A new RedStone report says Hyperliquid’s on-chain order book, HIP-3 market creation, and dual-chain design have propelled it to over 80% market share.
CEX-level order books, HIP-3 market creation, and the HyperCore + HyperEVM design fuel its growth.In just a year, Hyperliquid has grown to capture more than 80% of the decentralized perps market, with daily trading volumes now topping $30 billion, rivaling some of the largest centralized exchanges, according to the report.The first is its fully on-chain order book that now delivers spreads and execution speeds on par with centralized platforms.
And third, its dual architecture of HyperCore and HyperEVM enables entirely new financial primitives, including tokenized perp positions, delta-neutral strategies, and novel liquidity engineering tools.Hyperliquid’s rise is an indication of how a lean, self-funded team can outcompete venture-backed peers by focusing on technical execution and builder-first incentives.
“Hyperliquid is setting a new standard,” the RedStone report notes, arguing that the platform’s dual-layer design and community-driven growth model are creating "unprecedented opportunities for builders and institutions alike.”Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence toOliver Knight is the co-leader of CoinDesk data tokens and data team.
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