perp volumes today have outpaced the last cycle, when dYdX and GMX led the market
this time, the field is more crowded, but Hyperliquid stands as the clear leader. The question is whether these numbers can hold
in 2021, volumes dropped nearly 90% from the peak once the market turned. if history repeats, we could be looking at a similar reset this cycle
and the question you should be asking now is, where does that put your favourite perp dex when the time comes?
dYdX used to own perp DEX volumes.
Now Hyperliquid does
• @dYdX led the way in 2021–23
• Growth shifted to @GMX_IO during the Arbitrum season
• Today, @HyperliquidX dominates monthly volume
Traders follow liquidity and opportunities that extend beyond trading and today that venue is Hyperliquid
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