Hyperliquid Sets New Record, Reaches 10.54% of Binance Perp Volume

- Clear comparison of Centralized Exchanges (CEX) and Decentralized Exchanges (DEX) - Performance of Hyperliquid and its impact on the cryptocurrency ecosystem [Unblock Media] The perpetual contract trading volume of Hyperliquid, a decentralized derivatives protocol, reached an all-time high of $24.8 billion in May. This marks a 51.5% increase from the previous month and an 843% surge compared to the same period in 2024. In May, Hyperliquid’s trading volume accounted for 10.54% of Binance’s total perpetual contract volume, setting a new record for the second consecutive month. Centralized exchanges (CEX) require users to deposit assets on the exchange, where the exchange then manages these assets on their behalf. This structure generally provides an intuitive user interface, well-established service features such as 24/7 real-time customer support, making it suitable for cryptocurrency beginners. Additionally, transaction speeds are very fast and CEXs have the advantage of handling large-scale trade volumes effectively. However, they are subject to security risks such as hacking or insider threats, and compliance with regulations like Know Your Customer (KYC) protocols and Anti-Money Laundering (AML) measures is mandatory. On the other hand, decentralized exchanges (DEX) allow users to directly connect their wallets and conduct transactions, thereby maintaining direct control over their assets and facing relatively lower hacking risks. With DEXs, transaction histories are transparently recorded on the blockchain, enhancing trust, and anonymity is preserved on many platforms. However, user interfaces are generally more complex, and transaction speed and customer support are often seen as less convenient compared to centralized exchanges. Recent technological advancements like Layer 2 solutions have significantly improved transaction speeds and reduced fees. As of June 2025, Hyperliquid can process over 200,000 transactions per second, surpassing the limitations of existing decentralized exchanges. This is due to its hybrid structure combining off-chain order matching with on-chain settlement, becoming the industry standard, with 63% of newly established DEXs in 2025 adopting this method (27 percentage point increase from 2024). These innovations have greatly facilitated the development of various blockchain-based applications, particularly in the derivatives sector, significantly contributing to the activation of the overall trading ecosystem. For instance, as of the first quarter of 2025, trading volume for DEX-based derivatives reached $1.2 trillion, accounting for 18% of the total market, indicating DEXs are expanding beyond simple spot trading to encompass various sectors including derivatives. Hyperliquid’s cumulative trading volume of $1 trillion from October 2023 to June 2025 represents a 340% growth compared to the same period in 2024. This high growth rate is partly due to relatively low trading volume in 2024, coupled with overall market growth and technological advancements in DEXs. As of June 2025, the market share of DEXs stood at 22%, an 8 percentage point increase from December 2024. However, the trading volume of centralized exchanges also increased by 120% over the same period, indicating that the increase in DEX market share is aligned with overall market growth. Lastly, the average gas fee for DEXs based on Layer 2 solutions in 2025 is $0.12, a 93% reduction compared to the Ethereum mainnet average of $1.8. This highlights clear cost-saving benefits resulting from technological advancements.