Hyperliquid currently has the highest trade volume among decentralized perpetual swap platforms, recording $1.39 billion in trading volume yesterday.
Hyperliquid currently has the highest trade volume among decentralized perpetual swap platforms, recording $1.39 billion in trading volume yesterday.
This performance eclipsed competitors such as Jupiter, which reported $699 million, SynFutures at $556 million, and dYdX with $331 million, according to data from DeFiLlama.
The recent surge in Hyperliquid’s daily transaction volume can be attributed to various factors, including an ongoing points reward campaign that is linked to the upcoming distribution of its token airdrop.
Over recent months, the platform has maintained an average daily volume exceeding $1 billion, positioning it prominently within the decentralized derivatives market.
Hyperliquid operates as a decentralized platform where users can trade perpetual derivatives and crypto with leverage, allowing them to amplify their purchasing power. The platform aggregates liquidity from multiple sources and functions as a Layer 1 app chain, featuring native tokens such as Purr and Points.
At the core of Hyperliquid's offering is a custom-built trading engine designed for low latency, facilitating rapid order execution on the Hyperliquid Chain.
This feature is particularly beneficial for high-frequency traders, ensuring that they can respond quickly to market changes. Importantly, the protocol is non-custodial, allowing users to retain access to their funds via their crypto wallets.
Perpetual swaps, commonly referred to as "perps," are derivatives that enable traders to hold positions indefinitely, provided they maintain adequate collateral.
While originally popularized by centralized exchanges like BitMex in 2016, decentralized platforms have recently increased the availability of perps, contributing to the growing interest in Hyperliquid and similar platforms.
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