According to CoinMeta, based on cryptorank data, Hyperliquid achieved a trading volume of 218 billion US dollars in July, surpassing the combined total of the other seven major perpetual DEX platforms, which was approximately 189 billion US dollars, accounting for about 54% of the total trading volume of the top eight platforms. During the same period, the combined trading volume of the top eight perpetual DEX platforms decreased by about 85 billion US dollars, representing a decline of 17%, yet market liquidity still remained primarily concentrated in Hyperliquid.