Crypto derivatives-focused centralized exchange BitMEX has expanded its copy trading feature to let users copy the strategies of top traders from Hyperliquid, the largest decentralized perpetual futures platform by trading volume and open interest.
The new feature, called Hyperliquid Copy Trading, lets BitMEX users automatically replicate trades from selected Hyperliquid traders, according to a press release viewed by The Defiant.
Trades are opened directly on BitMEX and users can copy up to five Hyperliquid traders at once. Other features include basic risk-management tools, such as take-profit and stop-loss options.
The launch illustrates how CEXs continue to push into decentralized finance as on-chain platforms for both spot and derivatives trading gain popularity. A spokesperson for BitMEX told The Defiant, “We’ve basically leveraged Hyperliquid L1’s open-source code to track their users’ positions and have that as an automated system as part of our copy trading feature,” noting that the offering lets traders replicate trades using the CEX’s interface and risk management features they’re used to:
“It’s an opportunity for users to make the same perp trades as top hyperliquid traders and have that automatically reflected to their accounts.”
The Rise of DEXs
The move comes as trading activity continues to grow across DEXs, with volumes in some cases overtaking those on CEXs.
Over the past 24 hours, BitMEX reported about $655 million in trading volume and $14.5 billion in open interest, which represents the value of outstanding derivatives contracts. While OI on Hyperliquid is smaller at $5.8 billion, the perp DEX saw nearly $13 billion in trades in the past 24 hours, outpacing the CEX by nearly 20x.
The contrast is notable given BitMEX’s role as a first mover in crypto derivatives, and as the pioneer of perpetuals futures in particular, a version of which it first launched in 2016.
“BitMEX pioneered the perpetual swap, which has since become the industry standard for futures trading,” BitMEX CEO Stephan Lutz said in the release, continuing:
“The launch of Hyperliquid Copy Trading completes the circle, bringing the alpha available on the world’s leading PerpDEX to BitMEX users and incorporating it into their existing workflow.”
In the face of rising competition from decentralized platforms, as well as centralized giants, smaller CEXs have had to get proactive with their strategies. For example, in December, Bitfinex removed all trading fees across its spot and derivatives markets in an effort to attract and retain users.
The announcement comes as crypto markets have swung sharply in recent weeks, with Bitcoin falling to levels not seen since April 2025.
In October, self-custody crypto wallet MetaMask integrated Hyperliquid to offer perpetual futures trading from directly within the wallet.
