Hyperliquid tops $319B July volume, a record for any DeFi perp DEX

Trading volume on decentralized exchange Hyperliquid surged to a new monthly all-time high in July, marking a record for decentralized finance (DeFi) perpetual futures exchanges as more traders flocked to them.

Hyperliquid hit $319 billion of trading volume during July, marking a new monthly record high across all DeFi perpetual futures exchanges, according to DefiLlama data.

Hyperliquid’s record is a sign of more traders using decentralized exchanges, which are starting to cut into the market share of centralized cryptocurrency exchanges (CEXs).

Hyperliquid earned 35% of all blockchain revenue during July, capturing significant value at the expense of Solana, Ethereum and BNB Chain, VanEck researchers said in a monthly crypto recap report.

“Hyperliquid was able to capture much of Solana’s momentum, and likely Solana’s market capitalization, because it offers a simple, highly functional product,” VanEck head of digital assets research, Matthew Sigel, and fellow analysts Patrick Bush and Nathan Frankovitz, said in the report.

The milestone comes despite Hyperliquid suffering an outage that saw traders sidelined for about 37 minutes on July 29. The derivatives platform reimbursed affected users a total of $2 million, receiving community praise for the rapid response.

Crypto perpetual futures enable traders to speculate on cryptocurrency prices without expiration dates.

DeFi perps near $500 billion record volume amid Hyperliquid’s growth

Hyperliquid’s rapid growth pushed the collective trading volume of DeFi perpetual exchanges to a new monthly high of $487 billion in July, marking a 34% increase from the $364 billion recorded in June, DefiLlama data showed.

EdgeX was the second-largest platform with a $21 billion monthly trading volume, followed by MYX Finance with over $9 billion of volume for the month of July.

As the world’s seventh-largest derivatives exchange by daily volume, Hyperliquid boasts over 604,400 total users, up from 488,000 recorded two months ago, on June 6, Dune data shows.

Hyperliquid gained popularity in April 2024 after launching spot trading with an aggressive listing strategy and easy-to-navigate user interface.

Trade Secrets: Metric signals $250K Bitcoin is ‘best case,’ SOL, HYPE tipped for gains