Hyperliquid, a perpetual DEX built on its own high-performance Layer-1 blockchain, is now changing the face of decentralized finance (DeFi). In a latest move, Hyperliquid has overtaken Robinhood in crypto trading volume and is becoming a serious competitor to big centralized exchanges like Binance and Coinbase.
During DeFi’s earlier years, many believed that decentralized exchanges (DEXs) could not grow as much as centralised ones (CEXs). But Hyperliquid is proving otherwise. It is now leading the market in decentralized perpetual futures trading, beating well-known platforms.
According to data on Artemis, Hyperliquid’s Spot and Perpetuals trading volume in June 2025 stood around $231 billion, slightly lower than $256 billion in May. Meanwhile, Robinhood’s volume fell more sharply, from $192 billion to $150 billion. This shows the gap between this fast-growing DEX and big CEXs is getting smaller.
Investor Lex Sokolin shared on X: “Coinbase, Robinhood, Binance need to pay attention. Remember when people said DEXs couldn’t scale? Hyperliquid proves them wrong.”
An analysis by Artemis Analytics calls Hyperliquid a “rising star” in the new growth phase. Steven from Yunt Capital also posted on X, “In just 2 years, Hyperliquid is quickly rising to become a similarly sized business as Robinhood.”
Hyperliquid’s Dominance in DeFi Trading
One key to Hyperliquid’s success is its “Liquidity-as-a-Service” model. A DeFi expert said this approach “increases its value and is probably one of the best trades to hold for the next few years.”
Hyperliquid also recently had a short API outage due to large traffic which affected some users. At the time, Users were not able to place, close, or withdraw orders for a brief time, but the backend quickly got back functional. However, the company has promised to refund users affected by this API issue.
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