Hyperliquid is making the case. This month, the DEXs market share vs CEXs hit an all-time high, cementing it as the strongest challenger to centralized rivals.

In the last 24 hours, Hyperliquid pushed $29B in trading volume and collected $7.7M in fees. $HYPE traded as high as $49.08, just shy of its $49.86 ATH, according to CoinMarketCap. The move signals rising demand for on-chain derivatives trading, and growing trader confidence in DEX infrastructure.

 Hyperliquid From Arbitrum to Its Own Chain

Launched in 2023, @HyperliquidX began as an @arbitrum-based perpetuals DEX. The mission: match the UX of a CEX without sacrificing DeFi principles.

A fully on-chain orderbook. L2 performance. Low slippage. Leverage trading. Partnerships. It all worked, users came.

Eventually, the team went further, migrating to HyperEVM, a standalone L1 built for scale and performance. The move birthed ecosystem projects like @hyperlendx and @Hypurrfun, adding depth to the network.

 The $HYPE Airdrop That Mattered

Late 2024 brought a record-breaking $HYPE airdrop: 31% of total supply to over 90k users. No VC allocations before launch, a rarity in todays market.

The distribution cemented a loyal base. It drove both on-chain activity and market awareness.

Hyperliquids growth is measurable. Last month, the protocol hit new ATHs in both monthly perp volume ($320B) and revenue ($86.6M). It pulled in 35% of all blockchain revenue that month, the largest single-chain share ever.

Market share vs CEXs? 6.1% aggregate, an all-time high. Share vs Bybit and OKX also broke records.

 Hyperliquid HYPE Buyback Flywheel

Since January, the Hyperliquid Assistance Fund has directed 97% of trading fees toward buying back $HYPE.

So far, the fund has accumulated 28.5M $HYPE (~$1.3B). At $5M daily revenue and a $35$55 price range, projections suggest a complete buyback in 1.53.4 years.

Structural buy pressure is baked in.

Three major HIPs (Hyperliquid Improvement Proposals) have set the roadmap:

HIP-1: A governance-driven token listing standard for spot. Projects bid $HYPE to list. This limits spam and ensures higher-quality tokens.

HIP-2: Introduced April 2024. Adds the Hyperliquidity engine, AMM-like passive liquidity at the protocol level, to fix the bootstrapping challenge HIP-1 created.

HIP-3: Not yet implemented, but designed to bridge into TradFi markets, unlocking a massive new user base.

 $HYPE Whale Watching

Big moves catch attention.

Eight hours ago, fresh whale 0xa52 dropped $21.31M USDC for 466,421 $HYPE at an average $45.69, now up $1.23M (+5.79%).

The same address also bought 2.16M FARTCOIN for $2.21M at $1.02 each. Both trades are visible on-chain, no dark pools, no hidden orders.

Hyperliquids climb isnt luck. Its the result of:

  •  A product that matches CEX experience but stays trustless
  •  Wide token distribution through its airdrop
  •  Strong community without VC baggage
  •  A fee model that drives relentless buybacks
  •  Governance that improves quality and liquidity

The numbers reinforce the thesis: traders want speed, transparency, and incentives that flow back to users.

 The Road Ahead

If HIP-3 executes, Hyperliquid could tap into TradFi order flow, multiplying volumes and fees. That would tighten the buyback loop and could push $HYPE scarcity further.

The risks are clear: infrastructure scaling, regulatory pressures, and competition from deep-pocketed CEXs. But the momentum is hard to ignore.

Hyperliquid isnt just keeping pace. Its taking share. And in doing so, its pushing DEXs into the mainstream trading conversation.

If trends hold, the CEX vs DEX question may not be a question much longer. Traders are already voting, and theyre voting on-chain.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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