Decentralized derivatives exchange Hyperliquid just posted its strongest month ever, riding a wave of trading activity that put it at the center of the DeFi conversation.
August revenue came in at $106 million, according to DefiLlama data — up 23% from July — as perpetual contract volumes pushed close to $400 billion.
The platform now dominates decentralized perpetuals, capturing around 70% of market share among leading competitors such as Jupiter and Orderly Network, figures from The Block reveal. That commanding position is remarkable for a project built on its own Layer-1, the HyperEVM, an architecture praised for speed and low-cost execution that has lured traders away from centralized venues.
Institutional Recognition Grows
Momentum hasn’t gone unnoticed in traditional finance. Swiss asset manager 21Shares recently listed a Hyperliquid exchange-traded product on the SIX Swiss Exchange, a move seen as validation of the protocol’s rising influence. Institutional recognition adds another layer to its growth story, positioning Hyperliquid as more than just a niche player in DeFi.
Criticism and Risk Management
Yet the meteoric rise hasn’t been without friction. Traders still recall last month’s controversy, when a whale allegedly manipulated XPL token futures on Hyperliquid, causing a rapid price swing that left many retail participants with heavy losses. It wasn’t the first time — a similar scandal unfolded earlier this year with Jelly memecoin futures.
In response, the platform rolled out protective measures. Among them: a cap limiting prices to 10x the 8-hour exponential moving average, alongside external market data feeds designed to prevent runaway spikes. These updates aim to restore trader confidence while keeping the system fair as volumes continue to climb.
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Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/hyperliquid-breaks-records-with-400b-trading-surge-and-106m-revenue-in-august/