Based on a brand new evaluation launched by DWF Ventures on August 15, 2025, Hyperliquid’s decentralized perpetual trade has reached an all-time excessive market share of 6.1% towards centralized exchanges (CEXs), changing into a serious competitor to conventional futures buying and selling platforms.
The report from DWF Ventures, the funding arm of DWF Labs, charts Hyperliquid’s evolution from an Arbitrum-based PerpDEX to its present Layer 1 platform following migration to HyperEVM and the HYPE token airdrop.
Group-first technique
DWF Ventures attributes Hyperliquid’s success to its absence of early-stage VC funding, as an alternative specializing in refining UX and organically rising its neighborhood. This method was rewarded by means of the allocation of 31% of HYPE’s complete provide to early customers through airdrop.
Since shifting to HyperEVM, the platform has achieved file efficiency. In July, Hyperliquid recorded $320 billion in perps quantity and $87 million in income, accounting for 35% of all blockchain income that month, the biggest share by any single chain.
The platform’s market share versus main CEXs like Bybit and OKX has reached all-time highs, with its mixture market share climbing to the present 6.1% peak.
The evaluation highlights HYPE’s tokenomics, the place 97% of buying and selling charges fund token buybacks. To this point, near $1.3 billion of HYPE has been market purchased by the Hyperliquid Help Fund. The report additionally examines governance proposals, together with permissionless perps market creation with out centralized approval.
“Hyperliquid’s development has been pushed by components together with a profitable airdrop, a powerful and natural neighborhood, and naturally, its efficient product,” the report concludes. “Because the platform’s market share continues to development upwards, it’s poised to seize additional development, translating to elevated buybacks and purchase strain over time.”
Featured picture through Shutterstock.
