Hyperliquid Leads New Wave of Perp DEX Giants With $2.74T Volume

[mendez]

A new class of perp DEXs—Hyperliquid, Lighter and edgeX—is reshaping the derivatives landscape. Hyperliquid posted $2.74 trillion in volume this year, matching Coinbase and surpassing the combined totals of other top perps DEXs. Incentive programs have helped fuel the rise, but analysts warn that long-term volume sustainability will be tested once rewards fade.

[Nahid Hossen]

Hyperliquid's growth is insane—clearly dominating perp liquidity.

[Rimon Khan]

DEX volume like this shows traders are moving away from centralized platforms.