- Hyperliquid hit a brand new report with $320B in July quantity, sustaining over 75% DEX market share and hitting 11.89% of Binance’s buying and selling quantity.
- Drift surged 336% MoM in quantity after launching zero-fee buying and selling for BTC perps on Solana, hitting $14.8B in July.
- Regardless of sturdy particular person development, the general DEX-to-CEX perps quantity ratio stayed flat at 7.77%, exhibiting CEX dominance continues.
Hyperliquid, the rising star within the decentralized perpetual futures house, shattered its earlier data with almost $320 billion in buying and selling quantity for July, marking a 47% improve from June’s $216 billion. This additionally represents a 28% soar over its former month-to-month all-time excessive of $248 billion set again in Could. The platform continues to dominate the decentralized perps market, constantly holding a market share above 75% for the month.
Much more telling is the Hyperliquid/Binance ratio, which reached new heights of 11.89% in July. This ratio tracks Hyperliquid’s share of perps buying and selling quantity in comparison with Binance, which itself logged $2.59 trillion in July quantity, up 35% from June. The information exhibits Hyperliquid isn’t just rising—it’s carving out a severe piece of the market from even the largest centralized gamers.
Drift Surges on Solana, however DEX Market Share Plateaus
Solana-based DEX Drift additionally made waves in July, posting a 336% month-over-month spike in buying and selling quantity to hit $14.8 billion. This explosion adopted the launch of a zero-fee buying and selling marketing campaign in late June for its BTC-PERP market. The promotion introduced in a flurry of exercise, highlighting how aggressive payment methods can shift quantity within the brief time period.
Nonetheless, regardless of sturdy showings from each Hyperliquid and Drift, the DEX-to-CEX futures quantity ratio held regular at 7.77%, almost unchanged from June’s 7.78%. That stagnation means that whereas particular person DEXs are surging, total market penetration in opposition to centralized exchanges stays capped for now.
DEXs Develop, However Centralized Dominance Stays
The July knowledge reinforces the scaling momentum of decentralized exchanges like Hyperliquid, that are posting actual, constant development in commerce quantity and market share. In the meantime, CEXs like Binance proceed to keep up their lion’s share of buying and selling exercise. As Hyperliquid narrows the hole and smaller DEXs like Drift discover inventive methods to drive quantity, the competitors is heating up—however the structural steadiness between DEXs and CEXs hasn’t essentially shifted… but.