Hyperliquid logged $240 billion in 30-day perpetual trading volume, roughly 5x the next venue and bigger than the combined volume of every other chain in the top six. Arbitrum followed at $47.2 billion, with Solana at $46.0 billion, Lighter at $45.6 billion, Ethereum at $44.9 billion, and edgeX at $42.3 billion.
Hyperliquid alone accounted for roughly half of the perpetual DEX volume captured by the top-six ranking, a level of venue concentration that has drawn both capital and scrutiny. The gap between first and second place, $193 billion, exceeds the combined volume of chains ranked third through sixth.
The remaining five venues sit within a $5 billion band, a tight middle of the pack with no clear challenger for the number-two slot. Whether that pack consolidates further behind Hyperliquid or fragments across new entrants will likely set the next phase of on-chain perp market structure.
Source: [source](http://telegraph.controller.bot/files/8336652911/AgACAgIAAxkBAAJQXWqr7jwVMvO8y5Gt7u64vo4bZUVgAAKPKWsbZRVhSTQZpxLw99DxAQADAgADeQADPQQ)
Frequently asked questions
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How much perpetual trading volume did Hyperliquid process in 30 days?
Hyperliquid logged $240 billion in 30-day perpetual trading volume, the highest figure in the top-six on-chain perp ranking.
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How far ahead of the second-place venue is Hyperliquid?
Hyperliquid's $240B is roughly 5x Arbitrum, which posted $47.2B over the same 30-day window.
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Which chains rounded out the top six by 30-day perp volume?
After Hyperliquid and Arbitrum, the ranking placed Solana at $46.0B, Lighter at $45.6B, Ethereum at $44.9B, and edgeX at $42.3B.
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How concentrated is perpetual DEX volume across the top chains?
Hyperliquid alone accounted for roughly half of the perpetual DEX volume in the top-six ranking, exceeding the combined volume of every other chain listed.
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Is there a clear challenger to Hyperliquid among on-chain perp venues?
Not yet. The next five venues are clustered within a $5 billion band, leaving no clear second-place challenger to Hyperliquid's lead.
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