Hyperliquid Hits $319B July Volume Record as DeFi Perp DEXs Surge

Trading volume on Hyperliquid, a decentralized perpetual futures exchange, soared to a record $319 billion in July 2025, establishing a new benchmark for decentralized finance (DeFi) perp DEXs [1]. This milestone reflects a broader surge in decentralized trading, as the total monthly volume across all DeFi perpetual exchanges reached $487 billion—up from $364 billion in June [2]. Hyperliquid’s dominance in the space was evident as it captured 35% of all blockchain-derived revenue during the month, outpacing even major smart contract blockchains like Solana, Ethereum, and BNB Chain [3].

The platform’s success is attributed to its simple yet highly functional design, which has drawn traders away from centralized platforms. VanEck researchers highlighted that Hyperliquid’s intuitive interface and aggressive listing strategy have enabled it to harness momentum from other protocols, particularly Solana, in terms of both market capitalization and user adoption [3]. The platform’s user base has also expanded significantly, with registered users rising from 488,000 in early June to over 604,400 by the end of July [4].

Hyperliquid’s rapid ascent was not without challenges. On July 29, the platform experienced a 37-minute outage. However, it swiftly reimbursed affected users for a total of $2 million, a move that earned widespread praise from the community and reinforced trust in the platform’s operational integrity [1].

In the broader DeFi perp DEX landscape, Hyperliquid remains the clear leader, with EdgeX and MYX Finance trailing at $21 billion and $9 billion in monthly volume, respectively [1]. The platform’s growth trajectory underscores a fundamental shift in how traders perceive and interact with derivatives markets, with decentralized solutions gaining traction due to their transparency, speed, and lower fees. As DeFi perp DEXs continue to evolve, they are increasingly seen as viable alternatives to traditional centralized exchanges.

Source: [1] Hyperliquid tops $319B July volume, a Record for any DeFi ... (https://cointelegraph.com/news/hyperliquid-319b-record-defi-perp-dex)

[2] DeFi perps near $500 billion record volume amid Hyperliquid’s growth

[3] Hyperliquid earned 35% of all blockchain revenue during July, VanEck researchers said in a monthly crypto recap report

[4] Hyperliquid gained popularity in April 2024 after launching spot trading with an aggressive listing strategy and easy-to-navigate user interface