Hyperliquid tops $319B July volume, a record for any DeFi perp DEX

Hyperliquid processed $319B in trades last month, accounting for the majority of DeFi perpetual futures volume as decentralized exchanges gain traction.

Hyperliquid drives $487B July surge in decentralized crypto trading

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Trading volume on the decentralized exchange Hyperliquid reached a new monthly high in July, setting a record among DeFi perpetual futures platforms as user activity continued to rise.

According to DefiLlama , the platform processed $319 billion in trades during the month — the highest monthly volume ever recorded in the DeFi perpetual futures space.

Hyperliquid’s record is a sign of more traders using , which are starting to cut into the market share of centralized cryptocurrency exchanges (CEXs).

of all blockchain revenue during July, capturing significant value at the expense of Solana, Ethereum and BNB Chain, VanEck researchers in a monthly crypto recap report.

“Hyperliquid was able to capture much of Solana’s momentum, and likely Solana’s market capitalization, because it offers a simple, highly functional product,” VanEck head of digital assets research, Matthew Sigel, and fellow analysts Patrick Bush and Nathan Frankovitz, said in the report.

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

The milestone comes despite outage that saw traders sidelined for about 37 minutes on July 29. The derivatives platform reimbursed affected users a total of $2 million, receiving community praise for the rapid response.

Crypto perpetual futures enable traders to speculate on cryptocurrency prices without expiration dates.

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Hyperliquid’s rapid growth pushed the collective trading volume of DeFi perpetual exchanges to a new monthly high of $487 billion in July, marking a 34% increase from the $364 billion recorded in June, DefiLlama showed.

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

EdgeX was the second-largest platform with a $21 billion monthly trading volume, followed by MYX Finance with over $9 billion of volume for the month of July.

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Hyperliquid, the world’s seventh-largest derivatives exchange by daily trading volume, has reached over 604,400 registered users — an increase from 488,000 recorded on June 6, according to data from .