Perpetual DEXs Heat Up as Hyperliquid Smashes $106M Revenue and $400B Volume. Can It Replicate Solana’s Q4 2024 Growth?

Analyst firm Altcoin Buzz has described perpetual DEXs as the most dynamic part of today’s decentralized finance (DeFi) market. Investor Cathie Wood has gone further, calling Hyperliquid crypto the platform most likely to replicate Solana’s growth from the last cycle.

That comparison gained weight in August when Hyperliquid posted $400 billion in monthly trading volume and a record $106 million in revenue, a 23% jump from July, according to DefiLlama.

Bitcoin Cycles Drive DeFi Rotations

Every move in DeFi trends still ties back to Bitcoin. Analysts tracking Bitcoin’s four-year rhythm see a likely dip toward $106,000 in October or early November.

History suggests that such pullbacks set up Q4 rallies, and when that momentum shifts, capital often flows into decentralized exchanges (DEX) and emerging DeFi trends.

Ethereum, closely following Bitcoin’s movements, shows strong accumulation by whales, signaling confidence in higher prices. Investors anticipate that ETH could rebound to prior resistance levels around $45,000 if Bitcoin maintains upward momentum. Consequently, altcoin platforms like Hyperlid, Apex, and Aster may benefit from market-wide inflows as investors diversify into decentralized trading solutions.

This is the reason why traders are curious to know if Hyperliquid could replicate Solana’s growth.

Hyperliquid’s Design and On-Chain Edge

Hyperliquid’s Layer-1 blockchain is built solely for perpetual trading. Its custom Layer-1 blockchain, HyperEVM, handles more than $8 billion in daily trades at peak, while cutting out off-chain oracles and order-matching systems.

This architecture, built on HyperBFT consensus, enables a fully on-chain order book that delivers speed and transparency at a scale rivals struggle to match.

That design has pushed Hyperliquid past $2 trillion in cumulative trading volume since launch. Today it controls over 80% of the decentralized derivatives market share, making it the reference point for on-chain trading and crypto derivatives infrastructure.

Hyperliquid Rivals Push for Market Share

Leadership attracts rivals. Apex, integrated with Bybit, offers DEX transparency with CEX scale, plus staking and liquidity rewards. Aster recently surpassed Tether in daily fees, a milestone that impressed analysts but will require sustained momentum to matter long term.

Bluefin, native to the Sui network, remains small with a market cap under $40 million, yet its buybacks and user growth highlight its potential. These projects prove that DeFi trends are competitive and fast-moving, but they also illustrate how hard it is to match Hyperliquid’s scalability and high-performance blockchain design.