📈 Hyperliquid's May perp volume hit a record 𝟲.𝟲𝟯% of global CEX perp volume and 𝟭𝟰.𝟰% of Binance — both new highs. HIP-3 drove over $𝟲𝟮𝗕 in monthly volume and ~$𝟯𝗕 in open interest. 𝗛𝘂𝗽𝘇𝘆 𝘁𝗮𝗸𝗲: HIP-3's incentive layer is driving structural market-share gains even in a down cycle. But the YoY decline in pure crypto perps shows the platform isn't immune to the broader liquidity drought. For HYPE holders, the key question is whether HIP-3 volume sustains as incentives normalize — or fades once the subsidy tap turns off. --source: https://x.com/WuBlockchain/status/2062413948985713097 Track real-time signals & trade → https://hupzy.com/trending(Hupzy (Spot On Chain))