Hyperliquid’s rise: Is this DEX the real deal?

Hyperliquid is shaking up the DeFi scene, becoming the top decentralized derivatives exchange with nearly 60% market dominance. While its $4 billion daily volume is still far behind Binance Futures’ $50 billion, it’s gaining ground fast.

What’s driving Hyperliquid’s explosive growth?

Spot trading launch (April 2024): Attracted new users.

HYPE token (Nov 2024): Sent trading volumes skyrocketing.

HyperEVM (Feb 2025): Expanded into a full layer-1 blockchain.

Hyperliquid isn’t just another DEX—it’s building an entire ecosystem. Its native BTC collateral system and deep liquidity make it a real contender against CEX giants.

Can it take on Binance?

Ranked 14th in derivatives open interest ($3.1B).

Captured 21% of Binance’s BTC perps market share.

Controls two-thirds of all DEX perps trading volume.

While institutions are still cautious, retail traders are flooding in. If its ecosystem gains traction, Hyperliquid could be the first DEX to truly challenge CEX dominance.