Decentralized platform Hyperliquid unexpectedly unseated Binance in a key market metric. On-chain data confirms that the most accurate price for Bitcoin perpetual futures is now formed here, rather than on the world’s leading CEX. The leadership shift followed the HIP-3 update and a sharp influx of traders into the commodities sector.
Analyst Shaunda Devens posted comparative market depth charts. The figures are telling: within a range of one basis point from the mid-price, Hyperliquid holds limit orders totaling $3.1 M. For Binance, this figure is lower at $2.3 M.
For traders, this means better execution on large orders. Slippage here is now lower than on the leading centralized exchange. Hyperliquid has cemented its status as the venue with the most accurate market price.
Traditional Asset Market Landscape
The expansion extends beyond crypto. Silver order book depth here stands at $33,000 on the tightest spreads versus $24,000 for the CEX leader.
Protocol developer Jeff Yan highlights the platform’s shift into a leading hub for trading futures on real assets. This success was driven by a technical engine upgrade and market makers rapidly adapting to the new environment.
Liquidity at All-Time Highs
Protocol metrics record a vertical surge in capital. Open Interest (OI) broke its all-time high, reaching $790 M. The momentum is aggressive: just a month ago, $260 M was locked in positions.
Commodities acted as the catalyst: trading activity in this sector spiked sharply, driving the inflow of new liquidity.
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