According to Wu Blockchain, CryptoRank data shows that Hyperliquid's trading volume in July reached $218 billion, surpassing the combined $189 billion of the other seven major perpetual DEXs, accounting for about 54% of the total trading volume of the top eight platforms. During the same period, the combined trading volume of the top eight perpetual DEXs decreased by approximately $85 billion month-on-month, a drop of 17%, but market liquidity remains primarily concentrated on Hyperliquid.