Hyperliquid Sets New Record with $319B Monthly Volume
The decentralised exchange (DEX) Hyperliquid has set a new benchmark in the world of DeFi perpetual futures, processing an astonishing $319 billion in trades during July 2025. According to DefiLlama data, this figure marks the highest monthly volume ever recorded by a single DeFi perpetual futures platform.
This surge in trading activity has propelled the total monthly trading volume for DeFi perpetuals to a new record of $487 billion, reflecting a 34 percent increase from the $364 billion reported in June. Hyperliquid alone accounted for a dominant share of this volume, cementing its position as a leader in the decentralised derivatives market.
Decentralised Platforms Gain Traction Over Centralised Exchanges
Hyperliquid’s explosive growth highlights a broader trend of users shifting from centralised cryptocurrency exchanges (CEXs) to decentralised alternatives. The appeal of greater transparency, reduced counterparty risk and increased accessibility continues to draw traders toward DEX platforms, particularly in the derivatives space.
Hyperliquid earned more than a third of all blockchain revenue in July. Source: VanEck
Despite facing a temporary setback on 29 July, when the platform experienced an outage that halted trading for approximately 37 minutes, Hyperliquid’s reputation remained intact. The platform quickly reimbursed affected users with a total of $2 million, earning praise from the community for its swift and transparent handling of the incident.
Perpetual Futures: A Growing Corner of Crypto Trading
Perpetual futures contracts allow traders to speculate on the price movements of cryptocurrencies without the constraints of expiration dates. These instruments have grown increasingly popular due to their flexibility and high liquidity, making them a staple in both centralised and decentralised crypto trading environments.
Hyperliquid’s ability to capture such a large share of this market underscores not only the rising demand for perpetual futures but also the growing trust in DEX platforms to handle high-volume trading efficiently.
Competition Trails Behind as Hyperliquid Surges Ahead
While Hyperliquid led the way with its record-breaking performance, other platforms also contributed to July’s surge in DeFi trading. EdgeX ranked second with $21 billion in trading volume, followed by MYX Finance, which recorded more than $9 billion during the same period.
Source: Dune
Although these numbers are considerably smaller than Hyperliquid’s, they still indicate healthy competition and a growing appetite for decentralised trading solutions across the board.
User Base Continues to Expand
Hyperliquid has also seen significant growth in its user base. As of early August, the platform has registered over 604,400 users, up from 488,000 on 6 June, according to data from Dune. This rapid increase aligns with the platform’s decision in April to launch spot trading alongside perpetual futures, coupled with an aggressive listing strategy and a user-friendly interface.
As decentralised finance continues to evolve, Hyperliquid’s July performance may signal a broader shift in trading preferences. With strong momentum and an expanding community, the platform appears well-positioned to maintain its leadership in the DeFi derivatives space.
