Hyperliquid climbs to the top in daily trading volume among decentralized perpetual swaps

Hyperliquid has risen to lead in trading volume among decentralized perpetual swap platforms.

Over the past few days, the platform recorded more daily volume than other top decentralized derivative platforms. Yesterday, Hyperliquid saw nearly $1.39 billion in volume, ahead of Jupiter with $699 million, SynFututures at $556 million and dYdX at $331 million, according to DeFiLlama data.

Hyperliquid is a decentralized platform that allows users to trade perpetual derivatives by aggregating liquidity from various sources. It also lets users trade cryptocurrencies with leverage, meaning they can borrow funds to increase their buying power. It operates as a Layer 1 app chain with native tokens like Purr, Points, etc.

In recent months, Hyperliquid's average daily transaction volume surged to cross $1 billion, surpassing that of decentralized trading platforms. The protocol is non-custodial, meaning traders always retain access to their funds via a crypto wallet.

The project uses a custom-built trading engine aimed at low latency, which allows for rapid order execution on the Hyperliquid Chain — crucial for high-frequency traders.

Perpetual swaps, or “perps,” are derivatives similar to futures but without a set expiration date. They allow traders to hold positions indefinitely as long as they maintain sufficient collateral. While initially developed on centralized exchanges like BitMex in 2016, these products have seen a sudden rise in availability on decentralized platforms in recent years.