Hyperliquid Captures Over 80% of Decentralized Perps Market
RedStone has published a report on Hyperliquid, a decentralized perpetuals exchange that dominates the market with over 80% share. Key points include:
- Daily trading volumes exceed $30 billion, rivaling major centralized exchanges.
- Hyperliquid's strengths are attributed to:
- A fully on-chain order book offering competitive spreads and execution speeds.
- HIP-3 framework fostering an active builder ecosystem with revenue-sharing for developers.
- A dual architecture (HyperCore and HyperEVM) enabling innovative financial tools like tokenized perp positions.
- The network has approximately $2.2 billion in total value locked and achieved $330 billion in cumulative trading volume over the past 30 days.
Hyperliquid demonstrates how technical execution and builder-first incentives can lead to significant market success.