Hyperliquid Trading Volume Dominance: How It Captured 70% of On-Chain Perpetuals
By early 2025, Hyperliquid had captured an extraordinary 70% of on-chain perpetual trading volume, a concentration that represents a fundamental shift in how decentralized derivatives operate at scale. This is not a marginal improvement over competitors; it is a market realignment that reflects successful execution of a specific technological and operational bet. While centralized exchanges
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