Hyproliquid是当前牛市出色的Defi成功案例之一

随着每日交易量达到40亿美元，该交易所已成为最大的分散（DEX）衍生品平台，占市场近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.

超级流动的交换（DEX）已成为最大的分散衍生品平台，每日交易量达到40亿美元，而Binance Futures的平均价格为500亿美元。

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

最初是高性能的永恒期货和现场DEX，此后Hyproliquid发起了HypereVM，使其成为通用的层层链。

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

根据Coingecko的数据，超流动性通过开放利息（31亿美元）在衍生品交易所中排名第14，而B​​inance的220亿美元则排名第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.

该平台接受任意USDC和BTC作为抵押品，使其成为处理BTC包装和本地包装的少数分散平台之一。

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

由于超流动性专注于专业交易对，它正在从主要交易所获得市场份额。

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最近发表的X帖子强调，Hyplliquid的BTC永久期货量份额达到了历史最高水平，占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年以来，永久掉期的复兴就作为一种交易工具。在2021-2022牛市中，每日PERPS的平均数量为50亿美元。在2025年初，这一数字通常超过150亿美元，而超流动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.

来自Defillama的数据显示，DYDX（绿色）在2023 - 2024年占主导地位，但景观在2024年显着多样化。到2025年，高流动性（Pink）带领了领先。

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.

尽管最近发生的果冻令牌发生了事件，这导致了交易所停止交易，后来在鲸鱼利用鲸鱼后将低廉的市场帽代币脱颖而出，但在Defi和Dex交易者中，Hyperliqud仍然很受欢迎。

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.

超流动性是否可以捕获机构投资者流动或扩展到顶级CEX的水平还有待观察。如果其第1层的生态系统吸引了开发人员，它不仅可以发展成为领先的DEX。