Hyperliquid tops $319B July volume, a record for any DeFi perp DEX

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Hyperliquid’s maturation drove DeFi perp exchanges to a caller corporate all-time high, signaling that much users are opting for decentralized trading venues.

Hyperliquid tops $319B July volume, a grounds for immoderate DeFi perp DEX

Trading measurement connected decentralized speech Hyperliquid surged to a caller monthly all-time precocious successful July, marking a grounds for decentralized concern (DeFi) perpetual futures exchanges arsenic much traders flock to decentralized trading platforms.

Hyperliquid deed $319 cardinal of trading measurement during July, marking a caller monthly grounds precocious crossed each DeFi perpetual futures exchanges, according to DefiLlama data.

Hyperliquid’s caller all-time precocious is simply a motion of much traders flocking to decentralized exchanges, which are starting to chopped into the marketplace stock of their centralized cryptocurrency exchanges (CEXs).

Hyperliquid earned 35% of each blockchain gross during July, capturing important worth astatine the disbursal of Solana, Ethereum and BNB Chain, VanEck researchers said successful a monthly crypto recap report.

“Hyperliquid was capable to seizure overmuch of Solana’s momentum, and apt Solana’s marketplace capitalization, due to the fact that it offers a simple, highly functional product,” VanEck caput of integer assets research, Matthew Sigel, and chap analysts Patrick Bush and Nathan Frankovitz, said successful the report.

The milestone comes contempt Hyperliquid suffering an outage that saw traders sidelined for astir 37 minutes connected July 29. The derivatives level reimbursed affected users for a full of $2 million, receiving assemblage praise for the accelerated response.

Crypto perpetual futures alteration traders to speculate connected cryptocurrency prices without expiration dates.

DeFi perps adjacent $500 cardinal grounds measurement amid Hyperliquid’s growth

Hyperliquid’s accelerated maturation pushed the corporate trading measurement of DeFi perpetual exchanges to a caller monthly precocious of $487 cardinal successful July, marking a % summation from the $364 cardinal recorded successful June, DefiLlama data shows.

EdgeX was the second-largest level with a $21 cardinal monthly trading volume, followed by MYX Finance with implicit $9 cardinal of measurement for the period of July.

As the world’s seventh-largest derivatives speech by regular volume, Hyperliquid boasts implicit 604,400 full users, up from 488,000 recorded 2 months ago, connected June 6, Dune information shows.

Hyperliquid gained popularity successful April 2024 aft launching spot trading with an assertive listing strategy and easy-to-navigate idiosyncratic interface.