Hyperliquid, a decentralized exchange (DEX) built on its own Layer-1 blockchain, has solidified its dominance in the perpetual futures market with a record-breaking $319 billion in trading volume for July 2025.
This represents a 47% surge from June’s $216 billion and a 28% increase over the previous high of $248 billion set in May. The platform’s meteoric rise highlights its growing appeal among traders seeking a high-performance, transparent alternative to centralized exchanges.
Financially, Hyperliquid reported a net income of $86.1 million in July, driven by $93 million in trading fees, reflecting an efficient fee model capturing value from both maker and taker transactions. Its on-chain order book, powered by the HyperBFT consensus mechanism, processes over 100,000 orders per second with sub-second finality, offering low-slippage execution and zero gas fees.
This technical edge, paired with a user experience rivaling centralized exchanges, has fueled Hyperliquid’s capture of over 75% of the decentralized perpetual futures market share.
July’s performance underscores Hyperliquid’s growing influence compared to industry giant Binance, with its perpetual futures volume reaching 11.89% of Binance’s $2.59 trillion for the month — a new high signaling DEXs are eroding centralized platforms’ dominance. Despite a dip in its native HYPE token price to around $38.50 from a peak of $49.75, Hyperliquid’s ecosystem continues to grow, with total value locked (TVL) at $597 million and open interest at $1.46 billion.
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Challenges remain, including a recent 37-minute API disruption that led Hyperliquid to compensate affected traders with $2 million in USDC, highlighting the scaling pains of a high-throughput DEX. However, with initiatives like the HyperEVM ecosystem and community-driven features such as HIP-3 for decentralized contract listings, Hyperliquid is well-positioned to sustain its momentum. As decentralized finance matures, Hyperliquid’s record-breaking July signals its potential to redefine the crypto trading landscape.
