- 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 rather than from Hyperliquid itself growing.
The internal breakdown matters. Hyperliquid’s own core order book fell 43% to $87.3 billion. What prevented a steeper overall decline was its HIP-3 permissionless deployer layer, where third-party projects can launch their own markets.
That segment grew 9.5% to $77.6 billion and now accounts for 47% of Hyperliquid’s total volume, up from 32% in June. The only growing part of the market’s dominant platform is the part Hyperliquid does not directly control.
edgeX: A Near-Total Collapse
edgeX saw the sharpest decline in the tracked set, with volume falling 89.5% from $20.3 billion to $2.1 billion and market share dropping from 5.14% to 0.81%. Daily volume ran between $500 million and $900 million through late June before dropping to $70 million to $130 million every day from July 7 onward.
Open interest stayed flat at around $400 million throughout, meaning positions remain open but trading activity has nearly stopped. The pattern points to a market-maker or incentive programme ending rather than organic user departure.
One Venue That Actually Grew
Avantis was the only platform in the tracked set to record volume growth month-on-month, rising 1.4% to $2.88 billion. Every other venue declined.
In conclusion, the perp DEX market is shrinking and consolidating at the same time. Hyperliquid is taking a larger share of a smaller total, but its core product is contracting. Whether that changes when broader market activity picks up is the question July’s data leaves unanswered.
Related: Bitwise CIO Sees Hyperliquid, Robinhood Leading Crypto’s Next Bull Cycle
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
