News

August 8, 2025

Hyperliquid’s Record-Breaking Trading Volume: A New Milestone in DeFi Perpetual Futures

"Image showcasing Hyperliquid's successful July, with a record-breaking trading volume of 9 billion highlighted through a sea of futuristic dark and midnight blue coins against the backdrop of an upward trending orange line chart symbolizing growth. The company's logo is subtly embedded, reflecting Hyperliquid as the Decentralised Finance (DeFi) platform in focus."
In the month of July, decentralized exchange Hyperliquid reported record trading volumes, setting a new high among perpetual futures platforms in the Decentralized Finance (DeFi) sector. This mirrors a growing trend of increased user activity and trader migration from centralized cryptocurrency exchanges to decentralized platforms.

Hyperliquid Smashes Trading Records

Data from DefiLlama indicates that in July alone, Hyperliquid managed to process trade worth an unprecedented $319 billion. This was an all-time high not just for the platform, but for the entirety of the DeFi perpetual futures space. The record volumes demonstrate a surge in the adoption of decentralized exchanges, which are increasingly challenging the market share enjoyed by centralized cryptocurrency exchanges (CEXs).

Blockchain Revenue and User Growth

Hyperliquid didn’t stop at trading volumes. According to a report by analysts at VanEck, the platform also secured 35% of total blockchain revenue during the month of July. Solana, Ethereum, and BNB Chain’s loss was Hyperliquid’s significant gain. VanEck’s head of digital assets research, Matthew Sigel, together with analysts Patrick Bush and Nathan Frankovitz, attributed Hyperliquid’s ability to capture a large portion of Solana’s market capitalization to its straightforward and highly-functional product offering. Even a trading outage that left traders inactive for around 37 minutes on July 29 did not dampen Hyperliquid’s progress. Subsequently, the derivatives platform compensated its users with a total of $2 million, a move that was highly appreciated by the community.

About Crypto Perpetual Futures

Crypto perpetual futures enable traders to speculate on cryptocurrency prices without any expiration dates. This variation on traditional futures contracts is increasingly popular in the world of crypto trading.

DeFi Perpetual Exchange Growth

In relation to its robust growth, Hyperliquid alone played a significant part in pushing the collective trading volume of DeFi perpetual exchanges to a record monthly high of $487 billion in July. This marked a 34% climb from the $364 billion recorded in the previous month, June. EdgeX and MYX Finance trailed behind Hyperliquid as the second and third largest platforms, recording monthly trading volumes of $21 billion and over $9 billion respectively.

User Statistics

Hyperliquid, which is now the seventh-largest derivatives exchange globally based on daily trading volume, boasts over 604,400 registered users, a significant increase from the 488,000 users recorded in June. This growing use of the platform began in earnest in April 2024, following the implementation of spot trading coupled with an aggressive listing strategy and a user-friendly interface. To conclude, Hyperliquid’s record-breaking performance in July is indicative of the shifting landscape within the cryptocurrency trading sector. Enhanced functionality, lower fees and, increased transparency are turning decentralized exchanges into strong competition for their centralized counterparts. As blockchain advances and more traders realize the benefits of decentralized platforms, this trend looks set to continue hence pointing towards a future financial system that maximizes autonomy and reduces third-party involvement.
James Carter

Financial Analyst & Content Creator | Expert in Cryptocurrency & Forex Education

James Carter is an experienced financial analyst, crypto educator, and content creator with expertise in crypto, forex, and financial literacy. Over the past decade, he has built a multifaceted career in market analysis, community education, and content strategy. At AltSignals.io, James leads content creation for English-speaking audiences, developing articles, webinars, and guides that simplify complex market trends and trading strategies. Known for his ability to make technical finance topics accessible, he empowers both new and seasoned investors to make informed decisions in the ever-evolving world of digital finance.

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