Hyperliquid is emerging strongly in the race among decentralized exchanges (DEX), especially in the area of perpetual derivatives trading (perps). On July 25, the exchange’s perps volume reached over 16 billion USD, surpassing veteran competitors like DYDX and Synthetix, even though Hyperliquid was only launched in 2023. However, overall in the DEX space, Hyperliquid still ranks 11th according to data from Coingecko, holding 2.2% market share and supporting 50 coins along with 53 trading pairs. In the spot segment, the exchange stands 8th with over 407 million USD traded per day, much lower than PancakeSwap’s (4.5 billion USD). Nevertheless, the growth rate of Hyperliquid is impressive with a TVL reaching a new peak of over 2.1 billion USD and stablecoin liquidity hitting 5.26 billion USD. This indicates great potential for the future of the platform.
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