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Hyperliquid’s spot volume has increased significantly, especially when compared to CEXS. Over the weekend, unknown entities were deposited and sold, selling about 22.1k BTC and spinning to ~555k ETH, exceeding $2.4 billion. This surge in spot volumes that position high lipids as high lipids from the BTC spot trading volume on August 24th lags behind Binance (38%) alone. This is a significant increase of ~1% from the average daily market share of high lipids over 30 days.
When you retreat, you can compare Hyperliquid’s monthly spot trading volume with various CEXs (including not just BTC, but all assets). A consistent increase in the share of high lipids in spot volumes up to the year has been observed. This month, high lipids accounted for 38% of Kraken’s spot volume, 16% of Coinbase, 15% of OKX, 14% of Bibit, and 2.4%. All numbers represent a major rise from the beginning of the year, but also show that high lipids still have a long way to turn some of the biggest CEXs.
In terms of permanent futures volumes, high lipids grow significantly faster than centralized counterparts. The chart below shows the ratio of high lipid PARP volume and three largest CEXs, with an increase of more than six times over the past year. Hyperliquid’s monthly PERPS volume accounts for almost 14% of Binance’s futures volume, starting from just 2.2% a year ago.
