Hyperliquid Achieves Record Trading Volume, Dominates DeFi Perpetual Market Share

Decentralized exchange (DEX) Hyperliquid set a new monthly record for trading volume in July, reaching $319 billion, signaling a significant shift in trader preferences within DeFi’s perpetual futures segment.

According to DefiLlama data, Hyperliquid surpassed all previous monthly totals across DeFi perpetual futures exchanges during July, positioning it at the forefront of decentralized finance innovation in this key derivatives area.

This surge also indicates Hyperliquid capturing a substantial market share, with the platform reportedly accounting for 35% of all blockchain trading revenue during the month. This success has been noted by VanEck researchers, who cited Hyperliquid’s “simple, highly functional product” as a key factor in its rapid adoption.

The milestone follows a notable 37-minute outage on July 29th, during which users were unable to access trading functions. However, Hyperliquid’s prompt response and subsequent reimbursement of $2 million to affected users garnered positive community feedback.

Collective trading volume across all DeFi perpetual exchanges also reached an all-time monthly high of $487 billion in July, representing a 34% month-over-month increase. Among competitors, EdgeX ranked second with $21 billion in monthly volume, while MYX Finance followed closely at $9 billion.

Hyperliquid’s rapid growth is also reflected in its expanding user base. The platform boasts over 604,400 total users, showing a significant growth spurt from the 488,000 users recorded two months prior.

Having gained significant popularity since its April 2024 launch — partly due to its spot trading capabilities, aggressive listing strategy, and user-friendly interface — Hyperliquid continues to solidify its position in the competitive crypto derivatives landscape.

DeFi Context:
• Hyperliquid $319B July Volume sets new monthly record for DeFi perps
• Platform earns 35% blockchain revenue share during month
• 34% YoM surge in collective DeFi perpetuals market volume ($487B)
• User base expands to over 604K total users
• VanEck attributes adoption success to platform simplicity and functionality
• Traders responding to DEX offering migration