The competition in the oil futures market is intensifying as Binance gains ground against HIP-3. The combined month-to-date (MTD) oil trading volume has reached $42.5 billion, with HIP-3 holding a 56% market share. However, since launching oil futures on April 1, Binance has averaged a 44% market share, increasing to 49.3% since April 9 and peaking at 54% on April 17. Oil trading constitutes 55% of HIP-3's total traditional finance perpetuals volume, highlighting its significance as a competitive battleground for the platform.