DeFi Exchange Hyperliquid Hits $22B Daily Volume, Sets New Record

Hyperliquid, a decentralized cryptocurrency trading platform, has shattered its previous record, reporting over $22 billion in trading volume in a single 24-hour period. This surge in activity highlights the growing popularity of decentralized exchanges and the significant impact of even niche cryptocurrencies on trading volumes.

A New Record: $22 Billion in 24 Hours

The record-breaking volume, announced by Hyperliquid on social media platform X, surpassed its previous high of $21 billion set just a day earlier. The platform also reported $4.7 billion in open interest and $9.5 million in protocol revenue, demonstrating its strong performance. Data from DefiLlama shows a peak of almost $19 billion in perpetual trading volume on January 18th, with Monday’s volume at $13.4 billion and Sunday’s at $15.6 billion.

Why Hyperliquid? Low Fees, High Speed, and a Familiar Interface

Hyperliquid, built on its own custom Layer 1 blockchain, has gained traction among DeFi users for its low fees, fast transaction speeds, and user interface that resembles those of centralized exchanges. In December, Hyperliquid processed over $235 billion in perpetual trade volume, representing a significant portion of the total $369 billion in perpetual trading volume across all protocols, according to The Block's data dashboard.

Memecoins Drive the Surge: Volatility and Volume

The platform's recent listing of two memecoins contributed to the surge in trading volume. These tokens experienced extreme volatility, with significant price drops in the past day.

A Major Player in the DeFi Derivatives Market

Despite the volatility, Hyperliquid remains a major player in the decentralized derivatives market. DeFiLlama data ranks it as the fifth-largest decentralized derivatives exchange by estimated total value locked, trailing behind Jupiter Perpetual Exchange, Drift Trade, GMX, and dYdX.