So, RedStone, a data provider, just dropped a new analysis on Hyperliquid. And it’s pretty interesting stuff. You know Hyperliquid—the decentralized exchange that’s all about perpetual trading? Well, it seems to have completely taken over its corner of the market.
According to the report, Hyperliquid’s managed to grab more than 80% of the decentralized perps trading scene. In a year. That’s… fast. Its daily trading volume is hitting $30 billion these days. That puts it right up there with some major centralized exchanges. Which is not something you see every day.
How Hyperliquid Is Pulling It Off
RedStone’s report points to a few things working in Hyperliquid’s favor. For one, its order book is fully on-chain. But unlike a lot of other decentralized platforms, the spreads and execution speeds are actually competitive with top-tier centralized exchanges. That’s a big deal. It means traders aren’t sacrificing performance to trade on-chain.
Then there’s HIP-3. It’s a new system that lets anyone create their own markets on Hyperliquid—no permission needed. And it’s sparked a pretty active developer community. What’s cool is the revenue share: builders actually earn more from these markets than the protocol itself. That kind of incentive tends to get people’s attention.
More Than Just a Trading Platform
Another part of what makes Hyperliquid different is its two-layer setup. There’s HyperCore and HyperEVM working together. This isn’t just technical jargon—it allows for some new kinds of financial tools. Think tokenized perpetual positions or delta-neutral strategies. It’s opening doors for more complex on-chain activity.
Maybe the most surprising part of this story is that Hyperliquid is self-funded. No massive VC rounds. They’ve just focused on building something that works really well and rewards the people creating on it. That focus seems to be paying off.
Looking at data from DefiLlama, the network’s total value locked is around $2.2 billion. And over the past month, the DEX saw $330 billion in trading volume. Those are numbers that make you sit up and take notice.
A New Standard for On-Chain Trading?
The RedStone report suggests Hyperliquid isn’t just another exchange. It might be setting a new baseline for what’s possible. By combining centralized-exchange performance with a permissionless, community-driven model, it’s becoming more than a place to trade—it could turn into foundational infrastructure for the next wave of on-chain finance.
As the report puts it, this approach is creating “unprecedented opportunities for builders and institutions alike.” Whether that holds up, we’ll have to see. But for now, Hyperliquid’s rise is definitely making people talk.
