Hyperliquid has cemented its position as the dominant onchain perpetual futures venue, processing roughly $239.2 billion in 30-day perpetual futures volume as of September 17, according to DeFiLlama. That placed it far ahead of second-ranked Aster at $72.2 billion, with Lighter at $54.9 billion, edgeX at $42.3 billion and Variational at $39.6 billion.
DeFiLlama’s rolling 30-day total for tracked perpetual DEX protocols reached approximately $661.4 billion, meaning Hyperliquid alone accounted for about 36% of the total. Hyperliquid's $239 billion was more than triple Aster's volume and exceeded the combined figures of Aster, Lighter and edgeX. The platform also recorded $46.3 billion in seven-day volume and $8.3 billion over 24 hours, with open interest standing at roughly $7.1 billion.
Hyperliquid’s cumulative perpetual futures volume has now passed $5.3 trillion. Over the latest 30 days, it generated about $78.7 million in fees and $61.9 million in protocol revenue, DeFiLlama data showed. The exchange operates on a purpose-built Layer 1 blockchain with an onchain central limit order book, aiming to combine the feel of a centralised derivatives venue with blockchain settlement.
A large part of the growth is tied to HIP-3, Hyperliquid’s permissionless framework for third-party perpetual markets. HIP-3 represented only about 2% of volume at the start of 2026 but grew to nearly half of activity by July. TradeXYZ has been a major contributor, listing perpetual contracts linked to the Nasdaq-100 and stocks such as Nvidia and Tesla. The framework also supports commodities, pre-IPO companies and other real-world assets.
This expansion is drawing traditional finance interest. Kraken parent Payward said this week it plans to use Hyperliquid’s HIP-3 infrastructure to launch perpetual futures for eligible U.S. clients through the CFTC-regulated Bitnomial Exchange, pending regulatory approval.
Separately, CryptoRank data dated September 16 placed Hyperliquid at $240 billion in 30-day perpetual volume, more than five times Arbitrum’s $47.2 billion. Solana followed with $46 billion, Lighter at $45.6 billion, Ethereum at $44.9 billion and EdgeX at $42.3 billion. The remaining five platforms combined recorded about $226 billion.
HYPE traded near $82.42, up about 5.5% over 24 hours, according to CoinGecko. Its daily range was between $77.19 support and $83.09 resistance, with market capitalisation around $18.34 billion, 24-hour trading volume near $1.19 billion and total value locked around $6.69 billion. Derivatives activity also expanded: HYPE futures volume rose 20.3% to $3.65 billion, open interest increased 7.42% to $3.07 billion, options volume jumped 107.48% to $6.60 million, and options open interest rose 13.81% to $44.91 million.
Liquidations reached $3.85 million over 24 hours, with shorts making up roughly 76% at $2.92 million versus $928,260 in long liquidations. The broader 24-hour long-to-short ratio stood at 1.0137, while Binance HYPE/USDT accounts showed a 1.5176 ratio and OKX accounts recorded 1.32.
