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In this report, we explore the explosive growth of decentralized perpetual exchanges (perp DEXs), led by Hyperliquid. Since late 2024, perp DEXs have surged in volume and fee generation, with Hyperliquid alone capturing 58% of top DEX volume and consistently outearning Uniswap in daily fees since May 2025. Frictionless onboarding, self-custody, faster token listings and competitive fee structures are driving this growth.
Hyperliquid’s native token, HYPE, has outpaced its peers, thanks to a 97% revenue buyback program. However, upcoming token unlocks may dilute this momentum. Overall, perp DEXs have become a dominant force in crypto trading, reshaping the landscape with their speed, accessibility and on-chain transparency.