Hyperliquid Leads DEX Surge: Perpetual Trading Volume Tops $1T

Hyperliquid has emerged as the frontrunner in decentralized perpetual trading, processing $317.6 billion in trades this month and driving the sector to a record-breaking $1 trillion monthly volume. As DeFi TVL surpasses $150 billion in 2025, this milestone underscores the rapid adoption of on-chain derivatives, outpacing August’s $762 billion high by 30%.

Hyperliquid’s Dominance in Perp Trading

Hyperliquid’s success stems from its superior speed, liquidity, and accessibility, narrowing the gap with centralized exchanges (CEXs). The platform hit a single-day peak of $78 billion on October 10, contributing to the overall DEX surge. Competitors like Lighter ($255.4 billion), Aster ($177.6 billion), and edgeX ($165 million) trail, but Hyperliquid’s infrastructure enables 24/7 trading without expiration dates, attracting traders seeking high leverage on assets like BTC and ETH.

• Volume Breakdown: $317.6B Hyperliquid; $1T+ total perp DEXs.
• Key Advantage: Low latency and deep liquidity for 200+ markets.
• Market Share: 30%+ of DEX perpetuals.

Market Context: DEXs vs. CEXs

While CEXs like Binance ($69.3 billion daily) and Bybit ($26 billion) lead, DEXs are closing the gap through user-friendly interfaces and integrations like MetaMask, launched October 8. Perpetual swaps, allowing speculation without ownership, account for the growth, with projections of $1.3 trillion by month-end—doubling the prior record.

Hyperliquid Strategies’ $1B Fundraising Effort

Hyperliquid Strategies filed an S-1 with the SEC to raise $1 billion, acquiring HYPE tokens to expand its treasury. The merger entity, formed by Sonnet BioTherapeutics and Rorschach I LLC, holds 12.6 million HYPE ($470 million) and $305 million cash. Chardan Capital Markets advises the 160 million share offering, with David Schamis as CEO and Bob Diamond (ex-Barclays) as chairman. HYPE rose 8% to $37.73 post-filing.

2025 Implications for DeFi

The $1T volume signals DeFi’s maturation, enabling $50 billion+ in derivatives by 2026. Hyperliquid’s $1B raise could enable 20% market share, fostering RWA tokenization and institutional adoption.

In summary, Hyperliquid’s lead in the $1T perp trading surge heralds DeFi’s dominance, blending innovation with accessibility for 2025’s blockchain evolution.