According to a new analysis released by DWF Ventures on August 15, 2025, Hyperliquid’s decentralized perpetual exchange has reached an all-time high market share of 6.1% against centralized exchanges (CEXs), becoming a major competitor to traditional futures trading platforms.

The report from DWF Ventures, the investment arm of DWF Labs, charts Hyperliquid’s evolution from an Arbitrum-based PerpDEX to its current Layer 1 platform following migration to HyperEVM and the HYPE token airdrop.

Community-first strategy 

DWF Ventures attributes Hyperliquid’s success to its absence of early-stage VC funding, instead focusing on refining UX and organically growing its community. This approach was rewarded through the allocation of 31% of HYPE’s total supply to early users via airdrop.

Since moving to HyperEVM, the platform has achieved record performance. In July, Hyperliquid recorded $320 billion in perps volume and $87 million in revenue, accounting for 35% of all blockchain revenue that month, the largest share by any single chain.

The platform’s market share versus major CEXs like Bybit and OKX has reached all-time highs, with its aggregate market share climbing to the current 6.1% peak.

The analysis highlights HYPE’s tokenomics, where 97% of trading fees fund token buybacks. To date, close to $1.3 billion of HYPE has been market bought by the Hyperliquid Assistance Fund. The report also examines governance proposals, including permissionless perps market creation without centralized approval.

“Hyperliquid’s growth has been driven by factors including a successful airdrop, a strong and organic community, and of course, its effective product,” the report concludes. “As the platform’s market share continues to trend upwards, it is poised to capture further growth, translating to increased buybacks and buy pressure over time.”

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