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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.
Related: Crypto treasuries top $100B for Ethereum’s 10th anniversary: Finance Redefined
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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