Hyproliquid是當前牛市出色的Defi成功案例之一

隨著每日交易量達到40億美元，該交易所已成為最大的分散（DEX）衍生品平台，佔市場近60％。

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.

超級流動的交換（DEX）已成為最大的分散衍生品平台，每日交易量達到40億美元，而Binance Futures的平均價格為500億美元。

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

最初是高性能的永恆期貨和現場DEX，此後Hyproliquid發起了HypereVM，使其成為通用的層層鏈。

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

根據Coingecko的數據，超流動性通過開放利息（31億美元）在衍生品交易所中排名第14，而B​​inance的220億美元則排名第14位。

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

該平台接受任意USDC和BTC作為抵押品，使其成為處理BTC包裝和本地包裝的少數分散平台之一。

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

由於超流動性專注於專業交易對，它正在從主要交易所獲得市場份額。

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.

Skewga.hl最近發表的X帖子強調，Hyplliquid的BTC永久期貨量份額達到了歷史最高水平，佔BYBIT的近50％和Binance的21％。

“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.”

“自2024年以來，永久掉期的複興就作為一種交易工具。在2021-2022牛市中，每日PERPS的平均數量為50億美元。在2025年初，這一數字通常超過150億美元，而超流動性的核算量近三分之二。”

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

來自Defillama的數據顯示，DYDX（綠色）在2023 - 2024年占主導地位，但景觀在2024年顯著多樣化。到2025年，高流動性（Pink）帶領了領先。

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.

儘管最近發生的果凍令牌發生了事件，這導致了交易所停止交易，後來在鯨魚利用鯨魚後將低廉的市場帽代幣脫穎而出，但在Defi和Dex交易者中，Hyperliqud仍然很受歡迎。

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.

超流動性是否可以捕獲機構投資者流動或擴展到頂級CEX的水平還有待觀察。如果其第1層的生態系統吸引了開發人員，它不僅可以發展成為領先的DEX。