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Hyperliquid has outperformed leading decentralized exchanges over the last month, emerging as the DEX with the highest trading volume in July. According to data from CryptoRank, Hyperliquid’s July perpetual trading volume hit $218 billion, the highest recorded on any prep decentralized exchange last month.
The new milestone is especially notable for Hyperliquid as it surpasses $819 billion—the combined total trading volume recorded by 7 other notable perpetual decentralized exchanges.
More specifically, Aster, Lighter, and GRVT sit right behind Hyperliquid with trading volumes totaling approximately $43.6 billion, $36.4 billion, and $34.4 billion, respectively.
Variational, Pacifa, EVEDEX, and Extended are right behind with trading volume posted at $23.7 billion, $22.2 billion, $14.4 billion and $13.5 billion respectively. The data further revealed that the combined trading volume observed across the top eight prep DEX platforms dropped by an estimated 17%—a whopping $85 billion.
Hyperliquid also recorded another notable feat this month as open interest in traditional asset markets (Hip-3) soared above $4.13 billion for the first time ever. Daily trading volume also recorded a notable spike, going up to an estimated 229% or $4.87 billion, to surpass the platform’s amount of capital held on the platform.
 
On the other hand, Hyperliquid’s HYPE has failed to follow the same path, as the asset has continued to trade downward. Like a handful of other altcoins, HYPE took a downward turn in July and has yet to initiate a full recovery, although fundamentals continue to trend positively, HYPE could make a significant price move in the near term.
Meanwhile, HYPE has severely underperformed over the last 30 days, with losses of up to 20%, according to CoinMarketCap data. Although HYPE fell by 2.79% in the last 24 hours, hourly gains are slowly rising, with the asset trading at $54.48 at press time.