Hyperliquid handles 652 billion dollars as BitMEX shuts
As veteran derivatives exchange BitMEX winds down, on-chain platform Hyperliquid processed around 652 billion dollars in perpetual futures in the second quarter — the lion's share of decentralized perp trading.
The derivatives market is visibly shifting. Hyperliquid, a decentralized platform for perpetual futures, processed an estimated 652 billion dollars (roughly €571 billion) in trading volume in the second quarter of 2026 — capturing the vast majority of the on-chain perp market.
What are perpetual futures?
A perpetual future (or ‘perp’) is a derivative that lets you speculate on an asset's price, with no expiry date and usually with leverage. It has been the most popular product on crypto exchanges for years — traditionally the domain of centralized players.
From centralized to on-chain
That is exactly what's striking. Hyperliquid runs on-chain: trades settle via smart contracts instead of a central intermediary. Analyses now attribute around 80% of all decentralized perp trading to the platform, with cumulative revenue that passed the 1 billion dollars (roughly €875 million) mark.
The contrast with BitMEX
The timing is telling. This week, established exchange BitMEX announced it would shut down after eleven years. As old, centralized names lose ground, the on-chain variant is growing fast. It marks a broader shift in where crypto trading takes place.
Caveat
Perpetual futures are high-risk: with leverage, losses can quickly exceed your stake, and on-chain platforms carry their own risks, such as smart-contract flaws. In the EU, derivatives also fall under strict rules; not every platform is readily accessible or suitable for retail investors.
Sources: Crypto Briefing, CoinGape. Last checked: 24 July 2026.