KoinlyticsHyperliquid recorded around 250.5 billion dollars in 30-day trading volume and now clears about 70 percent of all on-chain perpetual futures volume across every decentralized venue combined. Its share of aggregate perp open interest, including centralized exchanges, hit 9.3 percent in early July with more than 9 billion in OI sitting on the L1 itself. That is a decentralized venue quietly taking real share from Binance and Bybit.
Why 70 percent of on-chain is the real number
Perp DEX volume has always been dominated by one venue at a time, but that venue used to be a fee-farming leaderboard with fake wash flow. Hyperliquid's number is settling actual positions on a public order book with public funding and public liquidations. The fact that its OI share against centralized exchanges is 9.3 percent means the CEX moat is thinner than it looked, and Hyperliquid is the first venue to prove that at scale.
What HLP actually is
HLP is the community-owned market-making vault that quotes and hedges the book. It earns from spread capture, funding, and liquidations, and it pays that back to depositors as ongoing yield with no lockup beyond the epoch cycle. It is one of the very few DeFi vaults where the yield source is a measurable operating business, not incentives, and it scales with volume growth mechanically.
The portfolio angle
If you deposit into HLP, your yield tracks Hyperliquid market-making revenue, which now scales against 250 billion in monthly volume. If you hold HYPE, funding, fee capture, and buyback flows are all tied to the volume line above. If you trade perps anywhere else, benchmark your realized fees and slippage against Hyperliquid on the same size, because the answer determines whether your current venue is a habit or a choice.
What Koinlytics tracks: your Hyperliquid balances, HLP deposits, HYPE position, and connected wallets so a shift in on-chain derivatives flow shows up as concrete yield on your dashboard, not as third-party analytics.