Hyperliquid, a leading decentralized perpetual futures exchange, achieved a record $319 billion in trading volume during July, capturing a dominant 35% share of the decentralized finance (DeFi) perpetuals market. This milestone underscores a significant shift in trader preference from centralized exchanges (CEX) towards decentralized alternatives.
The broader DeFi perpetuals market witnessed substantial growth in July, collectively reaching $487 billion in total trading volume, a notable rise from $364 billion recorded in June. Hyperliquid significantly outperformed key competitors, including EdgeX with $21 billion and MYX Finance with $9 billion in volume during the same period.
Further cementing user confidence, Hyperliquid reimbursed affected traders a total of $2 million following a brief platform outage lasting 37 minutes on July 29. This proactive response was widely praised within the community.
The platform’s simple and functional trading product also fueled significant user adoption. Hyperliquid’s active user base grew substantially to over 604,400 in July, up from 488,000 in the previous month, highlighting its expanding reach and appeal among DeFi traders.