Hyperliquid Tops Perps Fees as Solana Accelerates Rival DEX

Hyperliquid leads perps fees with $652m annualized from perpetual futures trading Solana pushes a native composable solana dex to challenge the leader

Dipendra Singh

— 1 min read
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Hyperliquid Tops Perps Fees as Solana Accelerates Rival DEX

Hero: A futuristic digital trading arena where Hyperliquid dominates with massive volume flows while Solana builders construct a new composable DEX in the background

Summary

  • Hyperliquid leads perps fees with $652m annualized from perpetual futures trading
  • Solana pushes a native composable solana dex to challenge the leader
  • Fresh markets such as SpaceX pre-IPO perpetuals expand defi reach

Hyperliquid posted record perpetual futures volume in May 2026. It beat most centralized exchanges. The platform pulled in annualized fees of $652.83 million and revenue of $590.96 million per DefiLlama data.

This has sparked direct competition from Solana.

Solana now pushes for an atomically composable perps DEX inside the Solana Virtual Machine.

"Hyperliquid cleared more perp volume than most centralized exchanges."

, DefiLlama (defillama.com)

Context

Hyperliquid runs as a decentralized perpetuals venue. Its fee and revenue numbers show strong ongoing trading. Activity stays high across its markets.

Solana co founder Anatoly Yakovenko backs a native rival.

He says an atomically composable perp DEX in the SVM lets Solana apps take on Hyperliquid head on.

Details

New products boost activity fast. Trade.xyz opened the first pre IPO perpetual market for SpaceX on Hyperliquid. Valuations sit above $2 trillion.

Solana targets the same perpetual futures area.

Yakovenko urges builders to craft an SVM based DEX. This would allow smooth ties with other Solana apps.

The push fits wider defi growth in derivatives. Hyperliquid's volume and fees prove traders accept decentralized options when speed and liquidity deliver.

Social Highlight · @aeyakovenko · 2026-05-01

Solana co-founder backs new perps DEX. (link)

Hyperliquid faces ongoing pressure now. Solana's DEX advances. Developers plan early releases soon. They focus first on atomic composability plus SVM protocol integration.

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