Hyperliquid accounted for over half of perpetual DEX trading volume in July as total market activity declined 17% month-over-month.
Hyperliquid dominated perpetual decentralized exchanges in July, generating $218 billion in trading volume. Competing platforms combined for nearly $189 billion, highlighting Hyperliquid’s market leadership.
Total volume across the top eight Perp DEXs fell by $85 billion, or 17%, from the previous month. Despite the decline, liquidity concentration remained unchanged, with Hyperliquid maintaining its lead over second-tier competitors.
The drop reflects broader market trends but did not alter the structural hierarchy among exchanges.