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Hyperliquid Now Dominates DeFi Derivatives, Processing $30B a Day
A new RedStone report says Hyperliquid’s on-chain order book, HIP-3 market creation, and dual-chain design have propelled it to over 80% market share.
Aug 21, 2025, 2:00 p.m.
What to know:
- Hyperliquid now controls more than 80% of the DeFi perps market, processing up to $30 billion daily.
- CEX-level order books, HIP-3 market creation, and the HyperCore + HyperEVM design fuel its growth.
- With $2.2 billion TVL, the lean, self-funded exchange is positioning itself as core infrastructure for on-chain finance.
Data provider RedStone has released a new report on Hyperliquid, the decentralized perpetuals exchange that has quickly become the category leader.
In just a year, Hyperliquid has grown to capture more than 80% of the decentralized perps market, with daily trading volumes now topping $30 billion, rivaling some of the largest centralized exchanges, according to the report.
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RedStone highlighted three structural advantages that underpin Hyperliquid’s surge.
The first is its fully on-chain order book that now delivers spreads and execution speeds on par with centralized platforms.
Second, HIP-3, Hyperliquid’s new permissionless market creation framework, has created one of the most active builder ecosystems in DeFi, with revenue-sharing economics that pay developers more than the protocol itself.
And third, its dual architecture of HyperCore and HyperEVM enables entirely new financial primitives, including tokenized perp positions, delta-neutral strategies, and novel liquidity engineering tools.
Hyperliquid’s rise is an indication of how a lean, self-funded team can outcompete venture-backed peers by focusing on technical execution and builder-first incentives. By coupling CEX-level performance with permissionless technology, Hyperliquid is positioning itself not just as a trading venue but as a potential backbone for the next phase of on-chain trading.
The Hyperliquid network, on which the Hyperliquid DEX is based, currently has around $2.2 billion in total value locked, with the DEX notching $330 billion in cumulative trading volume in the past 30 days, according to DefiLlama.
“Hyperliquid is setting a new standard,” the RedStone report notes, arguing that the platform’s dual-layer design and community-driven growth model are creating "unprecedented opportunities for builders and institutions alike.”
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
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