Hyperliquid drives $487B July surge in decentralized crypto trading

Hyperliquid processed $319B in trades last month, accounting for the majority of DeFi perpetual futures volume as decentralized exchanges gain traction.

Trading volume on the decentralized exchange Hyperliquid reached a new monthly high in July, setting a record among DeFi perpetual futures platforms as user activity continued to rise.

According to DefiLlama data, the platform processed $319 billion in trades during the month — the highest monthly volume ever recorded in the DeFi perpetual futures space.

Hyperliquid’s record is a sign of more traders using decentralized exchanges, which are starting to cut into the market share of centralized cryptocurrency exchanges (CEXs).

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