Hyperliquid Is One of the Current Bull Market's Standout DeFi Success Stories

With daily trading volumes having reached $4 billion, the exchange has become the largest decentralized (DEX) derivatives platform, commanding nearly 60% of the market.

Hyperliquid, a decentralized exchange (DEX), has become the largest decentralized derivatives platform with daily trading volumes reaching $4 billion, compared to Binance Futures’ $50 billion average.

What began as a high-performance perpetual futures and spot DEX, Hyperliquid has since launched HyperEVM, making it a general-purpose layer-1 chain.

According to CoinGecko, Hyperliquid ranks 14th among derivatives exchanges by open interest with $3.1 billion, compared to Binance’s $22 billion.

The platform accepts Arbitrum USDC and BTC as collateral, making it one of the few decentralized platforms to handle BTC wrapping and unwrapping natively.

As Hyperliquid focuses on specialized trading pairs, it's grabbing market share from major exchanges.

A recent X post by Skewga.hl highlighted that Hyperliquid's BTC perpetual futures volume share hit an all-time high, reaching almost 50% of Bybit's and 21% of Binance's.

“Perpetual swaps have seen a revival as a trading tool since 2024. During the 2021-2022 bull market, daily perps volume averaged around $5 billion. In early 2025, that number often exceeded $15 billion, with Hyperliquid accounting for nearly two-thirds of it.”

Data from DefiLlama shows dYdX (green) dominating in 2023-2024, but the landscape diversified significantly in 2024. By 2025, Hyperliquid (pink) took the lead.

Despite a recent incident with the JELLY token, which led to the exchange halting trading and later delisted the low-market-cap token after a whale exploited it, Hyperliquid remains popular among DeFi and DEX traders.

It remains to be seen if Hyperliquid can capture institutional investor flows or scale to the levels of top-tier CEXs. If its layer 1 ecosystem attracts developers, it could evolve into more than just a leading DEX.