Binance has solidified its position as the second-largest cryptocurrency exchange by reserves, holding approximately $110 billion in Bitcoin, Ethereum, USDT, and USDC. Binance's market share has risen above 50%, its highest level in a year, with May spot trading volume reaching $529 billion and futures volume at $2.3 trillion. Binance holds 58.95% of all stablecoins among exchanges, and recently launched Binance Alpha to compete in low market cap project launches. Coinbase remains the leader with $129 billion in reserves. Hyperliquid, a decentralized perpetuals exchange, recorded a new high of $248 billion in perpetual trading volume for May, capturing over 10% of Binance's flow. Hyperliquid's revenue is reported at less than $1 billion, and the platform now has 444 users referred by James Wynn. James Wynn recently claimed a referral reward from Hyperliquid—reported as $475, $481.42, and $482.42—which he immediately used to open a 40x leveraged short position on Bitcoin. He lost $113.55 on this trade and is down $167 overall. Wynn has denied receiving any direct payments from Hyperliquid and has expressed support for CZ's (Changpeng Zhao) planned decentralized exchange for perpetuals, suggesting it could surpass current competitors. Wynn's donation wallet is valued at over $2.83 million. He has previously lost over $20 million trading perpetuals and recently monetized his influence as a Hyperliquid affiliate.