Hyperliquid’s Rise Threatens CEX Market Share: DeFi Exchange Outpaces Binance Futures in Trading Volumes

The decentralized exchange (DEX) platform Hyperliquid is experiencing unprecedented growth, achieving daily trading volumes of $4 billion and claiming nearly 60% of the market share. This surge has caused a shift in the crypto landscape, as Hyperliquid’s success challenges established centralized exchanges (CEX). Launched in 2023, Hyperliquid gained traction after launching spot trading in April 2024, followed by its introduction of the HYPE token in November 2024. This combination contributed to its explosive user growth and volume surges.