Hyperliquid dominates perpetuals with $240 billion in 30 days

Hyperliquid is far ahead of all other networks when it comes to trading in perpetual futures. Over the past thirty days, the network processed approximately $240 billion in volume, according to data from CryptoRank. That is more than five times as much as the number two in the rankings. The figures show how strongly Hyperliquid has built out its position in the market for decentralised derivatives trading.

Hyperliquid is available at OKX and Bybit.

In brief:

• Hyperliquid processed $240 billion in perpetual futures volume in 30 days, well over five times as much as the number two.
• Arbitrum, Solana, Lighter, Ethereum and edgeX follow a long way behind with volumes between $42 and $47 billion.
• The data come from CryptoRank and relate to the period up to 16 September 2026.

Hyperliquid far ahead of the competition

Arbitrum finished in second place with $47.2 billion, followed by Solana with $46 billion. Lighter recorded $45.6 billion, Ethereum $44.9 billion, and edgeX closed the top six with $42.3 billion. It is striking that these five networks are close together, while Hyperliquid, with $240 billion, forms a category of its own.

Perpetual futures are contracts without an expiry date that allow traders to speculate on the price of an asset, often with leverage. The popularity of these instruments on decentralised networks is growing, and Hyperliquid benefits most from this. Blockchainstories previously reported on Kraken’s parent company Payward bringing onchain perpetuals to the US via Hyperliquid.

Ethereum remains relevant but is losing ground to alternatives

Ethereum is in fifth place with $44.9 billion, which indicates that the network still plays a role in the derivatives market but no longer occupies the dominant position it once had. The price of Ethereum currently stands at $2.460, an increase of 2.4% over the past 24 hours.

Analysts do, however, see potential for Ethereum. Earlier articles discussed the expectation that Ethereum could rise to $2.700 after a breakout above $2.570. Whether that movement will also have positive consequences for activity on the network in the derivatives market remains to be seen.