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).

Source: DeFiLlama

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.

Hyperliquid earned more than a third of all blockchain revenue in July. Source: VanEck

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.

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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.

DeFi perps, collective monthly trading volume, all-time chart. Source: DeFiLlama

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.

Related: Crypto funds see $223M outflow, ending 15-week streak as Fed dampens sentiment

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.

Source: Dune

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

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