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Hyperliquid is one of the most notable DeFi success stories in this bull market. The exchange's daily trading volume has reached $4 billion, making it the largest decentralized (DEX) derivatives platform, capturing nearly 60% of the market share.

Although Hyperliquid is still far from Binance Futures' $50 billion average daily trading volume, its growth trend indicates that it has begun to encroach on the market share of centralized exchanges (CEX).

Why has Hyperliquid achieved explosive growth?

Launched in 2023, the platform gained market favor after launching spot trading in April 2024. Its aggressive token listing strategy combined with an easy-to-use on-chain user interface has successfully attracted a large number of new users.

However, the platform's real explosion came after the launch of the HYPE token in November 2024. According to Dune data, Hyperliquid's trading volume surged sharply, currently boasting over 400,000 users and processing more than 50 billion transactions.

Hyperliquid cumulative trading and users. Source: Dune

Initially positioned as a high-performance perpetual contract and spot DEX, Hyperliquid's vision has continued to expand. With the launch of HyperEVM on February 18, the project has upgraded to a general-purpose Layer 1 public chain capable of supporting third-party DeFi applications developed on its infrastructure.

As co-founder Jeff Yan stated, "Most public chains build infrastructure first and then expect developers to create killer applications. Hyperliquid takes the opposite approach: it refines native applications first and then expands into general infrastructure." If this model works, the core DEX-driven liquidity will naturally feed back into the ecosystem, creating a virtuous cycle.

Can it become a sustainable alternative to CEX?

According to CoinGecko, Hyperliquid currently ranks 14th among derivatives exchanges with $3.1 billion in open contracts. Although it lags behind Binance by $2.2 billion, it has surpassed established platforms like Deribit and Crypto.com’s derivatives division. This marks the first time a DEX has engaged in direct competition with mainstream CEXs.

By focusing on unique trading pairs, the platform continues to eat into the market share of mainstream exchanges. It not only accepts Arbitrum USDC as collateral but also supports native BTC trading, becoming one of the few decentralized platforms to achieve native BTC wrapping/unwrapping, allowing users to trade BTC directly through Web3 wallets.

According to X user Skewga.hl, Hyperliquid's BTC perpetual contract trading volume recently reached a historic high, accounting for 50% of Bybit's and 21% of Binance's. They commented, "No DEX has ever come this close to the trading volume levels of top CEXs."

Daily trading volume ratio, Hyperliquid vs. other exchanges (BTC perp). Source: Skewga.hl

Since 2024, perpetual contracts have regained market favor as a trading tool. During the 2021-2022 bull market, the average daily trading volume of perpetual contracts was about $5 billion. By early 2025, this figure frequently surpassed $15 billion, with Hyperliquid capturing nearly two-thirds of the share.

DefiLlama data clearly illustrates this evolving landscape: while dYdX (green) dominated in 2023-2024, the market began to significantly differentiate in 2024—by 2025, Hyperliquid (pink) had firmly established itself as the industry leader.

Details of the number of criminals. Source: DefiLlama

Despite the recent JELLY token incident (where the exchange suspended trading and delisted the token due to manipulation by large holders), Hyperliquid remains a favored platform among DeFi and DEX traders. However, the platform has yet to attract inflows from institutional investors and has not reached the scale of top CEXs. If its Layer 1 ecosystem can attract developers, Hyperliquid is expected to break through its single DEX positioning and achieve broader ecological development.

This article does not contain investment advice or recommendations. Every investment and trading activity involves risks, and readers should conduct their own research before making decisions.

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