Hyperliquid is one of the noticeable Defi Success stories in Bull Market. When the daily trading volume reached $ 4 billion, the exchange has become the largest DEX derivative platform that leads almost 60%of the market.
Hyper Ricquid is still far behind Binance Future’s average of $ 50 billion, but the trend suggests that it has begun to infringe on Centralized Exchange (CEX) territory.
What is behind the parabolic rise of hyperliquid?
The Hyperliquid, which began in 2023, became popular in April 2024 after starting a spot. This helps to seduce the wave of new users by combining aggressive listing strategies and onChain user interfaces that are easy to use.
But the true explosion of this platform came after the start of an over -advertising token in November 2024. According to Dune’s data, Hyperliquid’s trading volume has soared and has more than 400,000 users and more than 50 billion transactions.
Hyper liquid cumulative transactions and users. Source: Sand Hill
The ring type started with high -performance permanent future and Spot Dex, but the ambitions have been expanded later. With the release of Hyperevm on February 18, the project has become a general purpose layer -1 chain that can support third -party divine apps built on the infrastructure.
Jeff YAN, one of the founders of Hyperliquid
“Most L1 hopes to build an infrastructure and to build a killer app. Hyper Ricquid takes the opposite approach. After polishing the default application, he grows into a general infrastructure.”
When this approach works, the liquidity driven by the core Dex of the ring can naturally be supplied to a wider ecosystem and vice versa.
relevant: Hyper Ricquid overturned Solana as a fee, but ‘over -advertising’ was justified?
Will Hyper Liquid be a sustainable CEX alternative?
According to Coingecko, Hyperliquid is currently ranked 14th in derivatives exchanges with $ 3.1 billion in interest. It is still ahead of old names such as $ 22 billion in Binance, but more than old names such as Crypto.com, Bitmex or Kucoin’s Deribit or Fivatives Divisions. This is the first time DEX has competed very closely with existing CEXS.
In addition, Hyper Ricquid continues to chip in the market share of major exchanges when it intensifies the focus of professional trading pairs. DEX accepts not only Arbitrum USDC but also basic BTCs as well as collateral. This makes it one of the several distributed platforms that handle BTC wrapping and basically wrapping, providing an option for users to use BTC for Web3-Wallet-based transactions.
X User Skewga.hl mentioned that Hyperliquid’s BTC Perpetual Futures Volume share has recently reached a record high, reaching almost 50%of BYBIT ‘S and 21%of Binance. SKEWGA.HL wrote.
“Nobody is close to the match with the first floor.”
Daily volume ratio, ring -type guitar exchange (BTC perp). Source: SKEWGA.HL
Since 2024, Perpetual Swaps has seen revival as a trading tool. During the 2021–2022 Bull Market period, the daily perp was an average of $ 5 billion. In early 2025, the number often exceeded $ 15 billion, and Hyper Ricquid accounted for nearly two -thirds.
Defillama’s data was dominant in 2023-2024, but in 2024, Kori (pink) took the lead in 2025.
Puff volume analysis. Source: Defillama
Despite the recent jelly token scandals, it has been associated with listing the low market cap tokens where the exchanges are discontinued and the whale exploited, but Hyper Ricqui is a popular exchange between Defi and DEX traders. It has not yet expanded to institutional investor flow or the highest level of CEX levels. However, if the layer 1 ecosystem is traction with the developers, the ring type can evolve more than just the main Dex.
This article does not include investment advice or recommendation. All investment and trading measures include risks, and the reader must do his own research when making a decision.