Hyperliquid leads the perpetual decentralized exchange market with $249.2 billion in notional volume, more than double its closest competitor, and previously accounted for 58% of the $423 billion traded across the top eight decentralized perpetual futures venues over 30 days as combined volume rose 9.1%. Cointelegraph reported the broader market figures on August 28, while an earlier account attributed comparable data to Crypto Briefing. Nasdaq-listed Hyperliquid Strategies has heavily invested in HYPE tokens, holding $1.9 billion worth and staking many of them. Hyperliquid’s recent 30-day volume readings had ranged from about $187 billion to $245 billion, with open interest between $5 billion and $13 billion and projected cumulative volume near $2.9 trillion. Launched in 2023 on a custom Layer 1 with a central limit order book, the venue also lists stock- and commodity-linked perpetuals, though its market concentration raises technical, governance and regulatory risks for on-chain derivatives.