DeFi3 weeks ago
Hyperliquid Extends Lead in On-Chain Perpetuals
The purpose-built layer-1 has captured a meaningful share of decentralised perpetual futures volume.
VQ
By Vince Quill
Policy Reporter · 5 min read
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Hyperliquid has extended its lead in the on-chain perpetual futures market, according to volume dashboards on DefiLlama and Coinalyze. The purpose-built layer-1 uses a fully on-chain order book, differentiating it from AMM-style perpetual platforms.
The launch of the HYPE token last year introduced additional user growth. Trading fees continue to accrue to a protocol treasury that governance is expected to eventually redistribute.
Competing perpetual venues including dYdX v4, GMX, Vertex and Aevo remain active but have generally seen slower volume growth over the same period.
