The trading volume of the decentralized exchange Hyperliquid reached a new monthly high in July, setting a record in the decentralized finance perpetual futures platform, with user activity continuing to rise.
According to data from DefiLlama, the platform processed $319 billion in transactions in July—this is the highest monthly trading volume ever recorded in the decentralized finance perpetual futures space.
Hyperliquid's record indicates that more traders are using decentralized exchanges, which are beginning to eat into the market share of centralized cryptocurrency exchanges (CEX).
VanEck researchers stated in their monthly cryptocurrency review report that Hyperliquid captured 35% of all blockchain revenue in July, significantly at the expense of Solana, Ethereum, and BNB Chain.
Matthew Sigel, VanEck's head of digital asset research, along with analysts Patrick Bush and Nathan Frankovitz, noted in the report: "Hyperliquid has been able to capture much of Solana's momentum, likely at the expense of Solana's market cap, as it offers a simple, high-functionality product."
Despite experiencing an outage of about 37 minutes on July 29, which prevented traders from trading, Hyperliquid still achieved this milestone. The derivatives platform compensated affected users a total of $2 million and received community praise for its quick response.
Cryptocurrency perpetual futures allow traders to speculate on cryptocurrency prices without an expiration date.
Data from DefiLlama shows that Hyperliquid's rapid growth drove the collective trading volume of decentralized finance perpetual exchanges to a new monthly high of $487 billion in July, a 34% increase from the $364 billion recorded in June.
EdgeX is the second-largest platform with a monthly trading volume of $21 billion, followed by MYX Finance, which exceeded $9 billion in trading volume in July.
In terms of daily trading volume, Hyperliquid is the seventh-largest derivatives exchange globally, with over 604,400 registered users—Dune data shows this number has increased from 488,000 recorded on June 6.
Hyperliquid gained popularity after launching spot trading in April 2024, adopting an aggressive listing strategy and an easy-to-navigate user interface.
Related: UK Policy Shift: Approval of Retail Trading in Cryptocurrency ETNs, Aiming to Build a Crypto Hub
Original: “Hyperliquid Drives $487 Billion Surge in Decentralized Cryptocurrency Trading in July”
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