Hyperliquid is one of the current success stories of Bull Market Defi. In the sun -day -to -day trade volume of up to $ 4 billion, the exchange became the largest derivative platform of derivatives (Dex), regulating nearly 60% of the market.
Hyperliquid still remains behind Binance Futures’ $ 50 billion day -average volume, but the trend suggests that it has begun to discroach to centralized exchange territory (CEX).
What is behind the parabolic increase of hyperliquid?
Launched in 2023, Hyperliquid gained popularity in April 2024 after the launch of spot trading. This, accompanied by aggressive listing on the list and easy -to -use Onchain user interface, has helped attract a wave of new users.
The real explosion of the platform, however, arrived in November 2024, following the launch of the hype (hype) token. Hyperliquid trading volume, and it boasts more than 400,000 users and over 50 billion trading processed, according to data from Dune.
Hyperliquid Combined -with trading and users. Source: Dune
As Hyperliquid began as a high performance continued futures and spots Dex, its ambitions were from expanding. With Launching Hyperevm In Feb. 18, the project has become a general layer-1 chain capable of supporting third-party defi apps built on top of its infrastructure.
As one of the founders of Hyperliquid, Jeff Yan, Put this, this,
“Most L1 builds infrastructure and hope that others will come to build murdered apps. Hyperliquid takes the opposite approach: Polish a native application and then grown in the general objective infrastructure.”
If this method works, the liquidity driven by the main DEX of Hyperliquid can naturally feed on the wider ecosystem and vice versa, creating an effect of the flywheel.
Related: Hyperliquid Flips Solana on fees, but is ‘hype’ justified?
Will Hyperliquid be a sustainable CEX alternative?
According to Co ringeckoHyperliquid is now ranked on 14th in exchanges of derivatives by open interest, which sits at $ 3.1 billion. That is still behind Binance’s $ 22 billion but leads older names such as the derivit or derivatives divisions of Crypto.com, Bitmex, or Kucoin. This is the first time a Dex is competing closely with the established CEX.
Moreover, as Hyperliquid deepens its focus on specialized trade pairs, it continues to chill away in the market of major exchange markets. DEX accepts not only arbitrum USDC as collateral but also native BTC. It makes one of the few decentralized platforms that hold BTC wrapping and native prevention, giving users the option to use BTC for web3-wallet-based trading.
X user skewga.hl mentioned Hyperliquid’s BTC Perpetual Futures Volume recently struck a full time high, reaching almost 50% of BYBIT’s and 21% of Binance’s. The skewga.hl wrote,
“No Dex is close to matching the Tier 1 CEX volume.”
Daily ratios of volume, hyperliquid compared to other exchanges (BTC per). Source: skewga.hl
Since 2024, the eternal swap has seen a resurrection as a trading tool. During the 2021–2022 Bull Market, the sunny volume was average of around $ 5 billion. In early 2025, that number often exceeded $ 15 billion, with hyperliquid accounting for nearly two-thirds of it.
Data from Defillama describes Moving: While DYDX (green) led in 2023–2024, the landscape vary significantly in 2024 – and in 2025, the hyperliquid (pink) led.
PERPS VOLUME BREAKDOWN. Source: Defillma
In spite of the recently —what Jelly token scandal. It has not yet obtained the institutional flow of investor or size at the level of top-tier CEXs. However, if the layer 1 ecosystem gets traction with developers, hyperliquid may develop in more than a leading DEX.
This article does not contain investment advice or recommendations. Every transfer of investment and trading involves risk, and readers should conduct their own research when deciding.
