Hyperliquid is one in every of the outstanding success stories of the bull market. Since the every day industrial volumes have reached 4 billion US dollars, the stock exchange has change into the most important decentralized (Dex) derivative platform that dominates almost 60% of the market.
Hyperliquid still stays far behind Binance Futures' 50 billion US dollars a day, however the trend indicates that it has began to penetrate the territory of Centralized Exchange (CEX).
What rises behind Hyperliquid's parabolic climb?
Hyperliquid was launched in 2023 and was won in April 2024 after the beginning of the spot trade. In combination with its aggressive list strategy and the user-friendly Onchain user interface, this helped to lure a wave of recent users.
However, the actual explosion of the platform took place in November 2024 after the Hype (Hype) token began. According to Dune data, the Hyperliquid trading volume has processed over 400,000 users and greater than 50 billion shops, which have now been processed over 400,000 users and greater than 50 billion shops.
Hyperliquid cumulative trades and users. Source: Dune
While hyperliquid began as a high performance perpetual futures and Spot Dex, the ambitions have expanded since then. With the introduction of above average on February 18, the project has change into a general layer 1 chain, with which defi apps from third-party providers may be built on the infrastructure.
As one in every of the founders of Hyperliquid, Jeff Yan,
“Most L1s construct up the infrastructure and hope that others will create the killer apps. Hyperliquid follows the other approach: polish a native application after which grow right into a general infrastructure.”
If this approach works, the liquidity, which is powered by Hyperliquid's core dex, could in fact flow into the broader ecosystem and vice versa, which creates a flywheel effect.
Will hyperliquid change into a sustainable CEX alternative?
According to Coingecko, Hyperliquid now occupies 14th place under derivative exchanges for open interest and is $ 3.1 billion. This continues to be behind Binances 22 billion US dollars, but in front of older names reminiscent of Deribit or derivative departments from Crypto.com, Bitmex or Kucoin. It is the primary time that a Dex competes so closely with established CEXs.
When Hyperliquid deepens its give attention to specialized trading pairs, the market share of the big stock exchanges will proceed to be thrown away. The Dex not only accepts Arbitrum USDC as collateral, but in addition native BTC. This makes it one in every of the few decentralized platforms that naturally process BTC packaging and unpacking and provides users the chance to make use of BTC for Web3 Wallet-based trading.
X-user SKEWGA.HL noticed that the BTC Perpetual Futures volume content of Hyperliquid recently reached an all-time high and reached almost 50% of the Bybits and 21% of bony. Skwga.hl wrote,
“No Dex has ever come so near the best animal -1 -Cex volume.”
Daily volume relationships, hyperliquid in comparison with other stock exchanges (BTC Perp). Source: SKEWGA.HL
Eternal swaps have seen a revival as a trade instrument since 2024. During the bull market 2021–2022, the every day volume of perpetrators was $ 5 billion. At the start of 2025, this number often exceeded $ 15 billion, with hyperliquid almost two thirds.
Defillama's data illustrates the shift: While Dydx (green) was dominated in 2023-2024, the landscape in 2024 diversified significantly – and Hyperliquid (Pink) had taken the lead by 2025.
Sach volume creeping. Source: Defillama
Despite the most recent Jelly token scandal, through which the exchange with the trade and delist on a cross-market cap token that a whale had exploited, hyperliquid stays a preferred exchange under defi and Dex dealers. Institutional investor flows or scaled to the extent of the highest animal CEX must still be recorded. If his ecosystem of layer 1 reaches a traction with developers, hyperliquid could grow to be greater than just a number one Dex.
This article doesn’t contain investment advice or recommendations. Every investment and trade movement is the chance, and readers should perform their very own research results in the event that they make a call.
