Hyperliquid DEX trading volumes cut into CEX market share: Data

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Hyperliquid is 1 of the existent bull market’s standout DeFi occurrence stories. With regular trading volumes having reached $4 billion, the speech has go the largest decentralized (DEX) derivatives platform, commanding astir 60% of the market.

Hyperliquid inactive lags acold down Binance Futures’ $50 cardinal regular mean volume, but the inclination suggests that it has started to encroach connected centralized speech (CEX) territory.

What’s down Hyperliquid’s parabolic rise?

Launched successful 2023, Hyperliquid gained popularity successful April 2024 aft launching spot trading. This, combined with its assertive listing strategy and easy-to-use onchain idiosyncratic interface, helped to lure successful a question of caller users.

The platform’s existent explosion, however, came successful November 2024, pursuing the motorboat of its HYPE (HYPE) token. Hyperliquid’s trading measurement skyrocketed, and it present boasts implicit 400,000 users and much than 50 cardinal trades processed, according to information from Dune.

While Hyperliquid started arsenic a high-performance perpetual futures and spot DEX, its ambitions person since expanded. With the launch of HyperEVM connected Feb. 18, the task has go a general-purpose layer-1 concatenation susceptible of supporting third-party DeFi apps built connected apical of its infrastructure.

As 1 of Hyperliquid’s founders, Jeff Yan, put it,

“Most L1s physique infrastructure and anticipation that others volition travel physique the slayer apps. Hyperliquid takes the other approach: polish a autochthonal exertion and past turn into general-purpose infrastructure.”

If this attack works, the liquidity driven by Hyperliquid’s halfway DEX could people provender into the broader ecosystem and vice versa, creating a flywheel effect.

Will Hyperliquid go a sustainable CEX alternative?

According to CoinGecko, Hyperliquid present ranks 14th among derivatives exchanges by unfastened interest, sitting astatine $3.1 billion. That’s inactive down Binance’s $22 cardinal but up of older names similar Deribit oregon derivatives divisions of Crypto.com, BitMEX, oregon KuCoin. It’s the archetypal clip a DEX is competing truthful intimately with established CEXs.

Furthermore, arsenic Hyperliquid deepens its absorption connected specialized trading pairs, it continues to spot distant astatine the marketplace stock of large exchanges. The DEX accepts not lone Arbitrum USDC arsenic collateral but besides autochthonal BTC. This makes it 1 of the fewer decentralized platforms that grip BTC wrapping and unwrapping natively, giving users the enactment to usage BTC for Web3-wallet-based trading.

X idiosyncratic Skewga.hl noted that Hyperliquid’s BTC perpetual futures measurement stock precocious deed an all-time high, reaching astir 50% of Bybit’s and 21% of Binance’s. Skewga.hl wrote,

“No DEX has ever travel this adjacent to matching Tier 1 CEX volume.”

Since 2024, perpetual swaps person seen a revival arsenic a trading tool. During the 2021–2022 bull market, regular perps measurement averaged astir $5 billion. In aboriginal 2025, that fig often exceeded $15 billion, with Hyperliquid accounting for astir two-thirds of it.

Data from DefiLlama illustrates the shift: portion dYdX (green) dominated successful 2023–2024, the scenery diversified importantly successful 2024—and by 2025, Hyperliquid (pink) had taken the lead.

Despite the caller JELLY token scandal, which progressive the speech halting trading and delisting a low-market-cap token that a whale had exploited, Hyperliquid remains a fashionable speech among DeFi and DEX traders. It has yet to seizure organization capitalist flows oregon standard to the level of top-tier CEXs. However, if its furniture 1 ecosystem gains traction with developers, Hyperliquid could germinate into much than conscionable a starring DEX.

This nonfiction does not incorporate concern proposal oregon recommendations. Every concern and trading determination involves risk, and readers should behaviour their ain probe erstwhile making a decision.

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