Hyperliquid records its highest-ever monthly trade volume in July

Hyperliquid recorded its highest-ever monthly figure in terms of trade volume, with just under $320 billion in July. This figure represents a ~47% month-over-month increase from June's $216 billion and a ~28% increase compared to its previous monthly all-time high of $248 billion in May.

Hyperliquid has also maintained its commandingly consistent market share of over 75% in the perpetual futures (perps) DEX space throughout July. Moreover, the Hyperliquid/Binance ratio, which measures the proportion of perps trading volume on Hyperliquid against Binance, also made new highs of 11.89% in July. For reference, Binance saw ~$2.59 trillion in perps trading volume in July, a ~35% month-over-month increase.

On the other hand, Drift, a perps DEX on the Solana blockchain, recorded a 336% month-over-month increase in its trading volume, with over $14.8 billion in July.

The catalyst behind this spike is Drift's zero trading fees campaign for its BTC-PERP market at the end of June, which incentivized higher trading volumes over the weeks. However, despite Hyperliquid’s continued attempts at catching up to Binance, accompanied by Drift's notable spike, the DEX-to-CEX futures trade volume ratio has stagnated in July at 7.77%, compared to 7.78% the previous month.

This is an excerpt from The Block's Data & Insights newsletter. Dig into the numbers making up the industry's most thought-provoking trends.