Catenaa, Saturday, August 09, 2025- Decentralized exchange Hyperliquid posted its highest-ever monthly trading volume in July, reaching nearly $320 billion, a 47% increase from June and a 28% rise over its previous record in May.
Hyperliquid sustained a dominant market share above 75% within the perpetual futures (perps) decentralized exchange space throughout the month.
Its trading volume ratio relative to Binance hit a new peak of 11.89%, as Binance reported about $2.59 trillion in perps trading volume—a 35% increase month-over-month.
Meanwhile, Drift, a perps DEX built on the Solana blockchain, posted a 336% surge in monthly volume to over $14.8 billion, fueled by a zero trading fees campaign for its BTC-PERP market launched at June’s end.
Despite these gains, the overall decentralized exchange to centralized exchange futures volume ratio held steady at 7.77% in July, nearly unchanged from June’s 7.78%, reflecting persistent dominance of centralized platforms.
Hyperliquid’s continued volume growth and commanding market share highlight its significant role in the decentralized futures market amid a competitive landscape featuring rising challengers like Drift.
This data is excerpted from The Block’s Data & Insights newsletter, providing ongoing analysis of key trends shaping the digital assets industry.
