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DEX trading volume surpasses $1 trillion for the first time in July, with Hyperliquid driving a notable increase in perpetual contracts.
Decentralized exchanges (DEX) achieved a monthly trading volume of $1 trillion for the first time in July.
As per DefiLlama data, spot trading volume increased by 29.4%, reaching nearly $514 billion last month, second only to January’s peak of $568 billion.
Simultaneously, the monthly volume for perpetual futures rose by 33.6%, setting a new record at $487 billion, with Hyperliquid marking a new high in monthly perpetual trading.
BNB dominance on spot
For the third month in a row, BNB Chain led in spot trading volumes. The chain’s volumes grew by 15.3%, totaling $196.3 billion in July, which accounted for 38.2% of the monthly total.
PancakeSwap was the primary contributor to this growth, achieving $188.2 billion in spot trading volume. The volume from the BNB-native exchange exceeds the combined total of the other four leading DEXs, which is around $168 billion.
Uniswap recorded the second-highest spot volume among DEXs in July, with $96.4 billion. Meanwhile, decentralized exchanges based on Solana completed the top five.
Raydium, Meteora, and Orca reported volumes of $31.8 billion, $20 billion, and $19.5 billion, respectively. The five largest blockchains by volume remained unchanged from June to July, with only a minor adjustment.
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Runner-ups
Ethereum achieved the second-largest monthly volume at nearly $86 billion, marking a 49.3% increase from June, while Solana dropped from second to third place in monthly spot trading volume despite a 36.6% rise to $85.1 billion.
Base and Arbitrum retained their positions from June as the fourth and fifth largest blockchains by spot trading volume, respectively.
Base’s volume grew by 46.8%, reaching $41.6 billion, marking the first instance the layer-2 blockchain exceeded $40 billion since January. Concurrently, Arbitrum was the only chain in the top five to experience single-digit growth, achieving $19.2 billion in volume after a 7.4% increase.
Hyperliquid’s perpetuals reign
Hyperliquid became the first blockchain to exceed the $300 billion mark in perpetual volume, reaching $323.4 billion in July following a 48.3% increase.
This volume significantly surpasses Ethereum’s $48.7 billion, which held the position of the second-largest chain in perpetual trading volume last month. Despite this gap, Ethereum has seen a growth of nearly 56% since June.
The disparity is even greater when considering the volumes of decentralized exchanges for perpetuals. Hyperliquid achieved $313.4 billion, commanding 64.3% of the market and posting 16 times Jupiter’s volume of $19.4 billion.
Solana, BNB Chain, and Arbitrum complete the top five in perpetuals with volumes of $37.2 billion, $21.6 billion, and $19 billion, respectively.
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