In the rapidly evolving crypto landscape, few platforms have made as significant a mark as Hyperliquid. As of April 2025, this Layer-1 blockchain project has emerged as the undisputed leader in decentralized perpetual futures trading, reportedly capturing nearly 80% of the market share in the decentralized exchange (DEX) space.

According to insights shared by Blockworks, Hyperliquid’s dominant position is largely due to its efficient token listing approach and superior user experience. These two elements have enabled the platform to distinguish itself in a highly competitive environment, where most decentralized projects struggle to retain users, let alone compete with the major centralized exchanges.

Hyperliquid’s Winning Formula: Relevance and UX

What sets Hyperliquid apart is its strategy of timely and relevant token listings. By quickly onboarding new and trending tokens, the platform manages to stay on the pulse of the market and meet trader demand before others catch on. This not only drives user engagement but also ensures high liquidity across multiple trading pairs.

Coupled with its proactive listing strategy, Hyperliquid has focused heavily on delivering a streamlined and responsive trading experience. Its user interface is designed to cater to both retail traders and professional market makers, combining ease of use with the performance traders expect from top-tier exchanges. As a result, it has succeeded in offering a CEX-like experience within a decentralized framework.

Blockworks notes that Hyperliquid is currently the only decentralized trading platform capable of competing with centralized exchange volumes. The platform has consistently averaged around $6.4 billion in daily trading volume over the past three months—an impressive figure that accounts for more than half of what industry giants like Bybit and OKX are processing each day.

HyperCore: Powering Liquidity and Buybacks

Behind this impressive volume lies Hyperliquid’s powerful trading engine, HyperCore. The fees collected through HyperCore are split between two key parties: Hyperliquidity Providers (HLPs) and the platform’s assistance fund. This assistance fund has been instrumental in sustaining the platform’s token economy, using a portion of the collected fees to perform daily buybacks of the native HYPE token.

From February through mid-April, the fund has accumulated over $96 million worth of HYPE tokens, averaging approximately $1.4 million in buybacks each day. This continuous buyback activity helps to support the token’s price by reducing circulating supply, creating a deflationary pressure that benefits long-term holders.

Outperforming in a Decentralized Landscape

Hyperliquid’s trajectory isn’t just about leading among decentralized platforms—it’s also beginning to challenge centralized players. With its rising volumes, increasing market participation, and clear commitment to user-centric design, it has started to eat into the market share typically dominated by traditional exchanges.

Blockworks projects that HyperCore will eventually compete directly with centralized exchanges, further closing the gap between decentralized and centralized trading experiences. The platform’s combination of technology, market timing, and tokenomics places it in a strong position to lead the next wave of growth in the decentralized finance (DeFi) sector.

At the time of writing, the HYPE token is trading at $18.01, reflecting investor confidence and sustained momentum. If current trends continue, Hyperliquid may not just remain the leader in decentralized perpetuals—it might soon redefine how traders interact with digital assets across the board.