Hyperliquid’s July trading volume surpassed the combined total of the next seven largest decentralized perpetual exchanges.
Hyperliquid recorded $218 billion in perpetual trading volume in July, exceeding the $189 billion combined total of the next seven leading decentralized exchanges. The platform’s dominance grew as overall market volume declined by $85 billion, or 17%, month over month.
Among competitors, Aster, Lighter, and GRVT posted volumes of $43.6 billion, $36.4 billion, and $34.4 billion, respectively. The concentration of trading activity on Hyperliquid highlights its expanding market share in the decentralized derivatives space.
The data underscores a shift in trader preferences toward Hyperliquid amid broader market volatility and liquidity trends.