Hyperliquid processes $218 billion in volume in July

Hyperliquid remains the undisputed leader among perpetual DEXs. In July, the platform processed $218 billion in trading volume, while the seven other platforms in the top 8 together account for nearly $189 billion. Despite an overall decline in total volume, the split between Hyperliquid and the rest remains virtually unchanged.

Hyperliquid is available at OKX and Bybit.

In brief:

• Hyperliquid generates $218 billion in trading volume in July, the rest of the top 8 together $189 billion
• The combined volume of the top 8 perpetual DEXs declines by 17% compared with the previous month
• The market structure barely changes: Hyperliquid stands alone, the competitors form a separate second tier

Hyperliquid far ahead of the competition

According to figures from CryptoRank, Hyperliquid is by far the largest perpetual DEX in July. The platform processes more than five times the volume of number two, Aster, which comes to $43.6 billion. Lighter ranks third with $36.4 billion, followed by GRVT with $34.4 billion.

The other platforms in the top 8 are Variational ($23.7 billion), Pacifica ($22.2 billion), EVEDEX ($14.4 billion) and Extended ($13.5 billion). The gap between Hyperliquid and this group is so wide that they are regarded as a separate second tier within the decentralised derivatives market.

Total volume declines by 17%

The combined trading volume of the eight largest perpetual DEXs falls by $85 billion in July, a decline of 17% compared with the previous month. That decline affects the entire market but does not shift the balance. The concentration of liquidity at Hyperliquid remains intact, while the competitors remain closely grouped.

The rise of decentralised trading platforms is a broader trend. Earlier figures already showed that DEX trading volume reached a record high compared with centralised exchanges. The HYPE token is trading at $54.72 at the time of writing, an increase of 4.5% over the past 24 hours.