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A new RedStone report says Hyperliquid’s on-chain order book, HIP-3 market creation, and dual-chain design have propelled it to over 80% market share.
Aug 21, 2025, 2:00 p.m.
Data provider RedStone has released a new report on Hyperliquid, the decentralized perpetuals exchange that has quickly become the category leader.
In just a year, Hyperliquid has grown to capture more than 80% of the decentralized perps market, with daily trading volumes now topping $30 billion, rivaling some of the largest centralized exchanges, according to the report.
RedStone highlighted three structural advantages that underpin Hyperliquid’s surge.
The first is its fully on-chain order book that now delivers spreads and execution speeds on par with centralized platforms.
Second, HIP-3, Hyperliquid’s new permissionless market creation framework, has created one of the most active builder ecosystems in DeFi, with revenue-sharing economics that pay developers more than the protocol itself.
And third, its dual architecture of HyperCore and HyperEVM enables entirely new financial primitives, including tokenized perp positions, delta-neutral strategies, and novel liquidity engineering tools.
HyperLiquid volume (DefiLlama)
Hyperliquid’s rise is an indication of how a lean, self-funded team can outcompete venture-backed peers by focusing on technical execution and builder-first incentives. By coupling CEX-level performance with permissionless technology, Hyperliquid is positioning itself not just as a trading venue but as a potential backbone for the next phase of on-chain trading.
The Hyperliquid network, on which the Hyperliquid DEX is based, currently has around $2.2 billion in total value locked, with the DEX notching $330 billion in cumulative trading volume in the past 30 days, according to DefiLlama.
“Hyperliquid is setting a new standard,” the RedStone report notes, arguing that the platform’s dual-layer design and community-driven growth model are creating "unprecedented opportunities for builders and institutions alike.”
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
Oliver Knight
Oliver Knight is the co-leader of CoinDesk data tokens and data team. Before joining CoinDesk in 2022 Oliver spent three years as the chief reporter at Coin Rivet. He first started investing in bitcoin in 2013 and spent a period of his career working at a market making firm in the UK. He does not currently have any crypto holdings.
AI Boost
“AI Boost” indicates a generative text tool, typically an AI chatbot, contributed to the article. In each and every case, the article was edited, fact-checked and published by a human. Read more about CoinDesk's AI Policy.
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