According to a new analysis released by DWF Ventures on August 15, 2025, Hyperliquid’s decentralized permanent exchange reached an all-time high market share of 6.1% against centralized exchange (CEXS), making it a major competitor for traditional futures trading platforms.
A report from DWF Ventures, the investment arm of DWF Labs, shows the evolution of Hyperliquid to any Layer 1 platform after the migration to HypereVM and Hypere Token Airdrop.
Community First Strategy
DWF Ventures attributes Hyperliquid’s success to the lack of early-stage VC funding, instead focusing on UX improvements and the growth of its community. This approach was rewarded through an allocation of 31% of the total supply of hype to early users via Airdrop.
Since moving to HypereVM, the platform has achieved record performance. In July, Hyperliquid recorded a PERPS volume of $320 billion and revenue of $87 million, accounting for 35% of all blockchain revenue for the month, making it the largest share in one chain.
The platform’s market share and major CEXS such as BYBit and OKX reached an all-time high as its total market share rises to its current peak of 6.1%.
The analysis highlights the talk nemics of hype, with 97% of transaction fees being based on token buybacks. To date, nearly $1.3 billion in hype has been purchased in the market by the High Lipid Support Fund. The report also considers governance proposals that include creating an unauthorized Perps market without centralized approval.
“The growth of Hyperliquid is driven by factors such as the success of airdrops, its powerful and organic community, and of course its effective products.” The report is finished. “As the platform’s market share continues to increase, it will gain further growth, lead to increased buybacks, and are poised to buy pressure over time.”
Special images via ShutterStock.
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