If you've been skeptical that a decentralized exchange could ever genuinely compete with the big centralized players — Hyperliquid's May 2026 numbers are going to make you think twice. The protocol processed $201.9 billion in perpetuals trading volume last month alone, averaging $6.24 billion every single trading day. That's not a one-off spike — it's a 91% increase from January 2026 and a 26% jump from April. Volume is compounding, not plateauing