Hyperliquid Activity Cools Down As Derivatives Demand Shifts

Hyperliquid has no doubt carved out its place in the crypto market so far in 2025. Especially judging by the sheer volumes that it was able to achieve over the last few months. However, recent data revealed a slowing pace of activity in Hyperliquid. While the market recently experienced a bit of a DeFi resurgence, Hyperliquid DEX volumes retreated. Especially compared to highs seen in May and June. According to DeFiLlama, Hyperliquid DEX volume peaked above $714 million in May and above $735 million just before mid-June. Daily volume tanked as low as $134.8 million towards the end of June....