Hyperliquid Surpasses $320 Billion in July Trading Volume, Up 47% From June

Hyperliquid, a layer-1 protocol-based decentralized exchange (DEX) for perpetual futures, achieved an all-time high in monthly trading volume in July 2025, with total volume reaching nearly $320 billion [2]. This marks a 47% increase from June’s $216 billion and a 28% rise from the previous record of $248 billion set in May [2]. The performance underscores Hyperliquid’s growing prominence in the decentralized trading ecosystem.

Throughout July, Hyperliquid maintained a dominant position in the DEX perpetual futures market, securing over 75% market share [2]. The platform also demonstrated a significant rise in its relative position compared to centralized exchanges. Specifically, Hyperliquid’s perpetual futures trading volume accounted for 11.89% of Binance’s perpetual futures volume, as Binance reported total perpetual futures trading volume of approximately $2.59 trillion in July, a 35% increase from the prior month [2].

The broader DEX market also showed signs of momentum in July. The total spot DEX trading volume reached nearly $514 billion, up 29.4% from the previous month, though it fell short of the previous record of $568 billion [3]. This indicates that while the market is expanding, it has yet to surpass its peak performance.

Hyperliquid’s infrastructure plays a key role in its competitive advantage. The platform is built as a layer-1 protocol optimized for perpetual contracts, offering zero-gas trading, an on-chain matching engine, and a streamlined user interface [6]. These features have positioned Hyperliquid as a preferred choice for traders seeking efficient and transparent execution, particularly in the perpetual futures segment.

Despite its strong trading performance, Hyperliquid faced some challenges in July. The HYPE token, which is native to the platform, declined by 17% during the month [4]. Analysts attributed the drop to broader risk aversion and reduced liquidity across major exchanges. Additionally, Pine Analytics noted that Hyperliquid, along with Ethereum and Solana, experienced double-digit revenue declines compared to previous months, signaling potential slowing in fee-based earnings [7].

While Hyperliquid’s July figures reflect continued growth and market confidence, the broader market environment remains dynamic. The platform’s ability to sustain high trading volumes and maintain market share will depend on its capacity to innovate and adapt to evolving user needs and macroeconomic conditions.

Source:

[2] https://www.panewslab.com/en/articles/eff116d6-2e0f-445e-8a62-788a8c5fb8af

[3] https://www.ainvest.com/news/bitcoin-news-today-dex-trading-volume-surpasses-1-trillion-time-july-2025-2508/

[4] https://www.ainvest.com/news/xrp-news-today-hype-token-falls-17-hyperliquid-volume-drops-44-broader-crypto-slump-2508/

[6] https://blockchainreporter.net/best-crypto-to-buy-right-now-ranked-why-blockdag-beats-cardano-hyperliquid-and-solana/

[7] https://x.com/PineAnalytics/status/1952133****52685247