Hyperliquid captures 6.1% market share against CEXs, DWF Ventures reports
Main Idea
Hyperliquid’s decentralized perpetual exchange has achieved a record 6.1% market share against centralized exchanges, driven by its unique tokenomics and lack of early-stage VC involvement.
Key Points
1. Hyperliquid’s market share against major CEXs like Bybit and OKX reached an all-time high of 6.1%.
2. The platform migrated from Arbitrum to its own Layer 1, HyperEVM, and conducted a HYPE token airdrop, allocating 31% of the total supply to early users.
3. In July, Hyperliquid recorded $320 billion in perpetual trading volume and $87 million in share by any single chain.
4. 97% of trading fees fund HYPE token buybacks, with nearly $1.3 billion worth of HYPE bought back by the Hyperliquid Assistance Fund.
5. DWF Ventures attributes Hyperliquid’s success to its absence of early-stage VC backing and its focus on rewarding early users.
Description
According to a new analysis released by DWF Ventures on August 15, 2025, Hyperliquid’s decentralized perpetual exchange has reached an all-time high market share of 6.1% against centralized exchanges (CEXs), becoming a major competitor to traditional futures trading platforms. The report from DWF Ventures, the investment arm of DWF Labs, charts Hyperliquid’s evolution from an Arbitrum-based PerpDEX to its current Layer 1 platform following migration to HyperEVM and the HYPE token airdrop. Commun...
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