In August, the decentralized derivatives exchange Hyperliquid reached all-time highs across key metrics. The protocol’s revenue hit $106 million, marking a 23% increase compared to July. Trading volume in perpetual contracts exceeded $400 billion, further strengthening the platform’s leadership in the DeFi derivatives market.
Market Dominance
According to analysts, Hyperliquid controls around 70% of the decentralized derivatives sector, surpassing competitors such as Jupiter and Orderly Network. This success is attributed to the platform’s unique architecture. Hyperliquid operates on its proprietary HyperEVM blockchain, which delivers high performance and low fees — making it attractive to both retail and institutional participants.
Institutional Interest and New Products
Hyperliquid’s strong performance has caught the attention of major players. Recently, Swiss firm 21Shares launched an exchange-traded product (ETP) based on Hyperliquid, which is now listed on the SIX Swiss Exchange. This move signals growing institutional confidence in the protocol.
Manipulation Concerns and Platform Response
Rapid growth has also drawn speculative activity. In August, a large investor allegedly manipulated the XPL token in the futures market, causing sharp price swings and losses for other traders.
In response, the Hyperliquid team introduced new safeguards:
• capped price deviation from the eight-hour exponential moving average (EMA) at 10x;
• integrated external market data to stabilize quotations.
Records and Outlook
Back in July, Hyperliquid also set a record monthly perpetual futures trading volume of $319.4 billion. With its rapid growth and strengthened user protections, experts forecast continued expansion of the protocol’s role in the decentralized derivatives space.
Hyperliquid is steadily transforming from a technological experiment into a key player in the global DeFi market.
