Only One Perp DEX Grew Volume in July and It Was Not Hyperliquid
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Total volume across tracked perpetual DEXs fell 34% in July to $261 billion, reflecting a broad pullback in crypto trading activity. Hyperliquid’s market share rose to 63.1% from 56.9% even as its volume fell 26.6% from $224.7B to $164.9B, while edgeX volume collapsed about 90% after a market-maker program ended mid-month, signaling weakened DeFi liquidity and muted adoption.
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- Perp DEX total volume fell 34% in July to $261B as bear market suppressed trading
- Hyperliquid gained share to 63% but its core order book collapsed 43% in July
- edgeX volume crashed 90% pointing to a market maker programme ending mid-month
Total volume across tracked perpetual decentralised exchanges fell 34% in July to $261 billion, but the headline number points to two very different stories playing out. It shows that one platform quietly lost ground in its own core product while gaining share on paper, and one platform that effectively ceased to function as a trading venue mid-month.
Hyperliquid: Growing Share, Shrinking Book
Hyperliquid’s market share rose from 56.9% in June to 63.1% in July, a gain of 6.2 percentage points. Its volume still fell 26.6%, from $224.7 billion to $164.9 billion, meaning the share gain came entirely from rivals declining faster ra…
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Hyperliquid Turns $1.26 Trillion in Trading Volume Into $276M in Revenue
