Hyperlicid current bull market’s standout Defee is one of the success stories. With the daily trading volume reaching $ 4 billion, the exchange has become the largest decentralized (DEX) derivative platform, which is the command of about 60% of the market.
Hyperlicids are still far behind the $ 50 billion daily average of the Benance Futures, but the trend suggests that it has begun to encroach on the centralized exchange (CEX) region.
What is behind the hyperlicid growth?
Launched in 2023, Hyperlicid gained popularity after starting spot trading in April 2024. This, its aggressive listing strategy and easily used onchane user interfaces, helps to woo a wave of new users.
The actual explosion of the platform, however, came in November 2024, after the launch of its publicity (publicity) tokens. Hyperlicid’s trading volume skys touch, and now it processes more than 400,000 users and over 50 billion trades, according to data Dune,
Hyperlicid cumulative trade and user. Source: Tibba
While hyperlicid began as a high-demonstration evergreen futures and spot dex, its ambitions have expanded. With the launch of Hyperevm on 18 February, the project has become a general-purpose layer-1 series that is capable of supporting the third-party Defi apps built on top of its infrastructure.
Jeff vehicle, as one of the founders of hyperlicid, Keep it,
“Most L1s form infrastructure and hope that other people will build the killer app. Hyperlicid takes the opposite approach: Polish a native application and then grow in the general-de-infrastructure.”
If this approach works, the liquidity operated by the core dex of hyperlicid can naturally feed into a broad ecosystem and, conversely, creates a flywheel effect.
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Will Hyperlicid become a permanent CEX option?
As CoingkoHyperlicid is now ranked 14th among the open interest in derivative exchanges, which ranks $ 3.1 billion. It is still behind $ 22 billion of Binance, but ahead of old names such as crypto.com, bitmex or kocoine deribit or derivative divisions. This is the first time a dex is competing so closely with CEXS installed.
In addition, as hyperlicid focuses on special trading pairs, it continues to chip on the market share of major exchanges. The Dex accepts not only the mediator USDC as collateral but also as a native BTC. This makes it one of some decentralized platforms that handle BTC wrapping and originally ornate, which gives users the option to use BTC for web 3-wallet-based trading.
X user skewga.hl noted The BTC Perpatual Futures Volume Share of the hyperlicid recently reached an all -time high, which reached about 50% of the baibit and 21% of benns. Skewga.hl wrote,
“No dex has ever come close to Tier 1 CEX volume matching.”
Daily volume ratio, hyperlicid vs other exchange (BTC Perp). Source: skewga.hl
Since 2024, Swap has always seen a revival in the form of a trading tool. During the 2021–2022 bull market, the amount of daily papers was an average of $ 5 billion. In early 2025, this number often exceeds $ 15 billion, with hyperlicid accounting for about two-thirds.
Difilama data Show Shift: While Dydx (Green) dominated in 2023-2024, the landscape in 2024 led to considerable variety- and by 2025, Hyperlicid (Pink) took the lead.
Perps volume breakdown. Source: Defilama
Despite a recent jelly token scam, which included stopping the exchange and reducing a low-jazwe-cap token, which exploited a whale, a popular exchange between hyperlicid DEFI and dex traders. This is yet to occupy the scale up to the level of institutional investor flow or top-level CEXS. However, if its layer receives traction with 1 ecosystem developers, the hyperlicid may develop in more than just a leading dex.
There are no investment advice or recommendations in this article. Each investment and business move include risk, and readers should conduct their own research while taking decisions.
