Hyperliquid has become one of the standout DeFi platforms in the current bull market, with daily trading volumes reaching up to $4 billion, solidifying its leadership among decentralized exchanges.
Hyperliquid's Rapid Rise
Hyperliquid, launched in 2023, gained rapid popularity with the introduction of spot trading in April 2024, alongside an aggressive listing strategy and an easy-to-use onchain interface. The real explosion came in November 2024 with the launch of the HYPE token. Hyperliquid now has over 400,000 users and more than 50 billion trades processed. The launch of HyperEVM in 2025 has made Hyperliquid a multipurpose platform supporting third-party DeFi applications.
Hyperliquid as a CEX Alternative
Hyperliquid is successfully competing with established centralized exchanges (CEX), ranking 14th among derivatives exchanges by open interest. The platform offers settlements not only in Arbitrum USDC but also in native BTC, making it one of the few decentralized platforms capable of handling Bitcoin. This has helped Hyperliquid hit a market share record at 50% of Bybit and 21% of Binance's BTC trading volumes.
Hyperliquid's Future and Challenges
Despite the recent JELLY token scandal, Hyperliquid remains popular among DeFi and DEX traders. While it has yet to attract institutional investors and match the level of leading CEXs, the development of its ecosystem may contribute to transforming Hyperliquid into more than just a leading DEX.
Hyperliquid continues to be one of the most prominent platforms in the DEX sector, offering unique opportunities and strengthening its market position. As its ecosystem develops, the platform could play a broader role in the DeFi industry, establishing itself as a competitive alternative to centralized exchanges.
