Hyperliquid has been gaining ground. Not lone is the level decentralized and taking Binance head-on, but its offerings person besides been improving.

Yesterday, Jeff Yan, the laminitis of Hyperliquid, made a bold claim. In a station connected X, helium suggested that Hyperliquid crypto DEX had “quietly” achieved a historical milestone: Becoming the astir liquid venue for crypto terms find globally, flipping Binance.

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The grounds to enactment this claim? A side-by-side examination of Bitcoin crypto perpetual contracts, showing Hyperliquid with tighter spreads of astir $1 and a deeper bid publication of 140 BTC. On the different hand, Binance had wider spreads and shallower depth.

Tighter spreads and deeper pricing extent are chiefly credited to the surge successful usage of the HIP-3 protocol. After implementing this update, users could trustlessly make perpetual markets via HYPE crypto staking. To motorboat immoderate perpetual product, each they person to bash is involvement 500,000 HYPE. So far, HIP-3-related unfastened interest, oregon simply, the fig of each unfastened leveraged positions, has spiked astir 3X, from $260M to $790M successful a azygous month. Most of this maturation was fueled by surging request for on-chain commodities, chiefly golden and silver.

With amended spreads and deeper liquidity, Hyperliquid is present the astir ascendant decentralized perpetual market, looking astatine unfastened interest. What’s more? It has been increasing versus Binance. The Hyperliquid crypto DEX measurement ratio against Binance roseate from +8% to +14% successful aboriginal 2026, pointing to expanding adoption.

(Source: The Block)

Under the hood, Hyperliquid crypto DEX relies connected a highly performant blockchain that offers sub-second finality and precocious transaction bid processing. The DEX tin process implicit 200,000 orders per second, and users acquisition “CEX-like” offerings without giving up control.

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Still, not everyone is convinced that Hyperliquid crypto DEX has surpassed Binance. Taking to X, critics responded to Hyperliquid’s CEO claims, saying helium his highly a vanity metric that masks cardinal plan differences betwixt the 2 ramps.