Hyperliquid recorded a trading volume of $240 billion in perpetual futures contracts over the past 30 days, according to data published by CryptoRank.
Such a figure positions the platform well above its direct competitors: Arbitrum recorded $47.2 billion in the same period, while Solana reached $46 billion. Combined, the two do not amount to half the volume that Hyperliquid processed on its own.
That vast gap suggests that a growing share of futures flow in the industry is concentrating in a single venue rather than being distributed across multiple networks. There is one very important detail: the platform’s own token price stands at $0, indicating that its activity is structured almost exclusively around derivatives products and not spot markets.
Perpetual futures allow traders to speculate on price movements without needing to hold the underlying asset, which facilitates the repeated opening and closing of leveraged positions.
CryptoRank places Hyperliquid as the undisputed leader among the chains it monitors for this segment.
Source: https://cryptorank.io/price/hyperliquid
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