Hyperliquid Tops Perpetuals Sector Rankings

Hyperliquid, a decentralized perpetuals exchange built on its own Layer 1 network, is outpacing its competition after processing record daily volume on August 5.

The platform processed $4.3 billion in perpetuals trading volume, nearly double dYdX V4’s $2.2 billion and 150% more than Solana-based Jupiter’s $1.7 billion.

Hyperliquid has exhibited strong growth over the last month and accounted for 26% of the top 10 perpetual DEXs’ total volume, with more than $34 billion in volume over the last 30 days.

Hyperliquid and dYdX, which processed just over 24% of the total volume across its V4 and V3 iterations, dominate the sector with a 50% market share.

The exchange is quickly becoming the preferred venue for trading futures on-chain, as shown by its daily active users (DAU) when compared to competing protocols. Hyperliquid has maintained the largest DAU since January, with as many as 18,900 unique traders on August 5, compared to Jupiter’s 13,500 and GMX’s 3,600.

Users praise Hyperliquid’s centralized exchange-like UX, ample liquidity and diverse range of tradable pairs.

In addition to Hyperliquid’s futures offerings, the protocol recently added a spot trading feature on March 28 through its HIP-1 and HIP-2 upgrades. HIP-1 allows for the creation of native spot tokens and corresponding on-chain order books. HIP-2 introduced “Hyperliquidity,” which permanently commits liquidity to spot order books for HIP-1 tokens.

Volume and attention may also be driven by Hyperliquid’s ongoing points program. The program distributes points to users weekly with rotating criteria. It is set to conclude in September and is presumed to coincide with the launch of Hyperliquid’s native token.