Only One Perp DEX Grew Volume in July and It Was Not Hyperliquid

• Perp DEX total volume fell 34% in July to $261B as bear market suppressed trading
• Hyperliquid gained share to 63% but its core order book collapsed 43% in July
• edgeX volume crashed 90% pointing to a market maker programme ending mid-month

Total volume across tracked perpetual decentralised exchanges fell 34% in July to $261 billion, but the headline number points to two very different stories playing out. It shows that one platform quietly lost ground in its own core product while gaining share on paper, and one platform that effectively ceased to function as a trading venue mid-month.

Hyperliquid: Growing Share, Shrinking Book

Hyperliquid’s market share rose from 56.9% in June to 63.1% in July, a gain of 6.2 percentage points. Its volume still fell 26.6%, from $224.7 billion to $164.9 billion, meaning the share gain came entirely from rivals declining faster ra…

Read The Full Article Only One Perp DEX Grew Volume in July and It Was Not Hyperliquid On Coin Edition.