Data provider Redstone has released a new report on Hyperliquid, the decentralized eternal exchange that has quickly become category leader.
In just a year, Hyperliquid has grown to catch more than 80% of the decentralized perps market, with daily trading volumes that now topped $ 30 billion competing with some of the largest centralized exchanges, according to the report.
Redstone highlighted three structural benefits that support Hyperliquid’s wave.
The first is the fully on-chain order book that now delivers spread and execution rates at the level of centralized platforms.
Secondly, HIP-3, Hyperliquid’s framework for new permitless marketings, has created one of the most active builder ecosystems in DEFI, with revenue sharing economy that pays developers more than the protocol itself.
And third, its double architecture of Hypercore and Hyperevm enables new economic primitives, including tokenized PERP positions, delta-neutral strategies and new liquidity technical tools.
Hyperliquid’s increase is an indication of how a lean, self-financed team can undevelop Venture-supported peers by focusing on technical execution and build-first incentives. By connecting CEX-level performance with permission-free technology, Hyperliquid not only places itself as a trading site, but as a potential backbone for the next phase of on-chain trading.
The Hyperliquid network on which Hyperliquid Dex is based currently has about $ 2.2 billion in the total value locked, with DEX chopping $ 330 billion in cumulative trading volume in the last 30 days, according to Defillama.
“Hyperliquid sets a new standard,” notes the Redstone report, arguing that the platform’s double layer design and community-driven growth model creates “unprecedented opportunities for both builders and institutions.”
