•Fructose dehydration to 5-hydroxymethyl furfural (HMF) in a biphasic microreactor.•Stable operation with maximum HMF yield of 93% at a residence time of 2 s.•HMF space–time yield higher by 10 – 2,500-fold than published reports.•Increased solvent-dependent performance above the extraction thermodynamic limit.•Exposed mass transfer limitations at longer residence times. We conduct an experimental study of fructose dehydration to 5-hydroxymethyl furfural (HMF) in a biphasic microreactor as a function of residence time, temperature, and sugar loading using methyl butyl iso-ketone (MIBK) and 2-pentanol as extracting solvents. We demonstrate stable operation with maximum HMF yields of 93% and 87% in the two solvents, respectively, at 200 °C and a residence time of 2 s for a 5 wt% fructose aqueous feed. We report the highest optimal HMF space–time yield of 60 kg/L-hr at 200 °C (10 – 2,500-fold higher than published reports). Unexpectedly, an optimum organic-to-water ratio exists that depends on the solvent. Notably, we observe experimentally an increased fructose rate and HMF yield well above the extraction thermodynamic limit and hypothesize that the solvent plays a dual role, that of an extractant to protect HMF from degradation and a modifier of the fundamental chemistry. We expose mass transfer limitations of microreactors at longer residence times and higher temperatures and provide reactivity maps for their design. We show that batch reactors are unfit for high throughput and distributed manufacturing where small, farm-based systems are necessary.