CryptoRank data shows Hyperliquid generated $218 billion in July trading volume, exceeding the combined $189 billion recorded by the other seven leading perpetual DEXs. Aster, Lighter and GRVT posted volumes of approximately $43.6 billion, $36.4 billion and $34.4 billion, respectively. Combined volume across the top eight platforms fell by about $85 billion, or 17%, month over month, while trading activity remained heavily concentrated on Hyperliquid.