Perp DEXs pushed towards new all-time highs in July, handling $399B of monthly volume. However, @HyperliquidX alone accounted for 80% of this. Overall, the protocol grew by 41% month-over-month and settled a staggering $315B in July alone. This is more volume than the combined monthly total of any month prior to May 2025. Most existing protocols are dust. Build on top, build something new, or pack it up. Hyperliquid 😈 h/t @artemis