Hyperliquid shatters DeFi records with $319 billion in volume

$319 billion in volume traded in just 31 days: this is the new record set by Hyperliquid in July 2025.

How did it break the Hyperliquid record in July 2024?

Hyperliquid, the DeFi platform specialized in perpetual futures, recorded a historic volume high in July 2025, reaching $319 billion, according to DefiLlama data. This figure represents the absolute peak not only among DEXs but in the entire world of DeFi for derivatives. The growing preference of users towards decentralized exchanges over traditional centralized platforms (CEX) is now evident.

Hyperliquid breaks every record in the DeFi world, recording a total trading volume of perpetual futures in July equal to $319 billion. Source: DefiLlama

According to the DefiLlama data, the total volume on all DeFi platforms for perpetual futures rose to $487 billion in the month, a sharp increase compared to $364 billion in June 2025.

Hyperliquid captures a surprising 65% of the total trading volume of perpetual futures generated by all DeFi platforms: $319 against $487 total. Source: DefiLlama

How many users are active on Hyperliquid? Continuous growth and community

Not only volumes: the user base of Hyperliquid is also growing at a sustained pace. In July, the total users exceeded 604,400, compared to the 488,000 recorded two months earlier. This data consolidates Hyperliquid as the seventh largest derivatives exchange in the world on a daily basis, surpassing many historical platforms of global decentralized finance.

What differentiates Hyperliquid from other DEX?

The success of Hyperliquid was not born by chance. The platform has stood out since April 2024 with some crucial choices: introduction of spot trading, an aggressive listing strategy capable of attracting speculators on new coins, and a simple and accessible user interface.

Furthermore, the community has recognized the platform as one of the most rapid in handling emergencies. On July 29, an interruption of about 37 minutes temporarily blocked the traders, but Hyperliquid promptly reimbursed $2 million to the affected users. The transparency and timeliness in handling the issue have increased trust in the protocol.

The rise of Hyperliquid reflects the transformation of the crypto ecosystem: trust in decentralized systems is growing, while centralized platforms are losing market share. In July, Hyperliquid captured 35% of the revenues of all blockchains, “snatching” value from giants like Solana, Ethereum and BNB Chain according to the monthly report by VanEck.

Other DeFi platforms for perpetual futures, such as EdgeX (second with $21 billion in volume in July) and MYX Finance (third with over $9 billion), remain distant from the new leadership of Hyperliquid.

What are the risks and opportunities for traders?

The exploit of Hyperliquid brings new life to the competition among DEX, but not without risks. The increase in volumes and users entails greater infrastructural pressure: the recent interruption is proof of this. However, the readiness in quick reimbursements (2 million dollars returned in less than 24 hours) shows an aggressive and smart reputation strategy.

For those who operate on Hyperliquid or are considering entering, it is essential to understand that DeFi is never risk-free. Success attracts attention, but also attempts of attack, bugs, and system overload.

How to participate and what to monitor in the coming months?

The Hyperliquid platform has proven to be open and responsive towards its community. Registering and starting to trade is simple, thanks to the intuitive interface launched in April 2024. The growth trend of users suggests future upgrades of listing and functionalities, in addition to the increasingly fierce competition with other DEX and CEX.

Those who follow projects like MYX Finance, EdgeX or the classics Solana, Ethereum should monitor volume data and reliability levels: the DeFi market share can change rapidly.

What to expect: future scenarios and signals from the market

The exploit of July 2024 projects Hyperliquid among the benchmarks of DeFi. The platform has demonstrated elasticity, innovation, and effective crisis management, as evidenced by the rapid compensation post-interruption. It remains to be seen how the other platforms will react: the war of volumes is just beginning.

With an expanding community, a record share of ricavi blockchain and increasingly advanced features, the future of decentralized finance could revolve around leaders like Hyperliquid. The challenge between decentralization and centralization is more “liquid” than ever. Follow the community to keep up with the next moves of the big DeFi.