The decentralized derivatives exchange Hyperliquid saw a surge in adoption in July, driving a significant spike in network revenue—largely at Solana’s expense, according to VanEck.
In its monthly crypto market recap, VanEck reported that Hyperliquid accounted for 35% of total blockchain revenue in July, with its growth coming primarily at the cost of Solana, as well as Ethereum and BNB Chain.
“Hyperliquid managed to capitalize on Solana’s momentum—and likely its market cap—as it delivers a streamlined, highly effective product,” wrote VanEck’s head of digital assets research, Matthew Sigel, along with analysts Patrick Bush and Nathan Frankovitz.
“Hyperliquid has poached high-value users from Solana and has retained them.”
They noted that while Solana has faced reliability challenges and missed key deadlines for core software upgrades, Hyperliquid has taken advantage of the situation by offering a better user experience in derivatives trading.
“Solana has not delivered meaningful improvements to boost its user experience, specifically in perpetual futures (perps) trading, and Hyperliquid stepped up with a better product.”
Hyperliquid open interest surges
“Hyperliquid is emerging as the leading on-chain platform for perpetual futures,” according to a newsletter from Our Network cited by Cointelegraph.
The report highlighted that open interest on Hyperliquid hit $15.3 billion in July—marking a 369% increase year-to-date—with over $5.1 billion in USDC bridged into the platform.
The integration with Phantom Wallet, which enables in-app perpetuals trading, played a major role—driving $2.66 billion in trading volume, generating $1.3 million in fees, and attracting 20,900 new users in July alone.
Crypto perpetual futures are derivative contracts that allow traders to speculate on cryptocurrency prices without fixed expiration dates.
HYPE prices hit July all-time high
Hyperliquid’s native token, HYPE, has also seen a strong rally—surging from just over $10 in early April to an all-time high of $49.75 on July 14.
In contrast, Solana’s native token has dropped 44% since reaching its peak in January, a rally largely fueled by the memecoin craze.
At the time of writing, HYPE was trading at $37.38, down 3% on the day amid a broader market pullback.
