Hyperliquid leads growth among top perp DEXs with 58% market share

Decentralized perpetual futures exchanges collectively handled $423 billion in trading volume over the past 30 days. Hyperliquid accounted for 58% of it. One platform is now processing roughly three to four times the volume of its nearest competitor, Aster, and the gap appears to be widening rather than narrowing. The numbers behind the dominance Hyperliquid’s 30-day trading volumes have been ranging between roughly $187 billion and $245 billion in recent snapshots. For context, that puts a single decentralized exchange in the same conversation as some mid-tier centralized exchanges that have been around for years. Open interest on the platform has climbed to between $5 billion and $13 billion across multiple analyses. That figure matters because it signals genuine trader commitment rather than wash trading or fleeting promotional volume. The platform’s cumulative trading volume is projected at approximately $2.9 trillion, with revenue reaching into the hundreds of millions. For a protocol that launched in 2023, that trajectory is remarkably steep. Among the top eight perp DEXs tracked, Hyperliquid’s nearest rivals include Aster, Lighter, and a handful of other platforms that colle...