Hyperliquid DEX Shatters DeFi Volume Records with $319B in July

Hyperliquid Tops DeFi Charts with Record-Breaking July Volume

The decentralized exchange (DEX) Hyperliquid has achieved a significant milestone, reporting $319 billion in trading volume for July. This figure represents a new record for any decentralized perpetual futures exchange, highlighting a surge in user activity within the DeFi space, according to DefiLlama data.

Key Highlights of Hyperliquid's Performance

Record Volume: Hyperliquid processed $319 billion in trades in July, the highest ever for a DeFi perpetual futures platform.
Market Share: This surge indicates a growing shift towards decentralized exchanges, impacting the market share of centralized cryptocurrency exchanges (CEXs).
Revenue Capture: Hyperliquid accounted for 35% of all blockchain revenue in July, drawing users from major networks like Solana, Ethereum, and BNB Chain, according to VanEck researchers.

Hyperliquid Volume — *Source: DefiLlama*

VanEck's Analysis

VanEck's head of digital assets research, Matthew Sigel, along with analysts Patrick Bush and Nathan Frankovitz, noted that Hyperliquid's success stems from its "simple, highly functional product," enabling it to capture momentum from other platforms like Solana.

Hyperliquid Revenue — *Hyperliquid earned more than a third of all blockchain revenue in July. Source: VanEck*

Outage and Reimbursement

Notably, this milestone was achieved despite a 37-minute outage on July 29. Hyperliquid quickly reimbursed affected users a total of $2 million, earning praise for its rapid response and commitment to user satisfaction.

DeFi Perpetual Futures Market Growth

Hyperliquid's growth has contributed significantly to the overall expansion of the DeFi perpetual futures market. The collective trading volume of DeFi perpetual exchanges reached $487 billion in July, a 34% increase from June's $364 billion, according to DefiLlama.

DeFi Perps Volume — *DeFi perps, collective monthly trading volume, all-time chart. Source: DeFiLlama*

Other Key Players

While Hyperliquid led the charge, other platforms like EdgeX ($21 billion) and MYX Finance (over $9 billion) also contributed to the total DeFi perpetual futures volume in July.

Hyperliquid's User Growth and Strategy

Hyperliquid, now the world’s seventh-largest derivatives exchange by daily trading volume, boasts over 604,400 registered users, up from 488,000 on June 6, as per Dune Analytics.